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The global pet care market generated total revenues of $80.3 billion in 2010, representing a compound annual growth rate (CAGR) of 4.3% for the period spanning 2006-2010.
However, the performance of the market has been forecast to decelerate, with an anticipated CAGR of 3.8% for the five-year period 2010-2015.
This comes despite mounting economic concerns in the Euro-Zone, persistent economic uncertainty in the rest of the world and political instability in several emerging markets.
Despite these uncertainties, not least the fact that world output remains significantly lower than pre-recession levels, there are also plenty of opportunities and good prospects for the pet care industry.
After years of development, and despite maturity in many markets, pet care remains dominated by two trends: humanisation and premiumisation. Moreover, these trends are relevant to developed and emerging markets alike.
Pet owners around the world increasingly treat their pets as family members, if not ersatz children, and thus become "pet parents" who are more willing to spend regardless of wider economic woes.
Pet care retail sales remain driven by the spreading and deepening of pet anthropomorphism worldwide. While nutrition remains paramount, more pet owners are also seeking evidence that their pets are enjoying their food. This is driving demand for more indulgent, and even gourmet, products.
Dog and cat food sales in North America are projected to grow about only 1%, with dog food sales reaching nearly US$14 billion (driven by premium product sales) and cat food sales hitting almost US$9.5 billion.
In Western Europe as a region, dog and cat food sales will increase less than 1%. However, this region is comprised of "markets moving at different speeds." As with their economies overall, Greece and Spain show negative petfood growth, with reports of people giving up their pets; while some markets, such as the Netherlands, may enjoy up to 2% growth (the highest for the region).
With continued urbanisation - and thus smaller living spaces - around the world making consumers opt for smaller pets, leading manufacturers are looking to drive growth via new and deeper segmentation within dog food. Formulations specifically tailored for small and toy breeds are increasing.
For more information on the global pet care market, see the latest research: Global Pet Care Market
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