Factors Driving Trends in the Pet Care Industry
The changing dynamics of the pet care industry and factors driving them.
How we chose to spend time with, interact with and care for our pets has seen a whirlwind of change in the recent past. The growth in the pet care industry has been strong and it is expected to expand stably in the future. Here are some factors that are shaping the trends in the industry.
- Humanization of Pets
Pets are now a part of the family and less & less people are buying pets for functional usages such as guard dogs. A poll conducted by Fortune states that more than 75% of the people surveyed consider ‘pets as a beloved member of the family’.
The closeness of the relationship means a demand for ‘human grade’ products for the pets. The industry has already obliged. The Casper dog mattresses are one such product.
The people’s inclination towards products that promote and advocate transparency and sustainability is palpable. The new generation of pet owners are ready to pay more for eco-friendly, sustainable and / or naturally sourced products.
4 Legger shampoo for dogs understands this very well and is not shy of advertising all such labels – ‘All Natural’, ‘Biodegradable’, ‘Vegan’, ‘Sustainable Ingredients’ and many more.
Technology has taken over andhas become an integral part of our lives. Now it is doing the same for our pets. A whole gamut of tech-products for pets is on offer – activity trackers, innovative tech-based pet toys and remote feeders. A number of pet care startups have cropped up as well that offer everything from stay for your pets, a microbiome examination for your pet, walking services and whatnot.
Premiumisation is about elevating how we treat our pets. It is about creating the bridge between luxury and mass market. Premium products for pets are now driving strategies of growth for industry players. Age and breed segmentations have been key to achieving this.
Consumers are seeking out products that are niche. These include products that offer enhanced healthcare and dietary practice. Natural, organic and minimally processed are tags that command value in the pet food category. The pet owners dietary preferences are also observed to convert into demand for pet products which are gluten-free, grass-fed and cage-free protein sources.
However, price continues to be an important factor. People wish to feed their pets and care for them with good-quality products, but they would prefer if they could do it without spending too much.
- E-Commerce vs Brick & Mortar
While e-commerce has certainly overtook brick & mortar in certain areas of pet care, offline stores continue to dominate in veterinary care and pet grooming.
As an effect of the humanization aspect there has been a tendency to seek out newer and better services. This has led to a demand for speciality pet services like training, pet sitting and pet friendly travel, which is being captured by e-commerce.
Therefore, offline stores have realized that it is important to create experiences for the pets as well as pet owners.