1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

After Modest Growth in 2010, Pet Products Market Will Return to Healthy Revenue Increases

Although 2010 was tougher than 2009 due to the lingering impact of the down economy, the market is regaining traction. U.S. pet industry sales will reach $58 billion in 2011, with steady growth bringing the market to more than $74 billion in 2015.

 
PRLog - May 3, 2011 - Once considered resilient and even recession proof, the pet products market has seen its fortunes suffer at the hand of the economic downturn, and experienced lower than usual growth in 2010. Despite the relative sluggishness of the past year, however, the U.S. pet market remains healthy due to numerous strong underpinnings, which will continue to support steady market growth for the foreseeable future, according to “U.S. Pet Market Outlook 2011-2012”, from market research publisher Packaged Facts.

Packaged Facts found that the overall pet market grew 4% in 2010, which is modest compared to annual performance during most of the decade. Data from Packaged Facts’ pet owner surveys confirm that pet owners, like many Americans, put on the spending brakes even more in 2010 than they did in 2009.  In our February 2011 survey, 35% of U.S. pet owners agree with the statement, “I am spending less on pet products because of the economy,” with 13% agreeing strongly and 22% agreeing somewhat.  The year before, in our February 2010 survey, only 27% agreed overall and only 6% agreed strongly.  

However, Packaged Facts expects the sales rate to notch back up to approximately 5% in 2011 and to almost 6% in 2012, assuming ongoing economic recovery, with subsequent years gradually improving upon this performance.  Looking at the pet market from a 10-year perspective, its projected 6.3% compound annual growth rate for 2011-2015 will slightly best its 2006-2010 rate of 5.6%.

“The market bulwark will continue to be the most health-oriented category, veterinary services,” said David Lummis, senior pet analyst for Packaged Facts and author of the report.  “As the population of senior pets continues to rise and market participants continue to adapt human-style technologies and medications and develop new pet-specific ones, the veterinary category will experience a 9% compound annual growth rate, which is much higher than other segments.  As a result of its faster growth, veterinary services will continue to grow as a share of the total pet market.”

Reinforcing a health focus is the fact that health-oriented product areas showed growth in 2010, including cat and dog treats (particularly those with a functional health benefit), refrigerated/frozen raw foods and cat and dog supplements and nutraceutical treats. Success of these products in the midst of product sales doldrums elsewhere suggests that pet owners are willing to spend more on products that are linked to pet health.

Building on the market tracking, forecasting and feedback of previous editions, “U.S. Pet Market Outlook 2011-2012” projects sales, market drivers, and competitive and marketing opportunities based on myriad sources including consultations with leading industry participants and other Packaged Facts pet market reports. The report forecasts market size and growth for each category; marketing, new product and media trends; retail channel trends including cross-channel shopping vs. shopper loyalty; and pet owner population, demographic, and mindset trends representing changes, challenges and calls to action in meeting the needs of today’s highly value-focused pet parent population. As a new feature, this year’s edition also includes an up-to-the-minute first-hand Special Report from the American Pet Products Association’s 2011 Global Pet Expo. For further information, please visit: http://www.packagedfacts.com/Pet-Outlook-6044254/.  

About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer goods and retailing, foods and beverages, demographics, pet products and services, and financial products. Packaged Facts also offers a full range of custom research services. To learn more, visit: www.packagedfacts.com. Follow us on Facebook, LinkedIn and Twitter.

Media Contact:
Daniel Granderson
Assistant Editor
(240) 747-3035
dgranderson@marketresearch.com

# # #

About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer goods and retailing, foods and beverages, demographics, pet products and services, and financial products. Packaged Facts also offers a full range of custom research services. To learn more, visit: www.packagedfacts.com. Follow us on Facebook, LinkedIn and Twitter.

Media Contact:
Daniel Granderson
Assistant Editor
(240) 747-3035
dgranderson@marketresearch.com

--- End ---

Click to Share

Contact Email:
***@marketresearch.com Email Verified
Source:Packaged Facts
Phone:(240) 747-3035
City/Town:New York City - New York - United States
Industry:Pets, Consumer, Retail
Tags:pets, pet products, dogs, cats, pet owners, animals, veterinary, economy, retail, consumers, pet medications
Last Updated:Jul 22, 2011
Shortcut:prlog.org/11470152
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share