LONDON--(BUSINESS WIRE)--Pet care will continue to benefit from the online retail sales boom during the pandemic, as the industry expects to record a 7% growth by 2026, according to global market research company Euromonitor International.
Pet care sales soared by 8.7% in 2020 with pet food, accessories, beauty and grooming categories benefiting the most from the pandemic with growth of 8.1%, 10.3% and 11.3%, respectively.
According to the new webinar ‘Pet Care Outlook: Which Trends Will Outlast the Pandemic?’, digitalisation is one of the trends that will continue to dominate the pet care market in the next five years. “The pandemic accelerated ongoing channel shifts to e-commerce as owners avoided unnecessary trips to pet specialty channels,” analyses Jared Koerten, senior head of pet care research at Euromonitor International.
The premiumisation trend accelerated in 2020, seeing owners spending more per pet, due to significant spending cuts on travel and dining out. Australasia spent the most on food per dog and cat in 2020 (around USD 275), followed by North America (USD 211) and Western Europe (USD 182).
A larger pet population combined to higher income households willing to spend more also paved the way to premiumisation, shaping a new base of pet owners. “Pet ownership surged in North America, Western Europe and Australasia that had long seen sluggish pet population growth, but suddenly outperformed historic averages,” claims Koerten.
With remote work policies spreading beyond 2021, it’s expected that more people will adopt pets. Time spent at home will enhance humanisation, as nearly 71% of global respondents from Euromonitor’s Lifestyles survey mentioned viewing their pets as ‘beloved members of the family’ in 2021.
Access the webinar.
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