This closeness creates marketing and sales opportunities that go far beyond basics such as food to include apparel, toys, treats, vet care and grooming, just to name a few. According to Mintel, the pet industry is expected to maintain a steady pace of growth, increasing by 33% over the next five years.
“To maintain and continue such strong sales is an impressive feat in our tough economy and truly speaks to owners’ commitment to their pets and manufacturers’ ability to develop products that resonate with pet owners,” notes Fiona O’Donnell, senior analyst at Mintel. “We are noticing that innovations in the pet industry are mirroring innovations in human markets and since many owners consider pets as family members, this is not surprising.”
Functional foods that have a great taste and also provide health benefits have hit a chord with Americans in the past several years, so it only makes sense that owners would want the same fare for their pets. According to Mintel, pet food that offers a “functional” claim has increased by 130% from 2006 to 2010.
Innovations in the pet industry go beyond the food aisle into lifestyle products that reflect the owner’s personality and interests. Martha Stewart has developed an exclusive line of pet accessories for PetSmart that are said to be developed with “both the pets and owners in mind.”
“I don’t expect pet innovation to slow down anytime soon,” adds O’Donnell. “Despite the difficult economy, 50% of pet owners make unplanned toy and treat purchases for their pets and another 16% say they have cut back on extra household expenses in order to afford pet-related care…showing the true commitment of pet-parents.”
Image via Ambro/FreeDigitalPhotos.net
Happy Halloween!
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