The pet healthcare industry has generally proved resilient to recession thus far but continued economic uncertainties could undermine the trends that have kept pet care afloat.
Overall, global pet care retail values are set to post real terms growth estimated at more than 2% in 2013, which was quite in line with the 2012 growth rate. However, this was still far from pre-recession rates.
According to a recent report, 'Pet Healthcare and Dietary Supplements,' pet healthcare sales are likely to reach US$4 billion in 2013, up by 2% on the previous year.
Western Europe will see sales bouncing back to strong growth while North America maintaining negative rates. Latin America will show the fastest growth in value terms: 12% growth in 2013. Unsurprisingly, however, North America leads sales in value terms, with nearly 50% of global pet healthcare market.
As pet humanisation deepens all over the world and pet owners spend more time with their pets, pet healthcare is gaining renewed importance. Moreover, many pet "parents" are very health conscious, leading to the increasing prominence of pet dietary supplements. Overall, markets show varied performances but opportunities abound.
Humanisation is still the trend driving pet care, as pet owners increasingly treat their pets as family members or even as ersatz children. This trend manifests itself most in relation to dogs and cats, but is also gaining momentum in other pets.
Demographic factors play an important role in driving sales of pet products. Pet owners around the world are increasingly willing to spend on their pets, and perceive such products as a necessity rather than superfluous.
Pet products encompass different areas such as cat litter, pet healthcare, dietary supplements and other pet products. While pet product sales remain much lower than those of pet food, and the category being mostly composed of products often perceived as non-essential, the growing interest they have elicited reflects a change in consumer perceptions.
In regional terms, North America will continue to lead sales, with a market worth US$9.2 million in 2013, followed by Western Europe, at US$7.1 million.
The pet healthcare market is dominated by five main players. Sanofi has double the sales of the second largest competitor, Bayer, at US$1.2 million in 2012. This is supported by advertising campaigns for its strong brands, such as Frontline.
For more information on the pet healthcare industry, see the latest research: Pet Healthcare Industry
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.