News last update:6 Aug 2012

'Humanization' fuels growth in pet food

Humanization is the No. 1 trend fueling growth in the $43 billion global pet food market, according to Global Pet Food Industry Outlook, a new report from Packaged Facts and Petfood Industry magazine.

Treating pets like family outranked packaging convenience and special ingredient foods which are also heavily impacting the market.

Based on the results of an exclusive survey of 500 Petfood Industry subscribers worldwide, the report finds that two-thirds of pet manufacturers, suppliers, service and consulting firms, and marketers identified new products such as functional, condition-specific and novel ingredient, human-grade ingredients, hyper-premium products and fresh/baked foods among the top growth trends over the next five years.

Mature markets

Although mature countries account for nearly 75% of new product launches and approximately 80% of the industry's $43 billion retail sales, new-product introduction rates are greater in mid-level and emerging markets.

"Pet ownership and pet food usage is already high in mature markets," notes Don Montuori, the publisher of Packaged Facts. "These countries are generally experiencing the lowest growth rates with an average of 3-4%. Many countries in the mid-level and emerging markets, on the other hand, are averaging much higher growth rates due to their lower penetration levels, rising household incomes, and growing pet ownership and pet care interests."

Editor AllAboutFeed

Or register to be able to comment.