House pets are part of the family, there’s no doubt about it. They get birthday present, cakes, special meals and great digs. Some owners even take pet care to a whole new level, shopping at specialty boutiques and taking Fido to the doggy day spa after a ‘ruff’ day to get clipped, trimmed and pampered. Even the much touted Oscar swag bag, the swanky goodie bag that the Oscar nominees are given, supposedly contains US$6,000 in organic pet food.
So it should come as no surprise that with increased humanization of pets, owners are willing to go to great length to make sure their furry friends are comfortable inside and out. This is causing the Global Pet Food Market to grow a CAGR of 5.1 percent from 2014-2018.
Keeping Fluffy Healthy, One Kibble at a Time
Anyone who has ever owned a pet knows that it’s expensive and most pet owners want to do everything possible to keep their dog or cat healthy, in part to avoid astronomical vet bills. So gone are the days of generic kibble—now it’s possible to purchase pet food that is scientifically geared for particular breeds, sizes and ages. Organic, all-natural, high in vitamins and low in preservatives are a few of the key attributes that conscientious owners are looking for in a global pet food market.
But it is possible to get too much of a good thing. According to TechNavio analysts, on average, one out of five pets is obese because of increased consumption of packaged food (even the healthy kind). It has also been shown that pets, just like their human counterparts, can actually get addicted to packaged food and start to eschew the home cooked variety altogether.
This risk of obesity as well as some recent recalls might make pet owners think twice before heading to the grocery store for a healthy meal for Rover. Over the past few years, salmonella and other contaminants have been found in pet foods, forcing companies to pull entire lines from the shelves either voluntarily or under the orders of a regulatory body. This has led to some owners making the switch to home cooked pet food, which has an understandably negative effect on the growth of the Global Pet Food Market.
Despite these challenges, the trend towards “premiumization” of pet food is expected to promote growth in the market. This aims to go above and beyond run-of-the-mill healthy solutions—it also offers an answer to the obesity problem in pets, as premium pet foods provide consistent high standard fare, with ingredients such as chicken, carrots and spinach.
Additionally, many global pet food companies are investing in R&D initiatives to continue to develop new products, especially natural foods with advanced formulations to promote longer, healthier lives in pets. As consumers put more emphasis on healthy, all-natural products for their pets, the market will have no choice but to evolve to meet demand, thereby spurring on the Global Pet Food Market.
For more insights, view our Global Pet Food Market 2014-2018 report.
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