23 May 2017

BUSINESS - Pet Care Market Predicted to Reach $117 Billion in 2021

Euromonitor International’s most recent forecast for the pet care market predicts it will hit $117 billion in 2021.

In the report, Healthy Pets, Happy Owners: Health & Wellness Product Development in Pet Care, it is projected that value sales will increase at a compound annual growth rate of 2.4 percent at constant prices.

According to the report: “health and wellness has become perhaps the main driver of innovation in pet care.”

Dog and cat food brands abound with products promising to aid weight management, slow cognitive decline in aging pets, or are grain- or gluten-free, natural and organic.

In pet products, natural ingredients and well-being have come to the fore, while electronic gadgets are enabling owners to monitor the activity levels of pets and even play with them remotely.

Euromonitor’s study aligns well with Packaged Facts’ report on the increasing popularity of natural and organic foods for pets, and the Nielson study on the humanization of pet foods.

The report analyzes a variety of factors influencing the pet care market such as:
  • Owners increasing unwillingness to compromise on the quality of food they feed their pets
  • The evolution of protein
  • The growth of internet retail
  • The lengthening life expectancy for dogs and cats and the increased prevalence of overweight and obese pets
  • The growth in pet tech
  • The accelerating pace of humanization.

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