The ‘Premiumization’ Trend Grows Among Pet Owners
Pet owners are equally willing to pay for premium foods for their pets—foods with ingredients like glucosamine, omega fatty acids, antioxidants and probiotics—as they are for themselves, according to a new study by Packaged Facts, a division of MarketResearch.com (New York).
Driven by “premiumization,” the global pet food market reached an estimated $49 billion in 2008, according to “Pet Food in the U.S.: Health, Humanization and High Quality Ingredients in an Increasingly Value-Driven Global Market, 8th Edition,” published by Packaged Facts.
“Particularly in the United States, the premiumization trend goes beyond the tendency Americans have to be better educated about health and nutrition issues. In addition, the pervasive humanization dynamic cannot be underestimated. Pet owners often view their pets as part of the family, or even as surrogate ‘children.’ Thus they are looking for the safest and healthiest products possible,” says Tatjana Meerman, publisher of Packaged Facts.
Trends in premium pet food often reflect trends in human food, and cover everything from natural and organic to functional and nutraceutical ingredients.
The global total reflects a compound annual growth rate of almost 5 percent over the preceding five-year period. North America represented the largest share of global pet food sales in 2008 with 40 percent.
To purchase the full report, go to www.packagedfacts.com/Pet-Food-1653956. [May 2009 PET AGE]
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