This report utilises Euromonitor International’s new Passport Innovation portal to explore new brand and sub-brand launches in global pet care. Three key innovation platforms are identified for global pet food in 2023/2024, with product examples from large global e-commerce retailers over the last 12 months.
This report comes in PPT.
After years of rapid innovation across formats, formulations, packaging and communication, the rate of pet care innovation has been moderating over the past year. Despite resilience of consumer demand to pricing challenges, the industry is facing headwinds due to continued economic challenges and compounded price hikes. However, over the longer term, pet care is expected to remain a relatively well growing industry, supported by factors such as pet humanisation and premiumisation. Product innovation will serve as a catalyst of growth.
Brands today are increasingly innovating around pet health benefit spaces. As pet ownership sensibilities evolve towards nutritionally balanced diets and functional benefits for pets, health claims and functional ingredients are increasingly being communicated by brands to highlight targeted health benefits. Innovation through this lens is not only driving the pet health and wellness trend, but also supporting premiumisation efforts.
Pet owners are shifting away from grocery retailers to more specialised channels such as pet shops and superstores or online platforms. Access to variety, innovative offerings and all things pet under one roof influences their choice of channel. In the online space, markets that have a well-developed pet specialist online retailer appear as the preferred launch platform for brands as well.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!