“Humanization” Top Trend Fueling Growth in $43 Billion Global Pet Food Market
June 08, 2007 (PRLEAP.COM) Lifestyle NewsNew York, June 8, 2007— Humanization is the #1 trend fueling growth in the $43 billion global pet food market, according to Global Pet Food Industry Outlook, a new report from Packaged Facts and Petfood Industry magazine. Outpacing all other trends by at least 10 percentage points, treating pets like family outranked packaging convenience and special ingredient foods which are also heavily impacting the market.
Based on the results of an exclusive survey of 500 Petfood Industry subscribers worldwide, the report finds that two-thirds of pet manufacturers, suppliers, service and consulting firms, and marketers identified new products such as functional, condition-specific and novel ingredient, human-grade ingredients, hyper-premium products and fresh/baked foods among the top growth trends over the next five years. Cultural shifts and product pricing ranked second and third on the list of the 12 top forecast factors.
Although mature countries account for nearly three-fourths of new product launches and approximately four-fifths of the industry’s $43 billion retail sales, new-product introduction rates are greater in mid-level and emerging markets.
“Pet ownership and pet food usage is already high in mature markets,” notes Don Montuori, the publisher of Packaged Facts. “These countries are generally experiencing the lowest growth rates with an average of 3%-4%. Many countries in the mid-level and emerging markets, on the other hand, are averaging much higher growth rates due to their lower penetration levels, rising household incomes, and growing pet ownership and pet care interests.”
Global Pet Food Industry Outlook examines the global market and provides comprehensive analysis of the pet food industry in 46 countries. Prepared in collaboration with Petfood Industry magazine, this report analyzes product and demographic trends, pricing, globalization, branding, packaging, retail and supply chain shifts, and more. The report is available from Packaged Facts by visiting http://www.packagedfacts.com/Global-Pet-Food-1391933. It is also available at MarketResearch.com.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, food and beverage, and demographics. For more information visit www.PackagedFacts.com, or contact Tom Ehart at 240-747-3014, or firstname.lastname@example.org.
About Petfood Industry
Petfood Industry is the leading global information source for industry professionals responsible for developing, processing, marketing and packaging petfood products. Issues cover R&D, new product development, market trends, regulatory issues, nutrition and packaging.