The pet and animal supplies market offers owners an endless amount of products to choose from. Numerous varieties and price categories are available within all sections of the market, which includes pet and animal food, health and hygiene products, toys, furniture, collars, bowls, and feeders. Shopping for pet products is easier than ever, with an increasing variety of online and brick-and-mortar retail outlets now selling pet products alongside the traditional pet store.
An impact of the coronavirus pandemic is that we have spent less time travelling and more time at home than ever before. This has had a direct positive impact on levels of pet ownership, as we have more time to spend with our furry friends. Due to this, it is likely that expenditure on pet supplies will continue to increase. Recent trends in human consumption are also impacting the pet market and pushing spending up, with natural, organic, and free-from products gaining traction within the industry.
In 2020, pet food sales reached almost 103 billion U.S. dollars worldwide, an increase of almost nine billion dollars compared to the previous year. With an ever-increasing range of products on offer, including organic, premium, and personalized pet food options, it is no surprise that owners are spending more and more on pet food. An increase in pet ownership during lockdowns and work from home during the beginning of the pandemic likely played a role as well.
Pet food market worldwideWithin the total pet products market, pet food and treats make up the largest share of sales. In the United States, pet food was the highest-selling product category and is projected to maintain the top spot in 2021. Veterinary care and vet products sales make up the second most profitable segment of the market. Smaller sections of the market include general pet supplies, the sale of live animals, and over-the-counter medication.
Pet food industry in the U.S.CBD, the non-psychoactive cannabis derivative popular in the human wellness segment, is becoming increasingly relevant in pet products. One of the touted benefits of the compound in humans is its anti-anxiety properties. After many pet owners have spent months working from home, in constant contact with their pets, they are now returning to the office and are concerned about separation anxiety in their furry loved ones. Owners are increasingly turning towards CBD to help combat the problem.
Vegan marketMars Petcare Inc., headquartered in the U.S., was the leading pet food company worldwide in 2020 based on revenue. The company generated over 18 billion U.S. dollars in revenue, followed by Nestlé Purina PetCare with over 15 billion U.S. dollars in revenue. The top eight pet food companies were all headquartered in the U.S., clearly showcasing the nation’s dominance in this industry.
Manufacturing: Food worldwideThe United States commands the largest share of the pet food market, with an annual revenue of over 43 billion U.S. dollars. The United Kingdom and France ranked in distant second and third places: The size of the UK market was over six times smaller than that of the United States.
Pet ownership rates in the United States have grown year-on-year to reach 70 percent in 2020. This increase has, no doubt, aided the country to become the top dog in the industry.
The pet supplies industry revolves around the production, retailing, and consumption of a wide array of products. Veterinary services are generally excluded from this market. The industry can broadly be split into two categories – pet food and pet products. Food and nutrition is the most lucrative section of the market, with the variety of pet food and treats evolving over the last decades to meet the needs of the modern consumer. By revenue, some of the most important pet food companies worldwide include Mars Petcare Inc., Nestlé Purina PetCare, and J.M. Smucker. Pet products includes segments such as hygiene, toys, and accessories.
Most owners consider their pet to be their best friend and a part of the family, leading to companionship being one of the most cited reasons for owning a pet. Live animals, which are commonly kept as pets, include dogs, cats, freshwater and saltwater fish, small animals such as hamsters or guinea pigs, and reptiles.
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