Showing posts with label pet market. Show all posts
Showing posts with label pet market. Show all posts

11 January 2017

BUSINESS - US Pet Food Market to Reach $30B by 2022

A recent report by Zion Market Research states the “US pet food market is expected to reach USD 30.01 billion in 2022 and is anticipated to grow at a CAGR of 3.36% between 2017 and 2022.”

The US pet food market had a value of US$24.60 billion in 2016.

The report, Pet Food Market (Wet Food, Dry Food, Nutrition, Snacks and Others) for Cats, Dogs and Other Animals: US Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022, defined pet food as ready to serve food for pets such as dogs, cats, fish, birds and others.

The predicted growth of the pet food market is based on a rise in discretionary income, the increasing variety of ready to serve food on the market, and continued increase in the number of owned pets.

The National Pet Owners Survey in 2015 indicated around 60% of US houses have pets.

The shift in preference for nutritious pet food over the conventional food is also expected to foster the demand for pet food in the U.S.

The report notes there are almost 300 manufacturers operating in pet food sector in US which in total produce approximately 7 million tons of pet food annually.

Some of the major global players in pet food are Mars Petcare Inc., Big Heart Pet Brands, P&G PetCare, Nestle Purina PetCare, Hill’s Pet Nutrition, Diamond Pet Foods, Deuerer, Blue Buffalo, WellPet and Heristo AG.

16 October 2016

BUSINESS - Pet Supplement Market Continues to Grow

(Flickr user Michelle Tribe)
The supplement market, for humans and for pets, can be controversial and confusing, but there is an undeniable, and growing, market for supplements.

Consumers are worried about their own health and their pets’ health, and supplements are one way they address these concerns.

The US pet supplement market is expected to see sales upwards of $697 million by 2019, continuing the trend that market analysts have been watching since 2008.

The pet market is particularly competitive right now, because regulatory requirements for entry into the market are low, and interest is high.

This balance will shift as the pet health supplement industry becomes more regulated, but if it has even a fraction of the staying power of the human supplement market, retailers will continue to see growing sales.

The parallels (and cross-overs) between the human and pet supplement markets are significant.

Certifications for labels like organic or gluten-free are similar between the two industries, which makes it easy for established human health supplement companies to bring in a line of similar supplements for pets.

Human clinical trials are often used as the source for information on a supplement’s safety and efficacy, and dosages are adjusted based on age, size or breed.

Joints, skin and coat, and digestion are among the most common health issues addressed by supplements for pets.

Prebiotics and probiotics are becoming more popular in pet supplements, but PetMD cautions that veterinarian supervision is critical if your pet is on a prescription diet. Many of these diets already contain supplements or ingredients that would interact with a supplement.

The most common supplement for pets is glucosamine. Glucosamine has been used in humans for years, and there is good scientific evidence to support its use for osteoarthritis.

However, the pet supplement market is less rigidly regulated than the human supplement market.

Testing in 2009 found that 25% of 87 tested brands sold in the United States either did not contain the listed ingredients in the listed amounts, or did contain other ingredients that could be harmful, such as lead.

Although pet supplement companies have invested significant time and effort into developing safe supplements for pets, as a largely unregulated industry, there are risks to the consumer.

There are also risks to suppliers.

American pet supplement suppliers are in a legal grey-area, and the National Animal Supplement Council (NASC) notes that there are over 400 ingredients currently being sold in pet supplements that are not approved by the FDA for use in animal feed, and are also not approved as animal drugs.

These ingredients include the popular glucosamine and chondroitin, and marketers are conscious of the risk that these products could be pulled from the market if the FDA decided to clarify this legal grey area.

Canadian pet supplement suppliers have a specific process to go through in order to have their products registered and approved.

This is a temporary solution, and it remains to be seen whether Canada will stay with their third-party program administrator, North American Compendiums (NAC), or if they will bring regulation under their own administration.

By Tiffany Sostar
Tiffany is a writer, editor, academic, and animal lover who came late to her appreciation of pets. At 18, a rescue pup named Tasha saved her from a depression and she hasn't looked back. She has worked as the canine behaviour program coordinator for the Calgary Humane Society, and was a dog trainer specializing in working with fearful and reactive dogs for many years. She doesn't have any pets right now, but makes up for it by giving her petsitting clients (and any dogs she comes across on her frequent coffee shop adventures) extra snuggles.

03 June 2016

BUSINESS - Largest Ever Interzoo

Interzoo, the leading trade fair in the international pet industry, closed its 34th edition saying it was the largest ever.

About 39,000 attendees (up 5 percent) from over 90 countries learned about the latest in pet food and grooming supplies, accessories and services for pets.

The number of exhibitors was up 7 percent with 1,818 suppliers from 61 countries.

Norbert Holthenrich, President of the German Pet Trade & Industry Association believes that the show of products and services for the global pet market gave both journalists and visitors a sense that “the market is flourishing.”

This impression is backed up by international economic data from market research institute Euromonitor: “The overall global market has grown to more than €92 billion,” reported Holthenrich at the Interzoo press conference, “and the European pet market accounts for €28.8 billion of that total.”

The next Interzoo will be held once again in Nuremberg, Germany from May 8th May 11th, 2018.

30 August 2015

Canadian Pet Market Trends

The Canadian Pet Market Outlook, 2nd Edition reports that the Canadian pet food market in 2014 had the highest growth in the past five years. Key elements driving this growth were pet food sales, humanization trends, increased interest in non-medical pet services. Veterinary professionals continued to see fewer visits from pet owners. The Outlook estimates that sales in the Canadian pet market will rise to $9.2 billion by 2019.

Canadian Pet Market Outlook provides and recommendations regarding the future of the pet market in Canada, contrasts drivers and sales in the Canadian and U.S. pet markets, and pinpoints ways current and prospective players can capitalize on current trends and spearhead new ones.