Research shows global pet food market is set for huge growth

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According to global insight published last month (February), the pet food industry is experiencing considerable growth.* Ashley Burdock, Commercial Manager at SARVAL comments on how product premiumisation is driving this trend.

“In 2016, the global pet food market surpassed a value of more than $74.8bn – a 28% increase compared to 2011. As one of the industry’s leading players, Mars took the lion’s share, boasting annual sales of more than $17bn.

“While the entire industry is experiencing growth, market trends are quickly moving toward luxury foods. In fact, with the typical customer spending an average £11.04 every week on their pet (a total £3bn across the UK**), premiumisation is the new buzzword.

“Manufacturers now demand a stricter quality of ingredients from their suppliers – including protein products – to guarantee this premium offer. Ethical sourcing is also becoming increasingly important, with the end customer keen to pamper their pet in a sustainable way.

“From the trends that we see, premiumisation will continue to drive market expansion. As such, we are channelling considerable investment into furthering our production processes and capabilities to leverage this opportunity, all while ensuring we effectively meet the changing requirements of the end user.

“As the pet food market continues to expand, we believe that product premiumisation will continue to play a driving role. The opportunity for manufacturers is huge – but we must work together to fund research, deliver innovation and develop products to suit end user demand.”

 

Author: Ed

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