Pet Age’s Post

As we enter 2024, we are preparing for an evolution of pet food industry trends carrying over from previous years, all of which are underpinned by lingering inflationary impacts on customer and business spending. According to Packaged Facts, about one-third of pet owners who switched pet foods in the last 12 months moved to a lower-priced option. As inflation persists, some pet owners may opt to trade down on non-discretionary spending for their pets. The global pet food industry has remained resilient, climbing to over $140 billion in 2023, and is expected to grow at a CAGR of 5.32% by 2028. With more than one-third of global revenue coming from the U.S., the sector can be expected to be guided heavily by North America. Globally, as Gen Z pet ownership continues to rise, younger spending power will influence consumer preferences in areas like health and wellness, sustainability, and value-driven decision-making. Many trends are similar to what we’ve seen in recent years, but new categories are beginning to see sub-segmentation as owners seek new ways to benefit their pets. Additionally, manufacturers are using new tech and strategies to gain greater share in a continuously saturated market. In this report, Clarkston Consulting, highlights five trends in the pet food industry to keep in mind this year... #beindie #bedifferent #blueindie

🌟 Just shared the latest article on the trend of humanising pets in the pet food market on All About Feed. 🐾 Thanks to Vladislav Vorotnikov for the valuable input! Check it out for insights on the demand for pet foods. #PetFood #Trends #AllAboutFeed Don't forget to share your thoughts and insights on the article by commenting on the FEDIAF LinkedIn page. Let's keep the conversation going! 💬🐶🐱 #FEDIAF #PetIndustry #Engage Sonia F.

Did you know? China's pet food industry is on track to hit a whopping $37 billion by 2025. 📈 With 42% of pet owners aged 26-30 and 67% falling into middle- and high-income brackets, the demand for high-quality pet products is soaring. Read our latest report below to explore China's evolving pet landscape. #Tractus #China #ASEAN #PetIndustry #PetFood #Cat #Dog

Unleash the Potential of the Pet Industry 🐾 Recent reports' analysis show the explosive and steady growth of pet products! With pets becoming cherished family members, owners are opening their hearts and wallets to pamper their furry companions like never before! 🐶 🐱 Bloomberg reveal a bountiful future for the industry: U.S. leading the pack with sales nearing $200 billion by 2030. Europe, with only 8% market penetration, it presents a golden opportunity for savvy entrepreneurs and investors to tap into a rapidly expanding market 📈 🌏 Let's not forget about Asia! As the third-largest consumer of pet products, its booming market offers boundless potential. Not only is it a hub for manufacturing, but it's also a key player in global exports, fueling growth both domestically and internationally Are you ready to seize the leash and lead the pack in this thriving industry? Don't miss out on this purrfect opportunity to be part of the pet industry's exciting journey! #tradeshows #petfoodindustry #petcare #petindustry #industryinsights #MarcaChina #marcaevents

📰 South Korea aims to double its pet market by 2027, with a goal to turn its entire pet market into a 15 trillion won industry (approximately US$11.5 billion) 💼💸. The pet industry in South Korea has been experiencing significant growth, with the number of households with pets increasing to 6.02 million in 2022 from 3.64 million in 2012 🏠🐾. The pet food market in South Korea is also expanding, with an estimated market size of USD 1.13 billion in 2023, expected to reach USD 1.69 billion by 2028, growing at a CAGR of 8.38% 🍽️💰. The country aims to significantly increase its total pet food exports from US$149 million in 2022 to US$500 million by 2027 📈💼. South Korean pet owners are willing to spend more on quality pet products, including pet food, reflecting the trend of increasing pet humanization and the growing importance of pets in the lives of South Koreans 🛒💖🐶🐱. The government is taking various measures to support the growth of the pet industry, including promoting the pet care industry domestically and pioneering its export expansion 🏢📦. The pet care market in South Korea is expected to continue growing, driven by the pet food sector, and is forecasted to reach a value of more than USD 1192.46 million in 2021, with a projected CAGR of 9.4% between 2024 and 2032 📊💼🐾. #SouthKorea #PetMarket #Growth #PetIndustry #PetOwners #PetFood #Exports #PetHumanization #GovernmentSupport #PetCareIndustry #MarketForecast #DoublePetMarket #15TrillionWonIndustry #SignificantGrowth #Households #GrowingTrend #QualityPetProducts #IncreasingImportance #MeasuresForGrowth #ExportExpansion #PetCareMarket

If you are looking to expand your product reach you need to understand how your new territory buys pet supplies. The other question you might want to ask yourself as a pet specialty product is: when, or possible if, grocery is the right choice for you? As you can see in the article the grocery channel continues to dwarf pet specialty markets. This means it should not be forgotten in the evolution of your growing company. Growth comes with big decisions. If you are having trouble navigating these changes, reach out, as one of my company’s workshop days might be a perfect solution for you. Murray Pet Sales & Consulting #petindustry #petfood #petexpert #consulting

Insights into the Booming Italian Pet Food Market 🐾 According to the latest data from consumer behavior consultancy Circana, the pet food segment has experienced remarkable growth. In the year ending October 2023, the segment's sales channels witnessed a significant 14.9% increase. The total turnover of the Italian pet food segment surpassed €3 billion ($3.2B), showcasing the industry's robust performance. While the volume remained stable, with a modest growth of 0.9%, the real driving force behind this growth was cat food. Surprisingly, wet cat food accounted for nearly one-third of the recorded turnover in Italy's pet food industry. Additionally, both dry dog and cat food played a crucial role in contributing to the industry's overall expansion. If you're interested in learning more about the thriving Italian pet industry and its latest trends, this article is a must-read. 👇 https://hubs.ly/Q02wRfKy0 #ItalianPetIndustry #PetFood #IndustryGrowth #PetFoodIndustry #MustRead

The global Hot Dog Roller Grills market was valued at US$ 73 million in 2023 and is anticipated to reach US$ 93 million by 2030 witnessing a CAGR of 3.6% during the forecast period 20242030. According to Our PET Supplies Research Center the global pet industry reached $ 261 billion in 2022 a yearonyear increase of 11.3%. #HotDogRollerGrills #FoodServiceEquipment #FastFoodSolutions #ConvenienceCooking #CommercialKitchens #HouseholdAppliances #FoodIndustryTrends #GlobalMarketGrowth #CookingInnovation #QuickServiceFood

Check out today’s blog post from Pet Krewe on our Pet Products Newsletter and FMI!