A new pet industry report from Packaged Facts (Rockville, MD) suggests there is much to look forward to.
The pet health market has ground to gain after recent economic downturns, but a new report from Packaged Facts (Rockville, MD) suggests there is much to look forward to.
In its report, “Pet Supplements and Nutraceutical Treats in the U.S., 3rd Edition,” Packaged Facts reports that the small pet category (including dogs and cats) has now replaced the equine category as pet health’s leading sector. From 2006 to 2010, the small pet category reportedly grew from 45% of the total pet health market share to 52%. The report estimates that small animals are expected to make up 58% of the market share by 2015.
As far as products expected to gain, Packaged Facts points to nutraceutical treats, which are easier to market thanks to the indulgence factor and a steady increase in market competition.
Overall, there appears to be quite a bit of optimism for a market that saw its own share of slowing in 2010.
“As the economy improves, so should all things pet, but that recovery continues to appear modest,” said David Lummis, senior pet market analyst for Packaged Facts. “Spending on supplements will increase, but ‘restraint’ will likely continue to characterize how pet owners shop and what they buy during 2011 and even 2012.”
Packaged Facts’s pet health market report highlights all of the running trends in pet supplements and nutraceuticals, including specific supplement breakthroughs, product tracking, and consumer profiling. It’s primary focus is on dogs and cats, but animals including horses, birds, and small reptiles are also covered.