The pet industry statistics clearly demonstrate that tastes in pets and pet care vary among humans. But whether you have a cat, dog, horse, bird, or snake, all of these pets need healthy food, hygiene maintenance, a place to sleep, etc.
With that in mind, this is a list of ongoing pet industry trends that are happening in Malaysia.
On average, in one third (32%) of the population in the twelve markets examined, dog has been confirmed as man’s best friend. Cats followed closely with 26% of pet ownership, the exception being Indonesia and Malaysia with an ownership rate of cats (47%, respectively 34%) outstripping ownership of dogs (10%, respectively 20%).
Supplements started as a human dietary supplement for joint health decade ago. But over the years, pet owners realized that it is beneficial for their pets' joint health throughout their lives.
Sure enough, a Google Trends search for “glucosamine for dogs” shows a steady uptick in queries over the last fifteen years, as glucosamine joined the ranks of leashes, beds, and bones as a normal thing to buy for your pets.
New Products Categories Emerge
From interactive balls that test your pup's smarts to durable ropes, all of these are pretty staples items for pet owners. Still, there has also been a wave of innovation to enhance pets living conditions such as pet toothpaste, pet wipes, smart litter box, and many more.
In Asia-Pacific, the pet care market’s CAGR is estimated to reach US$132 billion by 2027
High-End Pet Products go Mainstream
Pet owners who want the best for their fur babies fancy luxury food. Overall, there's nothing wrong with it, as human nature, we always strive to provide the best to the ones we love.
Despite statistics shows the pet industry is multiplying, there are undoubtedly several setbacks due to the coronavirus pandemic.
Pet Food Niches are Growing
Pet owners purchasing practices and changing attitudes made significant impact in the pet food industry.
Indeed, the increase in the pet humanization trend has made Malaysian pet owners more cautious in ensuring their pets receive the best pet nutrition.
Direct to Consumer Products
Direct to Consumer product (DTC) is a trend on its own. In other words, you are selling your products directly to your end customers without third party retailers, wholesalers or other middleman.
But, the pet industry is a clear example of where it's taking off. For instances, Chewy sells pet supplies directly and it reported a 4.8 billion growth in 2020.
Pet Insurance Space Continues to Grow
Several insurers have been testing the water in this sector, which is expected to grow. In fact, searches for paid insurance are up 66% in 5 years.
Demand for pet care products is expected to surge from 2023 onwards as the population of cats and dogs in Malaysia is expected to continue to rise.