Dublin, May 20, 2024 (GLOBE NEWSWIRE) -- The "US Pet Market Outlook, 2024-2025" report has been added to ResearchAndMarkets.com's offering.
With the pet industry continuing to trend in omnichannel and omnimarket directions, the publisher anticipates ongoing modest but steady growth across all sectors through 2028, when sales are expected to top $190 billion.
This report analyzes current and projects future retail sales and trends across the U.S. pet industry. It examines collectively and separately four sectors of pet products and services - pet food, non-food pet supplies, veterinary services, and non-medical pet services - paying particular attention to the market impact of the post pandemic economy, omnichannel and omnimarket strategizing, and consumer mindsets and purchasing patterns.
The US pet industry is at an inflection point of slow to no pet population growth, high (though slowly moderating) inflation, and pet shoppers looking to cut back. The promise of money savings and added value may be the oldest promotional maneuver. But with the economic trauma of the pandemic still rippling through, there may be no better time to focus on value in order to attract shoppers and engender loyalty.
With projected pet population growth modest at best, the advancement of dollar sales remains largely a function of converting pet owners to higher priced products and services - aka premiumization. However, the cases for premiumization will need to be ever stronger, with a number of market areas ripe for development, including fresh pet food sold refrigerated or frozen and products and services offering demonstrable health benefits.
Characterizing a gradual return to normalcy during the forecast period will be the reinvigoration of trends including premiumization, health & wellness, sustainability, and all things digital including e-commerce, although the most positive short-term factors will likely be an improvement in consumer sentiment stemming from lessening inflation and overall economic improvement.
Pet Tech/Technology Extends Omnimarket Reach
Flush with health-enhancing capabilities, technology continues to "omni-marketize" the business of non-food pet supplies by allowing it to interface with other areas of the pet industry, such as pet food and veterinary services and digital applications including e-commerce. Key product types include invisible fencing systems, smart pet doors, wearables including collars/tags, toys, cameras and video systems, feeders/treat dispensers, and smart litter boxes, with AI playing a growing role.
Pandemic-related trends and aftereffects - including pet owners spending more time at home, online, and up close and personal with pet health issues - have benefited pet tech products. Selling points include time-saving convenience, such as the ability of feeders to signal or relay food reorders; pet health and safety, as is the case for containment and monitoring systems like invisible fences and pet doors; keeping pets entertained while their owners are absent or occupied; and connecting pet owners with pets and pet care professionals. The new wave of smart pet products is also beginning to perform another valuable function: reminding pet owners to restock food, cat litter, and other consumables via smartphone or desktop app
Telehealth Trends
The dispersal of pet care influence beyond in-clinic at the veterinarian is also evident in the emergence of veterinary telehealth. While pet owner usage of telehealth/telemedicine options remains niche, the potential remains significant and likely transformative. Telehealth is best understood not as a still-niche option for veterinary services, but as part of a much larger transformation that is redefining and redistributing pet healthcare services, products, and spending. Overall human market health and technology trends are the main drivers of telehealth in the veterinary sector, rather than COVID-19 impacts or non-veterinary entrepreneurial businesses. Telehealth is part of the omnimarket competition toolbox.
Key Topics Covered:
CHAPTER 1: EXECUTIVE SUMMARY
CHAPTER 2: MARKET SIZE AND GROWTH
- CHAPTER HIGHLIGHTS
- MARKET SIZE & GROWTH
- Pandemic and Inflation Fueled Dollar Growth
- Market Shares by Sector
- Market Shares by Animal Type
- Pet Product and Service Spending Levels
- Retail Channel Trends: E-commerce Growth Continues to Outperform
- LOOKING AHEAD
- Moderate Growth Through 2028
- Projected Growth by Product Versus Service Sectors
- Projected Growth by Retail Channel
- MARKET DRIVERS
- A Challenging Environment Post Pandemic
- Consumer Sentiment Improving, But.
