Market Trends of pet nutraceuticals Industry
Cats are the second largest adopted pets globally due to the growing adoption of cats as companions and increasing awareness about the benefits of owning a cat, driving the cat market
- Globally, cats are being less adopted as compared to dogs. In 2022, the cat population accounted for 24.8% of the global pet population, and it witnessed an increase in the population by 19.2% between 2017 and 2022. The share of cats is higher in Europe as cats are considered the symbol of luck or fortune, and also from historical times, particularly Russia has been a major country having a high population of cats as pets. The high growth of the cat population globally is because of the rise in pet humanization, the requirement for less space to live compared to dogs, and staying alone in a home for a longer time while no human is available to take care of the cat. For instance, between 2017 and 2022, more than 70% of pet parents, including cat parents in Russia and the United States, consider cats as family members, friends, or children.
- There was a significant increase in cat adoption during the pandemic as people had to stay indoors. Cats may also stay indoors without being cooped up and are silent animals compared to dogs. The United States witnessed higher adoption of cats as pets during the pandemic because of the work-from-home culture, leading to a demand for companionship and a higher number of pet owners being millennials. For instance, in 2022, millennials were 33% of pet parents in the United States. The higher adoption of cats during the pandemic is expected to have a positive impact for a longer period on the pet food market’s growth. Factors such as an increase in the adoption and purchase of cats and an increase in pet humanization are expected to help the growth of the pet cat population. It is expected to help in the growth of the pet food market during the forecast period.
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The rise in premiumization and availability of a large number of pet products on various distribution channels contribute to the increase in pet expenditure globally
- There is a trend of increase in pet expenditure globally. Pet expenditure increased by 37.9% between 2017 and 2022 because of the rise in premiumization and growing health concerns. Dogs have a higher share of pet expenditure, accounting for 39.7% in 2022. This is due to the higher consumption of pet foods and being fed with premium pet foods.
- Pet parents invest the highest share of the pet expenditure for pet food as they are concerned about their pets' well-being. There has been a rise in providing other services such as pet grooming, pet daycare, and pet walking for better socialization with other pets and good-looking pets. This trend has been witnessed in regions such as North America, Europe, and Asia-Pacific. For instance, pet food accounted for 42.4% of pet expenses in the United States (USD 136.8 million) in 2022. People are purchasing premium pet food as they want their pets to consume high-quality food and are willing to pay premium prices. In the United States, about 40% of pet parents purchased premium pet food in 2022, and in Hong Kong's cat food market, the premium pet food segment accounted for 75% of the pet food sales in 2022.
- There is a change in purchasing pet nutraceuticals from offline stores to online stores, especially after the pandemic, because of the large number of pet products available on websites. However, there are countries such as the Netherlands where pet parents prefer purchasing from pet stores due to the quality of the products offered by them. For instance, in the United States, online pet care sales increased from 32% in 2020 to 40% in 2022. Premiumization and growing concerns about health are factors expected to contribute to the increase in pet expenditure during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- North America and Asia-Pacific have the highest dog populations due to the evolving pet ecosystem along with the availability of dogs for adoption and purchase in animal shelters
- The evolving pet ecosystem and rising availability of acquisition channels for other animals' adoption are driving the other animals' market globally
