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.
The South East Asia Pet Care Market is estimated and expected to reach 1,412.7 million by 2020.
With that in mind, this is a list of ongoing pet industry trends that are happening in Malaysia.
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.
Pet tech products reached $565 million in sales in 2018, according to new research from an upcoming report U.S. Pet Market Outlook 2019–2020 by Packaged Facts.
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.
A market research firm’s Package Facts forecasts that total U.S. retail sales of pet products and services will decline by 17% in 2020, compared with the 5% growth anticipated before 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.
For instance, freeze dry dog food, raw pet food, and keto dog food are also a big entrant in pet food market.
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 reach £1.1billion by 2019 (Timetric) and it is growing. In fact, searches for paid insurance are up 66% in 5 years.