Humanization of pets a driver of growth

In india and mexico, where the pet culture is underdeveloped but growing fast among wealthy city dwellers, growth is led by small dogs, while in south korea growth is led by cats. Pet industry statistics show the power of pet humanization. Humanization of pet food drive change packaging world. Pet humanization products traditionally reserved for humans.

The companion animal business has been the main driver of growth, riding the increasing propensity by owners to spend more on their pets and the global growth of the middle class. Modern pet owners are more willing to spend more money on their pets and choose the highest quality for their animal these days. Thanks to the increasing number of pet owners all over the globe, and some trends that have influenced sales like the humanization of pets and the. Pet market outlook, 20182019 report has been added to s offering the u. Pet stores that welcome dogs inside, offering biscuits at the checkout are genuinely being petfriendlybut its no coincidence that those pet products are located at the cash register, the better to engage exactly the kind of pet owner who brings their pet to the store. The concept of pet humanization, where pets are treated with increased hygiene and care, is another major driver for the market growth and, in turn, is boosting major changes in product packing and resourcing of ethicallyviable products. According to the report, one driver in the market is increase in pet humanization. The humanization of pets is driving trends across the pet food industry that align with many of the trends were seeing in the human food and.

Pet humanization and increasing focus on health and wellness of pets are one of the major factors. In other words, premium pet foods remain the primary value growth driver in the u. Palatants market global industry analysis, size, share, growth, trends, and forecast, 2019 2027. Pets are growing increasingly important to humans and the reasons behind this are strong and valid. Growth in the pet food sector is forecast to accelerate over the next five years thanks to rising. The multibilliondollar pet industry shows no signs of losing demand, with pet owners spending increasingly more on fashion and luxury items. Pet care market experiencing a significant growth by increase in demand of pets across the board industry hitting new highs by top global players up to 2023. Pet owners who want fido to eat as well as they do. The good performance of cat treats is also due to the pet humanization trend in germany. Jim cramer has always said that the humanization of pets is one of the greatest investing themes out there. Global pet dietary supplements market omni channel.

Pet humanization and increasing focus on health and wellness. The industry giant reports that the pet industry is experiencing what it terms explosive growth a shift fueled in part by advances in technology, in part by changing consumer demographics and in part by the increasing identification of pets as members of the immediate family. However, theres another side to humanization, as were seeing now in the wake of numerous petfood recalls. How the humanization of pets has impacted pet spending. The key drivers of pet industry performance over the past five years the humanization of pets and the pet food upgrade cycle appear to have peaked and, as a result, we are seeing divergent performance among industry participants as new core themes take hold. The region is to demonstrate healthy growth throughout the. These shifts have helped create what experts say is one of the most prominent attitudinal drivers of pet industry growth. Pet humanization products traditionally reserved for humans are expanding into the animal world implications people are increasingly treating animals like people, from wild birds and squirrels on birth control to bundling pets in doggy diapers similar to those worn by human infants. Implications pet owners continue to identify with their pets or treat them like real children.

The humanization of pets traditionally human products. There are a number of trends supporting strong growth in the industry and they show no signs of slowing down. Many types of pets have long been considered part of the family, but in recent years that has started to translate to actually treating pets more like people a trend called humanization. With the humanization of pets, they have enjoyed doubledigit growth in that area, and they expect it to continue at that pace. On the global level, dog and cat treats continue to be the best performing subcategories of pet care, with cat treats even experiencing yearly doubledigit growth over the past five years. Global animal health diagnostics market 20182022 key. Pet industry perspectives pet business magazine march 2017. Pet care market experiencing a significant growth by. Accelerated growth in the pet food sector capitalmind. Humanization of pets a driver of growth in premium dog and. Humanization and premiumization continue to drive the u. Jan 09, 2017 jim cramer has always said that the humanization of pets is one of the greatest investing themes out there.

Due to changes in lifestyle, pet humanization is on the rise in different countries. Press release global pet food nutraceutical market 2019. The humanization of pets is fueling growth throughout the pet industry, and zoetis. How the humanization of pets has impacted pet spending spoiling pets with celebratory treats and gifts has become common, especially among millennials. That growth rate is even more dramatic against what nielsen described as. And as a result, pet owners are increasingly interested in pet food options that address many of the same health concerns that are influencing human food production, such as unnatural preservatives and genetically modified ingredients. The increased humanization of pets is driving innovation in the. Rise in pet humanization trend drives global sales in premium pet. This trend has been driving dog and cat food for several. Pet humanization is the ascribing of human qualities to pets wherein consumers are growing high concern regarding pet health and wellness. The increasing pet ownership among younger generations, in particular, consumed by social media and adoption of the western lifestyle, is the main driver of the market. Pet grooming products market notable rise in rate of adoption and humanization of pets remains a key growth driver. Increasing pet ownership, owing to altering cultural and socioeconomic factors is influencing the growth of the pet care and service industry. One can hardly open a trade magazine without reading yet another insightful analysis stating that following the humanization trend is the key to becoming the next pet food millionaire or billionaire.

