THE PET INDUSTRY HAS A BUMPER YEAR

According to PwC’s report, the pet economy from 2019 to 2021 grew at a compound annual rate of 18%, despite economic challenges. This growth has outpaced the growth  of industries such as department stores, laptops in the same period…

In the face of the global epidemic situation, this year’s pet trend has been strongly responded.In 2022, the market for consumer pet products had a global value of $261 billion. The figure is estimated to reach over $350 billion by 2027, with the highest current growth rate in the Asia-Pacific region, according to market research firm Global Market Insights (USA).

In particular, high-end pet fashion is the most profitable. Milan-based Poldo Dog Couture has partnered with high fashion houses including Moncler and DSquared2. Riccardo Gardoni, co-founder of Poldo Dog Couture, said:

“Working in the fashion industry, we made the decision after a thorough analysis of the pet market and saw great investment potential ahead of others.” In the first 7 months of the year, Poldo Dog Couture recorded a sales increase of 207% compared to the same period last year.

According to the SCMP, in China alone, the pet industry has become one of the most dynamic and sustainable sectors in the Chinese economy. According to iiMedia Research, China’s pet industry is expected to grow 68% by 2025, with revenue reaching 811 billion yuan ($116 billion). In 2022, industry revenue reached 494 billion yuan. Crystal Wang, a financial consultant at Deloitte’s consumer products and retail division in China, said changing views on family structure and the growing proportion of singles have driven the younger generation to adopt the company. In addition, the Covid-19 pandemic has contributed to the development of this industry. “More than half of pet owners say their pets can help relieve stress and reduce negative emotions,” says Deloitte.

According to Deloitte’s report, pet food sales are growing by about 25% annually (from 17 billion yuan in 2016 to 51 billion yuan in 2021) and are expected to more than double by 2026 (reaching 114 billion yuan). In which, cat food will account for 60%. According to Delottle, pet snacks are the fastest growing segment and pet nutrition or wellness products are expected to become popular in the future.

According to Mintel Group (UK) ‘s “Sustainable Trends in the Pet Food Market” report, 27% of consumers said they want more choices of green and clean pet food. In fact, the diet of common pets such as dogs and cats is usually mainly meat, which easily creates a lot of waste and emissions from the process of transportation and consumption. On the other hand, ready-to-eat pet foods and snacks have long raised concerns about potential chemical and preservative content.

Finding a green, safer solution for the environment as well as animal health is becoming the development orientation of modern young companies, typically Dogsee. Based in the bustling city of Bengaluru in southern India, the company specializes in dog snacks made with 100% natural ingredients, free from gluten and toxic chemicals. Certified by the Indian Pet Products Association, the brand is now widely available at many reputable veterinary clinics, pet supermarkets, and e-commerce sites.

In addition to nutritious food, sustainable inspiration is also spreading positively in the pet care product market. Consumers began to prefer accessories, dog and cat toys made from fabric or plastic that are easy to recycle, contain no toxins and limit waste pressure. For Fable, a New York-based accessories company, the message for pets and the environment translates into multi-use value. Fable Pets’ line of leashes, cribs, and smart pet toys are popular with customers with many exciting connectivity features.

Expanding the scope of connecting people and animals, Chen Liang, an Asian designer from household appliance design firm Mingdu Design, created the Pica cat nest. Inspired by the art of origami, this unique accessory can be folded into a cozy nest for your dog or cat to rest in. When you need to transport your pet somewhere, just adjust a few buttons, you will have a portable bag to transport your pet conveniently. The product is entirely made of high-strength felt, soft, thick and breathable.

Pica Cat Nest, Magic Link and The Game are typical examples describing the current wave of diversification in the pet products market. According to a report by the cultural research organization Cassandra, up to 50% of young people say they consider dogs and cats as their own children and nearly 20% of young people’s income is spent on pets. This partly reflects the problem in modern society when young people are no longer interested in getting married and having children but look for a friend or “children” who are dogs and cats.

Source: VnEconomy (https://vneconomy.vn/)