LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global pet treats market to grow to USD 31.37 billion by 2021, at a CAGR of more than 20% over the forecast period, according to their latest report.
The research study by Technavio on the global pet treats market for 2017-2021 provides a detailed industry analysis based on the product (dog treats and cat treats), distribution channel (pet specialty stores and vet clinics, supermarkets and hypermarkets, and convenience stores), and geography (the Americas, EMEA, and APAC).
|Pet treats are foods that are offered to pet apart from their regular meals. They help to control weight, improve the coat and skin of pets and improve their health. The pet treats market in developed regions like the Americas and Europe is more established than that in other regions. However, the market in APAC is expected to grow at the fastest rate during the forecast period, due to changing lifestyles, increasing disposable income, and urbanization.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global pet treats market:
- Increase in pet health concerns
- Availability of a wide variety of flavors of pet treats
- Omni-channel retailing
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Increase in pet health concerns
“Pet owners are becoming more conscious regarding the health of their pets, which has led to the adoption of nutritious foods and treats to their pets. These food items and treats are prepared based on the age and kind of pets,” says Manjunath Reddy, a lead analyst at Technavio for food research.
The average expenditure on pets is rising every year in most of the developed countries due to the rising demand for healthier and premium pet foods from pet owners for their pets. Premium pet foods include organic pet foods, natural pet treats, and others that contain fewer preservatives and large quantities of proteins, vitamins, and minerals. Thus, the increasing concern for pets is resulting in the growth of the market.
Availability of a wide variety of flavors of pet treats
The growth of the global pet treats market is boosted by the presence of a wide variety of pet treat products. A rise in the number of pet owners who wish to offer a greater variety of pet treats to their pets has encouraged market manufacturers to introduce pet treats in different flavors, shapes, colors, and sizes.
Popular pet treats are available based on the breed, age (life stages), and size of the pets. The bone-shape, sticks, and nibbles are the most common shapes available in pet treats. Other shapes which are in great demand include cross bone, animal shapes, and hedgehogs, among others. For instance, Whimzees offers a toothbrush-shaped dog treat, which is available in different sizes and colors and encourages dog owners to brush their pets’ teeth regularly.
“Omni-channel retailing is a cross-channel model that uses a mix of different distribution channels to increase customer engagement. The availability of pet treats on multiple retail platforms has enhanced the ease with which pet owners can buy the products, which has boosted sales,” says Manjunath.
The rising popularity of pet treats in supermarkets such as Walmart, Tesco, Sainsbury's, and others have resulted in dedicated shelves for pet foods and pet treats. Additionally, the growth of the e-commerce industry has led to brands focusing on increasing their sales through online channels. E-commerce websites like Amazon and Alibaba offer a variety of pet treats.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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