Pet health and premium, nutrition-focused petfoods will be the driving force behind the pet industry’s growth over the next decade.
Consumers’ growing awareness of nutrition’s effect on health will help boost the global industry to hit $645bn (£477bn) by 2035 as spend grows on supplements and premium foods, according to analysis by Bloomberg Intelligence.
The category will see 5.3% annual growth over the decade.
While pets’ population growth has normalised following a spike in the pandemic, their increasingly long lifespans will help drive growth in a self-reinforcing loop of higher-quality food, supplements, medical care.
And while near-term pressure from lower food prices, high competition and consumer caution will keep the industry from regaining the 6% to 7% pace seen earlier in the decade, the industry’s long-term compounding growth is set to continue, the report said.
In particular, high-quality petfoods will benefit from the humanisation of pets, as consumers increasingly turn to nutritious food as a preventative measure against expensive healthcare.
“People around the world increasingly attribute human characteristics to their pets,” said authors Ann-Hunter van Kirk and Diana Rosero-Pena, both analysts for Bloomberg Intelligence.
“Healthcare may be one of the fastest areas of expansion as pets live longer, thanks to better nutrition, novel therapeutics and more preventative screening, suggesting greater revenue opportunities as older pets – like older humans – have more frequent and more expensive healthcare needs.”
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