Strong growth forecast for global pet care market

The pet food aisle could present new private brand opportunities for savvy retailers. A new report from Sandler Research, Pune, India, forecasts the global pet care market to grow at a compound annual growth rate of 4.72 percent between 2016 and 2020.

According to the report, "Global Pet Care Market 2016-2020," rising health-consciousness among pet owners has given rise to health-driven food options for pets such as fortified food products, nutraceuticals and functional food products. A growing number of pet products are being promoted as containing added vitamins and minerals, antioxidants, all-natural ingredients, and no preservatives, artificial colors or flavors. Pet food that is grain-free, is natural or organic, and/or has a low-glycemic content is gaining popularity among pet owners, which has pushed manufacturers to formulate new products to meet consumer requirements.

North America will be the highest revenue-generating region in the pet care market, Sandler Research said, and is anticipated to occupy more than 40 percent of the total market share. Much of the market's growth can be attributed to rising pet ownership and increased spending on premium pet care products such as food and accessories. Moreover, consumers in this region treat their pets as family members and are willing to spend liberally on them.

The global pet care market is extremely competitive, however, the company noted. The intense competition prevailing in the market is expected to lead to consolidation among market vendors in the coming years.

For more information, visit http://www.sandlerresearch.org/purchase?rname=59534.