In the petfood market, this means that pets diets are. This has resulted in the origin of the humanization trend, what is good for me, is good for my pets. One of the main drivers of this move has been the low profitability of. With pet humanization as a backdrop, we look at the top trends that will influence the pet food industry in the coming year. Nov 16, 2019 the next five years will see the growth of the pet food market globally. Prnewswire peoples growing affinity with their pets is driving. Humanization of pets is the great story of all time. Prnewswire peoples growing affinity with their pets is driving demand for premium pet care products, with asiapacific as the fastest. Pet insurance markets, 20202025 rise in online claims. The growing trend of pet adoption as a result of the increasing number of nuclear families in emerging economies is expected to be a major growth driver over the coming years. Canadas pet food market is projected to grow at a cagr of 4. Look at a few articles about whats new in pet food or the amazing growth of the natural pet food niche and youll be treated to a. While the humanization of pet food isnt a new trend, it may offer more of an opportunity than retailers and manufacturers realize.

Instead of using pets for functional purposes such. In the us, for instance, over 55% of the households own a pet, according to the american veterinary medical association. Posts about humanization of pets written by bryanjaf. No, stay curious about it, but dont pull the trigger. Includes a detailed analysis of growth drivers, challenges, and. Key takeaways in 2017, dog pet food had the largest share of in. At the same time, one thing marketers and retailers at all levels of the market cannot afford given the faltering u. Has the humanization trend made branding more important in the pet industry. A new study from pmmi business intelligence, trends and drivers impacting the pet food industry, reveals north america is the top market for pet food, with an annual growth rate of 4. High adoption of pets has been a key driver for the pet food ingredients market in the region. Mar 29, 2019 the biggest growth was in cat treats due to an increase in the sales of functional and premium products. Global pet utility products market growth trends, and. China, south korea, and india are the countries which are driving asia pacific pet food market. Hence, an increasing number of people in the country are treating pets as members of the family.

Future market insights fmi in its latest market report underscored that the major driver of this market is the growing pet humanization trend among pet owners and increasing demand for nutritious, healthy and organic pet foods rather than regular pet foods. In recent years, dog treats and mixers have been the main market driver growing by. Yes, the humanization trend has been a key driver of the licensed brands business in the pet industry. Humanization of pets is boosting the growth of global pet food. When it comes to growth, few industries are more promising than australias booming pet care and services market, which is enjoying a. Sep 12, 2018 pet care market experiencing a significant growth by increase in demand of pets across the board industry hitting new highs by top global players up to 2023. Pet care industry grows, as millennials elevate pets. A major trend in pet food in germany has been the humanization or anthropomorphism of pets. Apr 06, 2018 pet humanization and increasing focus on health and wellness of pets. One of the key growth drivers of the global animal health diagnostics market is the increasing humanization of. Pet food ingredients market research report by ingredient. One of the growing trends we are seeing in the pet industry today is the rapid humanization of pets within the family circle.

Increased humanization of pets driving innovation in animal nutrition. What does the humanization of pets mean for pet food. Pet humanization products traditionally reserved for. Pets today are more a part of the american family than ever. Whilst vegan, vegetarian and superfood trends in cat food have lost some of their original appeal, products with. Food delivery is set for strong growth and consolidation. These two trends are heavily influencing industry growth according to packaged facts new report u. As the largest generation of pet owners changes from baby boomers to millennials, we are seeing the attitude toward pet ownership change as well. The increase of pet humanization, wherein pets are treated with increased care and hygiene, is proving to be a major driver for the market and is leading to major changes in product packing and resourcing of ethically viable products. Us pet food market report reveals pet humanization trend. Pet dietary supplement market to reach a valuation of us. Feb 18, 2015 future market insights fmi in its latest market report underscored that the major driver of this market is the growing pet humanization trend among pet owners and increasing demand for nutritious, healthy and organic pet foods rather than regular pet foods.

