Dublin, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The "Premiumisation in Pet Care: Inflation and Beyond" report has been added to ResearchAndMarkets.com's offering.
The premiumisation trend in the global pet care industry brings forth new opportunities for industry players. Inflationary pressures create a challenging environment in the near term, but long-term prospects are expected to support premiumisation efforts. This report explores how premium value propositions are being deployed in the space of pet nutrition, newer food formats and human-pet experiences.
The Premiumisation in Pet Care: Inflation and Beyond global briefing offers an insight into the development of the market, highlights buzz topics, emerging geographies, categories and trends as well as pressing industry issues and white spaces. It identifies the leading and emerging companies and brands, offers strategic analysis of key factors influencing the market, including background information on pet population, pet ownership by household and prepared gap ratio. Forecasts illustrate how the market is set to change and criteria for success.
Key Findings
Inflationary pressures impact pet care but premium offerings remain resilient
Pet care has not been immune to the impact of inflation. Price rises in the industry have had a polarising effect. While trading down was observed, those feeding their pets premium food continued to do so supported by relative price inelasticity in this segment. Continued demand for premium products supports continued development of this segment. Value propositions are critical to premiumisation efforts as they help demonstrate the value added to a consumer.
Different aspects of nutrition provide avenues to demonstrate a clear benefit
Focus on pet nutrition is evolving with human health preferences bearing significance on pet diet decisions. Looking beyond calorific intake, factors such as health benefits, life stage- appropriate diets and targeted nutritional offerings not only help create differentiated products but also demonstrate a clear benefit to consumers in search of products that prioritise pets' health and wellbeing.
Pet humanisation drives innovation in formats that mirror human food
Humanisation drives innovation in premium wet pet food. Formats that resemble human food and new processing methods (raw, fresh cooked, new wet) continue to gain attention among pet parents as they want to offer human-grade ingredients to their pets. Retailers are increasing their offer of these products through partnerships with innovative brands that offer customised meals according to pets' needs.
The human-pet bond presents opportunities for curating elevated experiences
Experiences play a pivotal role in the premiumisation of pet care. Curated offerings, unique interactions and shared moments aid in strengthening the human-pet bond. Premium experiences not only cater to pet owners' desire for the best for their pets but also reinforce the emotional bond between owners and their furry companions.
Key Topics Covered:
State of play: Premium pet care in an inflationary world
- Inflationary effect and its impact on pet care
- Pet humanisation supports demand for premium despite inflationary pressures
- Appeal of premium attracts new launches and new players
- Continuing appeal of premium beyond inflationary headwinds
- Continued humanisation of pets to support demand of premium products
- Value propositions are key to drive premiumisation
Premium value proposition through nutrition
- Human health and wellness trend influences pet dietary choices
- Communicating health benefits through product claims
- Pet food brands communicate health-related value added
- Life stage nutrition: Different feeds for different needs
- Life stage nutrition offerings lend to a nuanced and differentiated product portfolio
- Targeting specific needs through nutrition
- Nutrition-driven value proposition can demonstrate a clear benefit
Premium value proposition through formats
- Global share of wet pet food increases despite higher prices compared to dry pet food
- Retailers increase their offer of wet pet food
- New forms of wet food processing are gaining momentum
- Wet cat food is expected to grow faster than wet dog food
- Humanisation drives innovation in wet food
- A variety of formats can contribute to future growth
Premium value proposition through experiences
- Understanding the potential of retail channels in offering a premium experience
- Convenience leads in enhancing consumer experience with subscription models
- Experiential benefits help consumers find value behind premium tag
- Pet shops and superstores invest in elevating in-store experience
- Enhancing bonding experiences through treats
- From sharing occasions to interactive experiences, offerings are becoming experiential
- Human-pet bond a key component of premium experiential offerings
For more information about this report visit https://www.researchandmarkets.com/r/14h50s
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