Euromonitor International highlights pet food innovation
As Pet Food becomes increasingly competitive, innovation is key to standing out. Manufacturers need to stay on top of their game in order to surprise and entice consumers who are increasingly savvy, picky and, in many cases, price sensitive, while demanding the best for their pets.
According to Euromonitor International`s [Innovation in Pet Food: Premiumization and Segmentation" report:
- Small dogs at the heart of segmentation: Experiencing 25% growth between 2013 and 2018, the popularity of small dogs has become a global phenomenon and has driven much of the recent development in pet food, providing further segmentation and higher margins for the industry.
- But cats are gaining the upper hand as attitudes shift: Consumers around the world are increasingly living more hectic lifestyles and working longer hours, and this is reflected in an increase in the cat population in many markets. Emerging markets such as China, South Korea, India and many in Latin America are the ones posting the highest growth.
- The evolution of premium: Constantly refining diets in search of better and more efficient nutrition, manufacturers have been developing new products that target more functional and specific needs; whether by breed, by lifecycle and lifestyle and also by age, thus reaching greater specificity and efficacy.
- Provenance and local sourcing: With the rise in consumer demand for greater transparency and the quest for greater quality, the inclusion of ingredients` provenance and origin can add great value. Directly related to this is the fact that food scares have also taken place and consumers are therefore more conscious in terms of manufacturing countries and from where ingredients are sourced.
- New textures and formats: There is life beyond extruded; new methods are gaining traction in many markets around the world as consumers look for new, less refined and processed products that naturally preserve nutrients.