The premiumisation trend in the global pet care industry brings forth new opportunities for industry players. Inflationary pressures create a challenging environment in the near term, but long-term prospects are expected to support premiumisation efforts. This report explores how premium value propositions are being deployed in the space of pet nutrition, newer food formats and human-pet experiences.
The Premiumisation in Pet Care: Inflation and Beyond global briefing offers an insight into the development of the market, highlights buzz topics, emerging geographies, categories and trends as well as pressing industry issues and white spaces. It identifies the leading and emerging companies and brands, offers strategic analysis of key factors influencing the market, including background information on pet population, pet ownership by household and prepared gap ratio. Forecasts illustrate how the market is set to change and criteria for success.
Product coverage: Pet Food, Pet Products.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Key Findings
Inflationary pressures impact pet care but premium offerings remain resilient
Pet care has not been immune to the impact of inflation. Price rises in the industry have had a polarising effect. While trading down was observed, those feeding their pets premium food continued to do so supported by relative price inelasticity in this segment. Continued demand for premium products supports continued development of this segment. Value propositions are critical to premiumisation efforts as they help demonstrate the value added to a consumer.
Different aspects of nutrition provide avenues to demonstrate a clear benefit
Focus on pet nutrition is evolving with human health preferences bearing significance on pet diet decisions. Looking beyond calorific intake, factors such as health benefits, life stage- appropriate diets and targeted nutritional offerings not only help create differentiated products but also demonstrate a clear benefit to consumers in search of products that prioritise pets’ health and wellbeing.
Pet humanisation drives innovation in formats that mirror human food
Humanisation drives innovation in premium wet pet food. Formats that resemble human food and new processing methods (raw, fresh cooked, new wet) continue to gain attention among pet parents as they want to offer human-grade ingredients to their pets. Retailers are increasing their offer of these products through partnerships with innovative brands that offer customised meals according to pets’ needs.
The human-pet bond presents opportunities for curating elevated experiences
Experiences play a pivotal role in the premiumisation of pet care. Curated offerings, unique interactions and shared moments aid in strengthening the human-pet bond. Premium experiences not only cater to pet owners’ desire for the best for their pets but also reinforce the emotional bond between owners and their furry companions.
Why buy this report?
- Get a detailed picture of the Pet Care market
- Pinpoint growth sectors and identify factors driving change
- Understand the competitive environment, the market’s major players and leading brands
- Use five-year forecasts to assess how the market is predicted to develop
