According to
the study, ‘Top Trends In Pet Products 2018: The Latest Trends In Pet Food And Pet
Care Products’, some of
the major companies that operate in the pet products industry include P&G, Procter
& Gamble, Earth Chemical, Dr. Beckmann,Tesco, Mulieres, Breathe, Kao Corp, Hero
Clean and Mrs. Meyer's Clean Day.
The pet products industry is a huge industry that is seeing
immense growth in the recent years. This growth is also expected to be carried
onto future years as well. This high growth rate can be attributed to
increasing pet ownership across the countries. Pet products industry primarily includes the sale of pet litter, pet dietary
supplements, pet healthcare and other pet products. In the recent years, even
small and medium sized companies have been able to come up and gain major
market share. When compared to well establish enterprises, the small and medium
sized companies do not have financial abilities but due to their small size,
they are able to adapt to the fast changing environment.
The region
wise segregation of pet products industry clearly divides the globe into 7
large areas. This includes the Americas, Western Europe, Eastern Europe,
Australia, Asia-Pacific, MEA and Latin America. Due to the strong economic
growth and large spending capability, America leads the pet products industry
in terms of value of sales followed by the Western Europe. However, higher
growth rate can be witnessed from developing markets such as the Asia-Pacific
region and MEA. The average sales per capita also vary hugely from one area to
the other which is led by North America and Australia. There are many
strategies which are followed by companies to gain more and more market share.
This
includes stimulating pet ownership. Increasing pet ownership will obviously
result into more pet product sales which will lead to more growth for these
companies. Other strategies include increasing the share of prepared food,
increasing unit prices or creating new markets. Consumer education is also one
of the techniques that have been recently adopted by companies to improve the
sales of their products. According to various studies conducted, consumers
today have started to prefer healthier food products for their pets. The
companies have started to focus on healthier pet products. Another factor that
users look for is the quality of life which the product improves. So if a
product is expensive but significantly improves the quality of life of the
users pet, he or she is more likely to purchase that product. The product and
price are the two most important factors that affect the individual’s decision as
to which product has to be bought for their pet.
The future
of this industry is extremely bright primarily due to increasing pet ownership
worldwide. Pet product companies are coming up with better products that
significantly improve the quality of life of the user’s pet. The competition
landscape of this industry can be called fragmented with many large companies offering
their service globally whereas some of the firms those operate locally. The new
entrants need to look out on decreasing the prices of their products while
simultaneously increasing the quality as well as the ability of product to
enhance a pet’s quality of life.
For
more information on the research report, refer to below link:-
Related Reports:-
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
