Pet products are one of the major categories that have received much attention from cross-border practitioners in recent years, covering various aspects such as pet clothing, housing, transportation, and entertainment. According to relevant data, the global pet market size from 2015 to 2021 is in line with an annual growth rate of about 6%. It is expected that the pet market size will reach around 350 billion US dollars by 2027.
At present, the pet market consumption is mainly concentrated in North America and Europe, and Asia, as an emerging market for pet consumption, has developed rapidly. In 2020, the proportion of consumption increased to 16.2%.
Among them, the United States accounts for a large proportion in the global pet products market. However, the degree of diversification of pet products in the United States is high, and the market for cat litter and pet care products is relatively large. In 2020, the proportion of pet product consumption was about 15.4% and 13.3%, while other products accounted for 71.2%.
So what are the driving factors that currently affect the pet market? What pet products are there that sellers should pay attention to?
1、 Development Trends of Pet Products
1. The pet population is becoming younger, and the process of raising pets is becoming more anthropomorphic
Taking the US market as an example, according to the data of APPA, if divided by the generation of pet owners, millennials have the highest proportion of pet owners, accounting for 32%. With the addition of Generation Z, the proportion of people under 40 years old in the US has reached 46%;
In addition, based on the trend of pet personification, innovation in the field of pet product research and development is also constantly emerging, such as pet monitors, pet toothpaste, fully automatic cat litter pots, etc.
2. Intelligent products&high-end products
According to Google trends, the search volume of smart feeders in the world is increasing year by year. Compared with Pet food such as cat food or dog food, the pet products of smart series (such as smart feeders, smart cold and warm nests, smart cat litter basins and other smart products are the segments worth attention) have not yet been upgraded to “just needed”, and the Market penetration is low. New sellers entering the market may break the barriers.
In addition, with luxury brands entering the pet product market (such as GUCCI Pet Lifestyle series, CELINE Pet Accessories series, Prada Pet series, etc.), high priced pet products have begun to enter the vision of overseas consumers.
3. Green consumption
According to a survey, nearly 60% of pet owners avoid using plastic packaging, while 45% prefer sustainable packaging. Brands can consider using recycled plastic for packaging; In addition, investing heavily in the development of green and energy-saving pet products is a favorable measure to gain access to the pet market.
Post time: Jun-19-2023
