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Viewing report
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The Pet Market - Market Assessment 2007
Key Note Publications Ltd, Sep 2007
The pet products industry has much in common with the market for baby products, in that it is influenced by two major trends, one of which has a potentially negative effect on the market and one which is more positive.
On the negative side, the number of pet owners is falling. This is due to various lifestyle factors, including the trend towards smaller households, with more people living in small dwellings such as flats, and the fact that lifestyles are becoming busier, meaning that consumers may have less time to care for pets.
A more positive trend for the overall market has been the fact that pet owners are becoming increasingly likely to want to indulge their pets (just as parents are having fewer children, but are prepared to spend more on them).
The pet food market, like other mature markets, depends largely on manufacturer innovation for its growth; this is especially important in view of the falling numbers of pet owners. In recent years, the market has been characterised by an increase in the availability of premium products, and greater segmentation, with the introduction of more specialist products for different lifestages and pet types.
The market for pet accessories has benefited from the trend for owners to treat their pets as part of the family, indulging them with treats, including toys and play equipment. The market has also been helped by the expansion of pet superstores, which can have more space than either supermarkets or conventional pet shops to display a wide range of accessories and equipment. However, the trend away from dog ownership has affected the accessories market more than other sectors.
Market growth within the pet insurance sector has also been fuelled by the trend towards humanisation of pets, and by rises in the cost of veterinary treatment. In addition, increasingly sophisticated veterinary medicine means that conditions that previously would have remained undetected can now be detected and treated.
Our consumer research, conducted by NEMS Market Research, found that the vast majority of pet owners were happy to spend a bit extra on premium pet foods in order to make sure it provides all the nutrients their pet needs. However, this is not to say that pet owners do not seek value from the products they buy — more than half looked for competitive prices and special offers when purchasing pet food.
The pet market is forecast to grow slowly over the next 5 years, mainly due to the falling number of pet owners and the trend towards smaller animals. Pet insurance is forecast to be the best-performing sector to 2011.
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