- Pet Population Outlook: Declining Dog Population Is Cause for Caution
- Macroeconomic Headwinds
- Consumer Credit and Buy Now, Pay Later
- Student Loans Strike Back
- Housing Patterns
- Pet Shelter Data as Indicator
- Higher-Income Households Represent Two-Thirds of Spending
- "Pets as Family"
- Companionship, Love Top Reasons for Pet Ownership
- Intensified Focus on Health and Wellness
- Pet Obesity and Aging Pets Contribute to Health Concerns
- Pets' Impact on Human Health
- Mystery Respiratory Illness in Dogs Bears Watching
CHAPTER 3: INDUSTRY TRENDS
- CHAPTER HIGHLIGHTS
- INDUSTRY TRENDS
- Overview
- Omnichannel and Omnimarket
- Consolidation Continues Apace
- Independent Pet Partners Scales Back
- Pet Food Market Leaders
- Non-Food Pet Supplies Market Leaders
- Leading Veterinary and Non-Medical Pet Service Operators
- Fast-Growing Franchises and Private Companies
- The Supply Chain Situation
- Pet Industry Leaders Back Promising Startups with Venture Funds
- Mars' Companion Venture Fund
- Mars' Leap Venture Studio
- Mars Leap Venture Academy
- Nestle Purina's PetCare Innovation Prize
- The SKU Accelerator Program
- The Plug and Play Topeka Accelerator Program
- Central Garden & Pet's CV Fund
- 2023 Sees a Number of Billion-Dollar Transactions but Fewer Deals Overall
- Mergers, Acquisitions, Investments
CHAPTER 4: FOCUS ON PET FOOD AND TREATS
- CHAPTER HIGHLIGHTS
- PET FOOD AND TREATS
- Double-Digit Inflation
- Trading Down
- Pricing Pressure Expected to Continue in 2024
- Pet Food: The No. 1 Pet Health Product
- The Superpremium Evolution
- Grain-Free Pet Food and DCM: Not Guilty
- Alternative Pet Foods' Rising Appeal
- Freshpet Continues Forward Momentum
- Retailers Also Ramping Up in Fresh
- CESAR FRESH CHEF and BLUE Fresh Hit a Wall
- Gently Cooked Shelf-Stable Pet Food
- Freeze-Dried and Air-Dried Pet Foods
- Advancements in Human-Grade Pet Food
- New Pet Food Label Guidelines
- Locally Sourced, Limited Ingredient, Made in USA
- Smucker Downsizes Pet Food Portfolio
- Post Jumps Full Force Into Pet Food
- General Mills/Blue Buffalo Challenged by Value Shift
- Mars Bulks Up Superpremium Portfolio Including Royal Canin
- Purina Contributes Most to Nestle Growth Despite Challenges
- Science-Based Diets Including Hill's Are on a Roll
- Microbiome and Postbiotics
- Sustainable Pet Food Formulas and Industry Initiatives
- Usage Rates Stabilize Across Pet Food/Treat Types
- Pet Treats: High Prices Hinder Volume Growth
CHAPTER 5: FOCUS ON NON-FOOD PET SUPPLIES
- Pandemic Blowback
- Product Shortages and Supply Chian Issues Sorting Out
- Home Centered Marketing and Product Design
- Away from Home
- Health & Wellness
- Pet Medications Not Spared Substantial Headwinds
- Impact of Generics
- Sales Trending Online
- WalmartPetRx Is Shuttered
- Pet Supplements Going Strong
- CBD (Still) Seeking Validation
- Pet Tech/Technology Extends Omnimarket Reach
- Test Kit Field Continues to Broaden
- Celebrities and Designer Brands Coming on Strong
- Sustainability and Corporate Responsibility
CHAPTER 6: FOCUS ON VETERINARY SERVICES
- Topline Revenues and Growth
- Dog Versus Cat Share of Veterinary Revenues
- Revenues and Growth for Core Medical Services
- Price Inflation for Veterinary Services
- Veterinary Share of Non-Medical Pet Care Service Revenues
- Sector Projections
- COMPETITIVE LANDSCAPE
- Overview of Service Providers
- Industry Consolidation
- Chewy Tests Vet Clinic Market
- Usage Patterns by Service Provider Type
