The Pet Food Market in FMCG š¶
Written by: BD Team | Published a year ago
The Fast-Moving Consumer Goods (FMCG) industry is no stranger to no stranger to evolution, and one of its fastest-growing segments is the pet food market. The pet food industry is witnessing a considerable upswing, driven by a number of factors. The market size reached $99.1 billion in 2022 and is projected to expand with an annual growth rate (CAGR) of 4.3% from 2023 onwards. But what is driving this upward trajectory, and what do the future trends hold for the pet food market within the FMCG industry? (Source: Report Linker)
Pet Humanisation
Firstly, the increasing pet humanisation trend and escalating pet adoption rates are propelling the demand for nutritious and varied pet food. These developments reflect the shifting perspective of pet owners who now regard pets as family members and prioritise pets. As a result, this influences their purchasing decisions despite the cost of living crisis. In countries like the UK, 63% of pet food buyers say that money concerns would make them more likely to cut back spending on their own food than food for their pet. (Source: Minter)
E-Commerce
In addition, the rise of e-commerce platforms has simplified the availability and accessibility of a wide range of pet food products, increasing the market growth. Enhanced distribution channels have led to a significant increase in online pet food sales, demonstrating a shift in consumer buying patterns.
Demand For Premium Pet Food
Furthermore, the market is experiencing a surge in demand for premium pet food. This is predominantly due to the growing awareness among pet owners about the importance of providing high-quality food for their pets. This awareness is continuously being fueled by rising disposable income.
Pet brands are responding to consumer demand for nutritionally dense pet food by highlighting fibre, protein, vitamin, and mineral content. Brands in the global pet food market are also responding to consumer interest in all-natural pet foods, with pet owners expecting producers to reduce artificial additives from their recipes. Companies in the global pet food market must reassure pet owners of the benefits of sustainable pet food beyond planet-friendly credentials.
Credit: Google
The Future Trends of Pet Food š¶š
- Healthful and Natural Pet Food:Ā The future of pet food is influenced by sustainability, as planet-friendly claims continue to grow in the global pet food market, despite sustainability being a low purchase driver among pet owners.
- Personalised Diets and Technological Measures:Ā Innovations in pet food will cater to pets with specific health issues, such as obesity, through personalised diets and technological solutions.
- Improved Mental Performance:Ā PetsĀ are taking a more prominent role in consumersā lives. As such,Ā petĀ owners will focus more on theirĀ petās behaviour. Consumers are looking for pet food that enhances their pets' mental performance. Innovative foods tailored to individual pet needs will become more prevalent.
- Microwaveable and Fine Dining Options:Ā The future of pet food will be influenced by consumers who are keen to offer theirĀ petsĀ freshĀ food, or even homemade options. Future pet food innovations may include microwaveable packs for in-home use and fine dining options, catering to discerning pet owners seeking premium dining experiences for their pets.
- Water Usage Concerns:Ā As sustainability concerns extend to water usage, pet food companies will need to address how they are reducing water in their formulations through alternative ingredients or freeze-dried options.
Credit: Pexel
The pet food market in the FMCG industry is riding a wave of growth, driven by changing consumer attitudes, e-commerce convenience, premium product demand, and emerging sustainability trends. As pets take on increasingly prominent roles in consumers' lives, the pet food market is poised for further innovation and expansion in the years ahead. Pet owners are not just seeking food for their pets; they are seeking solutions that promote the health, happiness, and well-being of their beloved companions.
The future of the pet food industry holds promises of personalized diets, mental performance enhancement, and even fine dining experiences for pets. Sustainability and planet-friendly claims will continue to shape the market, reflecting consumers' evolving values and concerns. The pet food market within the FMCG industry is evolving to meet the diverse needs and expectations of modern pet owners, making it an exciting and dynamic segment of the market.
āMirfat Khamis, Digital Marketing Specialist,Ā Imagine