U.S. Pet Market Outlook 2010-2011: Tapping into Post-Recession Pet Parent Spending
As the U.S. economy moves out of recession and into recovery, the purse strings of many pet parents will loosen, but shoppers will continue to demand greater value in the pet products and services they purchase as well as from the channels they shop. U.S. Pet Market Outlook 2010-2011: Tapping into Post-Recession Pet Parent Spending provides essential insights into the U.S. pet market overall as well as each of its four core categories: veterinary services, pet food, non-food pet supplies, and non-medical pet services (grooming, boarding, training, etc.). Benefiting from many current trends and “future factors,” the market will rise from $53 billion in 2009 to over $70 billion in 2014, the report forecasts, with strong demand for products and services that both enhance pet health and pamper lifting many boats as pent-up pet parent demand begins to kick in during 2010.
Continuing the market tracking and forecasting of the previous edition of Packaged Facts’ annual report (see U.S. Pet Market Outlook 2009-2010: Surviving and Thriving in Challenging Economic Times, the 2010-2011 edition projects sales, market growth drivers, and competitive and marketing opportunities. In a new focus discussion, it details retail channel trends including the increasingly aggressive competitive differentiation between pet specialty and mass-market suppliers and retailers, cross-channel shopping vs. shopper loyalty, and the growing role of non-traditional channels including Internet. The report also includes expanded discussions of the market’s competitive structure and of new product and media trends, with analysis and illustrations of numerous products and advertising campaigns.
Additional chapters detail the market’s ongoing strong prospects, including a human/animal bond that is stronger than ever as a result of the recession; analysis of the competitive situation including opportunities for cross-pollination across product and service segments; and consumer demographic and mindset trends representing changes, challenges and calls to action in meeting the needs of today’s more demanding pet parent population. Other trends examined include what the report calls “a broad-base societal shift toward greater acceptance of ‘pets as family’,” an increased focus on the human/animal health connection; “bang for the buck” value appeals balancing price, function and indulgence; “ethical” (organic/natural, sustainable, humane, etc.) appeals and cause marketing; the shift toward non-traditional media including social networking; and recent and possible mergers, acquisitions and spin-offs.
Read an excerpt from this report below.