Good growth forecast for the pet industry throughout 2016
The pet industry is set to grow throughout the year with cat and dog treats being the best performing products, according to the latest figures from Euromonitor.
Western Europe has the second largest share of the worldwide pet care market behind North America.
Paula Flores (left), Head of Pet Care at Euromonitor International, commented: “Our latest research indicates that overall, good growth is expected in 2016, at 2% in global value terms, similar to that experienced in 2015.
“Latin America was the best performing region in the period between 2011 and 2016, with regional value sales of pet care growing by 32% at constant 2016 prices, and absolute value gains in excess of US$2.4 billion.
“Asia Pacific also posted good growth, backed by Japan’s performance, which, after years of stagnation has now returned to slightly positive growth. This is excellent news, as it is the largest market in the region. China has also seen a good performance as more pet owners pamper their pets.”
The number of overweight and obese pets continues to rise, as so does awareness of this issue among pet owners. According to the Association for Pet Obesity Prevention, 30% of cats in the US were overweight in 2014, while a further 28% were obese. For dogs, these figures were 35% and 18%, respectively. Excess weight increases the risk of such conditions as osteoarthritis, hypertension, diabetes and cancer, significantly reducing life expectancy.
A growing number of dog and cat food products are targeting the weight management niche with premium products. Among the most successful of these is Colgate-Palmolive’s Hill’s Prescription Diet Metabolic. The company claims this dry dog and cat food, which contains a unique fibre blend from fruits and vegetables and powerful antioxidants, is clinically proven to safely and naturally improve metabolism to support healthy weight loss and maintenance.
Global pet care market is expected to post modest growth in 2016. Pet obesity will remain a main concern offering plenty of innovation opportunity.”
For more information on the latest research in Pet Care visit: http://blog.euromonitor.com/2016/05/latest-research-pet-care-live-regional-highlights.html