|
Consumers Continue to Spend More on Pet Services
Even though total pet industry sales dipped fractionally in 2006—their first decrease in 10 years—they bounced back last year to top $39 billion, thanks largely to double-digit growth in the pet-services segment, according to a new report by The Mercanti Group, an investment banking firm in Minneapolis.
In fact, pet services are expected to remain the fastest-growing segment in terms of percentile growth—even during less-than-stellar financial times, analysts said....
Leading Pet Care Brands Foster New Interest in Pet Insurance
North Americans will take an increasingly strong interest in pet insurance in the next five years, driving sales as high as $1.1 billion in 2012, according to a report by Packaged Facts, a division of MarketResearch.com (New York).
“Pet Insurance in North America” bases its predictions on dramatic growth in the overall pet market associated with the rise in affluent households willing to spend more on the health and well-being of their pets. It estimates that pet insurance revenues were $248 million in 2007, up 21 percent from $205 million in 2006.
Fostering growth in this segment is the fact that, for the first time, insurance plans are being sold under nationally known pet care brands such as PurinaCare and American Kennel Club. Further driving interest are companies that target consumers through new distribution channels, such as direct-to-consumer, veterinarian offices, pet-services providers, supermarkets and insurance agencies...
Farm Bill Threatens Puppy Imports and Herp Sales
The House of Representatives in April named the legislators who will serve on a conference committee to iron out differences between House and Senate versions of the 2007 Farm Bill—including amendments that would restrict the import of puppies into the United States for resale and mandate a study on the prevalence of Salmonella in pet reptiles.
Under the puppy amendment, importation of dogs would be limited to healthy, vaccinated animals 6 months of age or older. Although the amendment would have limited immediate impact on the pet industry, it could set a precedent for imposing import bans that are not based on health and safety considerations, warned the Pet Industry Joint Advisory Council (Washington)...
|