- Generational Patterns
- Telehealth Trends
- VETERINARY SERVICE USAGE AND SPENDING PATTERNS
- Usage Rates Are Down
- Vet Services Customer Base
- Dog/Cat Owner Share of Client Base
- Patterns for Regular/Check-Up vs. Urgent/Emergency Care Visits
- Patterns by Number of Vet Visits
- The Income Factor to Use of Vet Services
- Vet Care Spending Per Client Household
CHAPTER 7: FOCUS ON PET SERVICES
- Market Segmentation and Performance by Category
- Economic Stress/Inflation Takes a Toll
- Declining Dog Population a Particular Concern
- Pet Grooming Considered Second-Most Important Pet Service
- The Franchise Revolution
- Pet Supplies Plus + Wag N' Wash
- Dogtopia
- Propelled Brands Acquires Camp Bow Wow from Mars
- EarthWise Pet
- Woof Gang Bakery & Grooming
- Other Leading Pet Care Franchises
- More Franchisors Entering the Market
- Best Friends Pet Care Teams with Walmart, Meijer
- Other Non-Franchise Pet Services Chains
- Rover and Wag! Dominate App-Based Pet Sitting/Walking
- Rover Goes Private
- Wag! Repositions as Platform for Busy Pet Parents
- Walmart Opens First Walmart Branded Pet Services Center
- Pet Specialty Retailers Increasingly Reliant on Services
- Petco
- PetSmart
- Chewy Focuses on CarePlus Pet Insurance, Virtual Vet Care
- Pet Insurance Is Star Pet Services Performer
- High Cost of Veterinary Services a Key Driver
- The Inflation Factor
- Cats Outrunning Dogs
- Fragmentation - and Consolidation
- Retailer Programs
- Human Brand Cross-Overs
- Employee Benefits Programs
CHAPTER 8: RETAIL AND E-COMMERCE TRENDS
- Sales Overall and by Food Versus Non-Food Products
- Brick-and-Mortar Versus E-Commerce Sales
- Breakout of Brick-and-Mortar Sales: Mass Market Versus Pet Specialty
- COMPETITIVE LANDSCAPE
- Pet Industry Reset
- Mass, Pet Specialty, and Online Share of Customers
- Leading Pet Specialty Retail Chains
- Consumer Priorities in Choosing Where and What to Buy
- The Omnipresent Internet
- Customer Loyalty and Private Label
- Subscription Purchasing and Direct-to-Consumer
- Home and On-Demand Delivery Services
- Payment Services
- IN-STORE AND E-COMMERCE SHOPPING PATTERNS
- Topline Retail Shopping Patterns
- Channel Purchasing Patterns
- In-Store Shopping for Pet Food/Treats
- Online Shopping for Pet Food/Treats
- In-Store Shopping for Non-Food Pet Supplies
- Online Shopping for Non-Food Pet Supplies
- Top Websites for Pet Products
CHAPTER 9: PET OWNERSHIP AND POPULATION TRENDS
- Topline Pet Ownership Rates
- Historical Dog vs. Cat Ownership Rates
- Widening Ownership by Age Bracket Drove Dog Population Growth
- Puppy vs. Kitten Adoption Trends
- Dog and Cat Owner Household Projections
- PATTERNS BY DOG OR CAT OWNERSHIP CLASSIFICATION
- Topline Ownership Rates and Population
- Distribution Trends by Dog vs. Cat Ownership
- FOCUS ON DOG POPULATION TRENDS
- Topline Ownership Rates and Population
- Trends by Number of Dogs Owned
- Size of Dogs Owned
- Puppy and Senior Dog Populations
- Overweight and Special Needs Dogs
- FOCUS ON CAT POPULATION TRENDS
- Topline Ownership Rates and Population
- Trends by Number of Cats Owned
- Size of Cats Owned
- Kitten and Senior Cat Populations
- Overweight and Special Needs Cats
- FOCUS ON OTHER PETS
- 15% of Households Have Pets Other Than Dogs or Cats
- Ownership Skews to Newer Pet Owners
- Types of Small Animals Owned
For more information about this report visit https://www.researchandmarkets.com/r/rfg0d6
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