Report: Demand for Premium Pet Care Products Rising
The rise in pet humanization is driving global sales in the premium pet care product sector, according to analysts at e-commerce insights company Edge by Ascential, which recently released its Household and Pet Care Consumer Packaged Goods report.
The Asia-Pacific market is dominating the growth, and it’s projected to increase by 37 percent to $384 billion by 2023. This is closely followed by North America, where sales will grow to $281 billion, according to the report. Household and pet care spending in Europe is also expected to show a similar amount of growth through 2023, increasing by 28 percent to $203 billion.
With consumers increasingly seeing their pets as family members, it’s suggested that the evolution of the category is becoming more premium, according to the analysts. For example, consumers are prepared to spend more on pet food and products that are healthy, nutritious and improve living conditions.
The report also highlights that online sales in the household and pet care category are set to grow at the fastest rate over the next five years and are expected to increase by 15 percent between 2018 and 2023. This surpasses online growth in a range of other sectors including health and beauty, electronics and fashion, the analysts noted.
Other report findings:
· Direct-to-consumer models will continue to disrupt the value chain of the household and pet care sector, offering differentiation, convenience and personalized services.
· Consumer packaged goods brands should therefore consider building branded product lines that are exclusive for specific retail partners.
· Given the growing trend of pet humanization, brands and retailers should leverage occasions such as ‘Love Your Pet Day’ through dedicated promotions and events to drive footfall and new customer acquisition.
· Consumer trends around product sourcing, origins and ingredients are prompting retailers to review in-store household and pet care ranges in favor of natural and healthy alternatives.
The Household and Pet Care category comprises of: household (laundry and air care, household cleaning, dishwash detergents, paper, wrap, liners) and pet care (pet food and pet products such as healthcare, toys and supplies).
Edge by Ascential is a subsidiary of Ascential Group, a London-based global specialist information company.