The global pet industry exceeded $100 billion in sales in 2016 thanks, in part, to eCommerce.
Debbie Phillips-Donaldson, editor-in-chief of Petfood Industry, recently took a closer look at the global pet industry sales figures for 2016, as well as some of the threats and opportunities the industry faces as it moves into the future. One of the biggest factors in the current market landscape? eCommerce.
With nearly a tenth of all pet food and product sales occurring through the Internet — and over 15% in Asian markets — eCommerce continues to gain traction, especially among younger pet owners. The rise of eCommerce as a major market force has been on the horizon for some time, but with continued growth from giants like Amazon and PetSmart’s recent acquisition of Chewy, retailers are facing more pressure than ever to adapt.
Overall, the pet market shows no sign of slowing, with global sales estimated to reach $117 billion in less than five years. That continued growth may help retailers and manufacturers adapt to changes in the market more easily but, as eCommerce sales heat up, that buffer may quickly run out.
For a closer look at the changes eCommerce is bringing to the market, read Phillips-Donaldson’s full article on Petfood Industry.