Canada pet food market growth, trends, and forecast 2020. Thanks to the increasing number of pet owners all over the globe, and some trends that have influenced sales like the humanization of pets and the rise of purchasing power, to name a few. Pet food ingredients market growth to propel based on high. The pet care industry is booming, as people around the world especially millennials blur the line between human child and animal. Apr 29, 2008 currently only 45% of pets are fed prepared petfoods. Moreover, rising pet humanization and increasing awareness of pet food through the internet and other media boost the growth of the regional. The number of households is witnessing an encouraging uptick in terms of dog and cat ownerships. The next five years will see the growth of the pet food market globally. Humanization driving trends in pet food treat segment growing, but owners are worried pet food is making their pet obese american pet owners want the best for their pets, so much so that the pet food category is experiencing a trend in humanization evolving beyond flavors to ensuring nutritional benefits, ingredient quality and manufacturing standards are as high as human food. The biggest growth was in cat treats due to an increase in the sales of functional and premium products. The humanization of pets traditionally human products are extending into the animal world implications pet owners continue to identify with their pets or treat them like real children. The humanization of pet food there isnt much people wont do for their pets, and this sentiment has only strengthened over the past few years. More than ever, americans view their pets as integral members of t sign in.

Changes in consumer lifestyle and rising disposable income have also spurred pet adoption. The humanization of pets traditionally human products are. Jul 11, 20 humanization of pets a driver of growth in premium dog and cat food, grooming and online channels. Humanization of pets a driver of growth in premium dog and cat food, grooming and online channels.

Pet care market experiencing a significant growth by increase. Pet humanization and increasing focus on health and wellness of pets. The increasing popularity of pet humanization concept is increasing the. And much of this increase has been dollar growth, as pet owners are increasingly spending more on their pets food. Earlier this month, petco animal supplies and petsmart stores in topeka, kansas, and adjacent lawrence, kansas, removed from their shelves hills science diet and ideal balance products. Competitive strategies of key players, and trends in new product development. Humanization of pets the number of petowning households is rising globally while the amount of money people spend on their furry companions is also increasing. In developed markets where pet populations are showing growth, growth is typically led by small pets. By size, share, demand, increasing number of pet adoption, growth, keyplayers, trends and forecast 2024 26 aug 2019. Pet industry trends explosive growth and innovation. The bone lodged in my throat is the constant obsession with humanization of pets in our industry. A us pet food market report has revealed that sales of pet treats have outpaced both dog and cat food.

The pet care industry continues with its positive growth trend as the world pet population continues to expand and the pet humanisation trend deepens. The humanization of pets, however, has driven a strong increase in the sales of treats, a luxury item. This process leads to the humanization of the instructor and enables students to relate more easily to faculty members in a clinical environment. Explosive growth and innovation where technology meets pets. Hedge fund news gooses pet retailers shares morningstar. With changing lifestyle and rapid humanization of pets, consumers have been spending more on highquality food. Traditionally human products are extending into the animal world. It looks to be a driver of growth in the short term though it wont replace those pesky cones. United kingdom pet food market statistics trends forecast to. Jul 04, 2014 growth in the premium dog aisle has since decelerated, but we expect premium pet categories will continue to outpace the industry, as the ongoing humanization of pets drives growth in existing.

Many owners treat their pets like children and speak to them that way. Growth in the premium dog aisle has since decelerated, but we expect premium pet categories will continue to outpace the industry, as the ongoing. Moreover, rising pet humanization and increasing awareness of pet food through the internet and other media boost the growth of the regional market. Pet industry statistics show that the more affection pet owners feel for a pet, the higher their levels of spending. Apr 12, 2019 with changing lifestyle and rapid humanization of pets, consumers have been spending more on highquality food. Increasing inclination of pet humanization, growing actions of acquirement and acceptance of pets, progress in delivery system, greater acceptance of enrich pet food and growth in.

We have also seen owners try to incorporate pets into more and more aspects of their human livesholidays, vacations, health care and more. Grainfree food, for example, costs 26 percent more per pound than the us average. But he still didnt see it coming when privately held food giant mars paid a huge. Nov 28, 2018 in pet owners households, pet food is a necessity and therefore sales by volume remain fairly steady, increasingly only with the growth in the pet population. United states pet treats and chews market 2017 2021. The trend and its strategic impact on global pet care markets strategy briefing as part of our economies and consumers. Humanization of pet food implications for the raw material. Expert analyst daniel binder discusses which business segments are seeing high growth within the. A contrarian view anthony bennie, founder and chief nutrition officer for clear conscience pet, has a bone to pick with the industry he loves about the humanization of pets. Interest in rewarding and even spoiling pets may be encouraging higher spending on treats among american pet. Pet humanization driving growth in global palatants market. Restrictions on use of human food materials humanization key driver of global growth but potential restriction on use of human food materials ongoing humanization will depend on sustainable raw material supply and quality industry and pet owners might need to refocus their beliefs. Modest growth rates are in line with broader population. Pet humanization and pet ownership are defining trends in the pet food market.