The premiumisation trend in the global pet care industry brings forth new opportunities for industry players. Inflationary pressures create a challenging environment in the near term, but long-term prospects are expected to support premiumisation efforts. This report explores how premium value propositions are being deployed in the space of pet nutrition, newer food formats and human-pet experiences.
This report comes in PPT.
Pet care has not been immune to the impact of inflation. Price rises in the industry have had a polarising effect. While trading down was observed, those feeding their pets premium food continued to do so supported by relative price inelasticity in this segment. Continued demand for premium products supports continued development of this segment. Value propositions are critical to premiumisation efforts as they help demonstrate the value added to a consumer.
Focus on pet nutrition is evolving with human health preferences bearing significance on pet diet decisions. Looking beyond calorific intake, factors such as health benefits, life stage- appropriate diets and targeted nutritional offerings not only help create differentiated products but also demonstrate a clear benefit to consumers in search of products that prioritise pets’ health and wellbeing.
Humanisation drives innovation in premium wet pet food. Formats that resemble human food and new processing methods (raw, fresh cooked, new wet) continue to gain attention among pet parents as they want to offer human-grade ingredients to their pets. Retailers are increasing their offer of these products through partnerships with innovative brands that offer customised meals according to pets’ needs.
Experiences play a pivotal role in the premiumisation of pet care. Curated offerings, unique interactions and shared moments aid in strengthening the human-pet bond. Premium experiences not only cater to pet owners’ desire for the best for their pets but also reinforce the emotional bond between owners and their furry companions.
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