In a new report entitled “Pet Supplies in the U.S., 10th Edition,” market research publisher Packaged Facts identifies four key factors that may be responsible for influencing the growing pet supplies market during the rest of 2015 and beyond.
According to the report, the impact of the economy on pet spending may lead pet owners who have adapted to life in the “new normal” economy to see themselves as better off relative to previous years and become less cautious about spending.
Cost savings are a priority for pet owners, but Packaged Facts found that the percentage of pet owners who feel that pet products are becoming too expensive dropped from 74 percent to 64 percent, indicating that a growing number of pet owners may be comfortable revisiting higher priced products.
Premiumization and natural pet products are trends that continue to be in strong play, driving increased sales of high-end pet products and justifying market-supported higher prices for pet health and wellness benefits.
The report also concludes that the U.S.’s 77 million baby boomers are a major part of market growth as high-earning, big-spending consumers that have broken the historical pattern of becoming less attentive pet owners with age.
Valued at $15 billion in 2014, nonfood pet supplies are part of a much larger U.S. market for retail pet products and services, totaling almost five times this amount. The competitive allure of the pet supplies segment—which grew by 15 percent during the five-year 2010-2014 period—is as irresistible as ever to retail marketers.