The global pet care industry grew 14% between 2012 and 2017 according to a recent statement from Paula Flores, the head of pet care research for market research firm Euromonitor International. The 14% growth figure represents $13 billion in increased sales, for a total of $109 billion in sales in 2017.
According to Flores, speaking as part of the recent Top Pet Food Trends for 2018 webinar, this growth rate was higher than that seen among other packaged goods. Among the drivers of these increased sales, dog food sales represented the largest portion of sales in North America, Latin America, and the Asia Pacific region. In Eastern Europe, cat food sales held the largest share. While sales increased internationally as well as domestically, the United States captured 44% of the global market.
Among the trends predicted for 2018, Flores indicated that clean label packaging would likely continue to be a driving force. Similarly, sustainability and transparency of the supply chain were anticipated to be major selling points to so-called “sleuthy shoppers,” those who are willing to thoroughly investigate products before committing to a purchase.
For other insights from the webinar, check out the full article on Petfood Industry.