Global Pet & Pet Supply Stores Industry
Increased competition in the global pet and pet supply store industry has lead to pressure on industry players to offer goods at competitive prices, carry out effective merchandising, provide promotions, revise marketing strategies, and opt for more premium, natural products, reports Packaged Facts. Pet and pet supply stores have also had to take the necessary steps to become trusted sources of information regarding pet care in a bid to gain consumer loyalty.
Strong rivalry within the industry is intensified by competition from online retailers, supercenters and mass merchandisers along with stronger market presence of big-box pet specialty chains. New players are showing signs of interest in the pet and pet supply store industry, including private labels, which may oblige traditional marketers to change tack in how they devise their marketing strategies.
Global pet and pet supply stores sell a range of pets such as fish, cats, dogs and birds as well as pet foods and supplies. Pet supplies include everything from shampoos and health and beauty aids to practical products like pet containers, collars, leashes and dog kennels. Apart from selling pets and pet products, some stores also provide services such as pet training and grooming.
- The global pet accessories product market is expected to surpass $17 billion by 2015, according to research from Global Industry Analysts. Factors driving demand for pets and pet supplies include rising levels of income, an expanding customer base of pet owners, a rising number of nuclear households, and cultural trends lending an ever-expanding place to pets in homes and families. Pet owners avail of accessory products to make pet handling an easier task. The market is being shaped by product innovation, with companies developing more convenient products that are eco-friendly and boast superior aesthetics. Toys represent the leading-market segment, with pet owners indulging their pets more and more. Demand for luxury pet products continues to grow as pet owners happily spend greater amounts on their pets.
Regional Market Share
- Though consumers have focused on value since the economic recession, pet owners are nonetheless spending on higher-priced pet products. According to Packed Facts, US pet owners have been shopping less at alternative outlets, with discount stores and supermarkets seeing their pet supply market share decline. Though store brands having been growing in importance, pet food represents a market segment that is resistant to private-labels, with pet owners opting to remain faithful to national brands. US pet store shoppers continue to focus on keeping their pets healthy, buying increasing amounts of insurance, supplements and medications. Eco-friendly products made with organic and natural ingredients are also witnessing a steady rise in popularity.
- India is home to an increasing number of pet stores and veterinary clinics. As vets represent an important retail channel for pet products, this is also contributing to growth in the sector, reports Euromonitor International. Grooming products in particular are set to do well in coming years. India’s pet and pet supply market involves imported goods from such industry players as Plush Puppy, Karlie, Furminator and Isle of Dogs. India’s pet-owning consumer base is showing increased interest in pet health, fuelling demand for pet dietary supplements.
- China’s pet owners are focused on keeping their pets healthy, purchasing not only basic goods such as pet food, but supplementing their diets and lifestyles with high-quality nutrition including dietary supplements, reports Euromonitor International.
- Canada’s pet industry is witnessing a trend toward higher spending on pet products. Pet owners are eager to splash out on goods for their pets, considering them part of the family, and treating them to indulgent toys and health care products. Euromonitor International estimates Canada’s pet and pet supply store industry benefited from increased retail sales of pet products, leading to 4% expansion that brought the industry to break the $1 billion mark.
- Leading players currently operating in the global pet and pet supply store market include Swellpets, Pet Supplies Plus, The Pet Supply House, Bosleys Pet Food Stores, Urban Pet, Plush Puppy, Karlie, Furminator and Isle of Dogs.
The global pet and pet supply store industry is set to witness rising demand as pet owners seek to treat their pets to accessories, and high-quality food and products promoting pet health. Packaged Facts points to the importance that industry players get the balance right to appeal to consumers demanding high-quality goods, while also appealing to consumers with more modest budgetary means. While pet specialty retailers cater to the former type of consumer, other retailers such as wholesale clubs and dollar stores, will continue to capture market share by offering competitive prices. Online pet food supply stores will also continue to compete due to the convenience they offer pet owners with less time to shop for pet supplies.
Leading Industry Associations