Technavio Updates on the Pet Care Market
Technavio's latest report on the global pet care market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020.
Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The increasing focus on pet health and wellness and the trend toward pet humanization are driving the pet food market, which is expected to grow at a CAGR of 4.61 percent during the forecast period.
Dry food products are economical and easier to store and are, thus, preferred by many buyers. These products can be left out for an entire day and are convenient for pet owners if they have to go away for some time.
Wet food products are used by pet owners as these products provide an adequate source of hydration for pets. These foods generally have rich scent and flavor, which is ideal for older pets who have lost their olfactory senses and have weak teeth.
The top four emerging trends driving the global pet care market according to Technavio consumer and retail research analysts are:
-Growing focus on pet fashion
-Rise of strategic alliances
-Product customization and enhancements
-Growing demand for fortified pet food
Growing focus on pet fashion
"Pet owners are spending on luxurious and fashionable products for their pets. They are investing in these products to represent their lifestyles. They are also looking for ways to express their personality through the way they dress up their pets. Recognizing the demand from pet owners, market players have come up with a wide variety of fashion apparel and accessories for pets. Pet clothing is available in various styles, designs, colors, and fabric," says Brijesh Kumar Choubey, a lead analyst at Technavio for research on pet supplies.
Major designers are also entering the pet fashion segment to cater to pet owners who treat their pets as their children or family members. They are using new textures, styles, and colors to create clothing and accessories for pets. For instance, PetRangeous Designs have designed clothes for dogs such as jackets with channel quilting, pyjamas, sweaters with heavier gauge yarn and knits.
Rise of strategic alliances
Vendors are opting for mergers and acquisitions to increase their global presence, expand their product portfolio, and achieve economies of scale in the manufacturing process. Through mergers and acquisitions, vendors are gaining access to the developing economies where the market size is big, production costs are low, and the demand for new products is high. For instance, in May 2015, Worldwise, a branded pet products manufacturer merged with Quaker pet group, which manufactures pet toys
Pet care manufacturers are also acquiring other pet care companies to extend their presence in the market. For instance, in 2015, Pamplona Capital Management acquired Partner in Pet Food--an Europe-based company-- for USD 342.7 million in order to expand its presence in the Western and Central European market.
Product customization and enhancements
Pet food manufacturers are formulating customized pet food products depending on pet age, breed, and functionality. One example of such a manufacturer is Petbrosia, which offers nutritious and customized food for dogs and cats. Some of the other examples are Nestle Purina, which offers Just Right, a dog food formulated with specific nutritional needs; PawTree, which recommends customized diets for dogs after collecting information on their unique needs from their owners; and Fokker, which provides customized pet food for dogs and cats.
"The pet grooming products market is also witnessing demand for customized products. To meet this demand, the market players in this segment are providing specifically designed products based on the unique requirements of each pet. For instance, Isle of Dogs is urging pet owners to share certain information about their dogs so that the in-house experts at Isle of Dogs can formulate personalized grooming packages for their dogs," says Brijesh.
Growing demand for fortified pet food
Many health problems and diseases such as skin allergies, arthritis, brain aging, digestive disorders, and obesity are common among pets such as dogs, cats, and horses. This can create serious concerns for pet owners. Increasing health consciousness among pet owners has given rise to health-driven food options for pets such as fortified food products, nutraceuticals, and functional food products. A growing number of pet products are being promoted as products containing added vitamins and minerals, antioxidants, all-natural ingredients, and no preservatives, artificial colors, or flavors.
Manufacturers are formulating pet food products with vitamins, minerals, fiber and other ingredients due to consumer demand for balanced diet for pets. For instance, VegePet provides functional food products for lactating dogs, adult dogs, and senior overweight dogs. The company also manufactures functional food products for cats with BBQ and cheese flavor.
Technavio is a technology research and advisory company.
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THE DAILY VIEW
Tea Forté Introduces ‘Matcha’ Collection
Convenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.
The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.
"The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."
Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.
According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.
Available now in select stores and online at teaforte.com.
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