Press Release Summary = The market for pet food, accessories and insurance continues to be affected by a number of lifestyle trends. Some of these have had an adverse effect, such as static pet ownership and the move away from dogs and towards cats, which have led to falling pet food volumes and have also had a limiting effect on the pet accessories market. This report excludes sales of pets themselves
Press Release Body = The Pet Market - Market Assessment 2005
The market for pet food, accessories and insurance continues to be affected by a number of lifestyle trends. Some of these have had an adverse effect, such as static pet ownership and the move away from dogs and towards cats, which have led to falling pet food volumes and have also had a limiting effect on the pet accessories market. This report excludes sales of pets themselves.
Despite this, owners continue to treat their pet as one of the family, often lavishing as much care and attention on the pet as they do on other family members; this means that many pet owners are prepared to spend considerable sums on items, such as premium pet food, toys and accessories, to keep their animals happy and comfortable. Consumers are also increasingly inclined to insure their pet in order to cover veterinary fees should the pet fall ill. This is an area of growing importance as costs continue to increase in tandem with advances in veterinary medicine.
In addition, busier lifestyles mean that consumers are looking for convenience in terms of pet food packaging and formulation.
As with other mature markets, growth within the market for pet food is driven largely by manufacturer innovation, with new product launches leading to increased segmentation, and to a higher number of pet owners trading up to premium products. Market value has been maintained by the trend towards premium products, including those offering particular nutritional benefits and those targeted at specific lifestages.
Our original BMRB research revealed that the majority of pet owners like to indulge their pets, saying that they are happy to spend a bit extra on food in order to provide the necessary nutrients; very few acknowledge that they look for the cheapest option when purchasing pet food. However, value is important to almost a third of respondents, who look for competitive prices and special offers when buying food for their pet.
There is a fairly even spread in terms of where pet owners purchase accessories for their pets. Pet superstores receive the same level of response as local pet shops in this respect; a similar proportion also say that they buy pet accessories from the supermarket at the same time as they are buying groceries for themselves.
The research showed signs of a North-South divide among pet owners; for example, Southern pet owners are considerably more likely than those in the North or the Midlands to take their pet to the vet, and are twice as likely to have pet insurance for their dog or cat. The two factors are possibly linked, of course.
Only a very small proportion of pet owners whose pets are not already insured say that they are considering taking out pet insurance in the future - indicating that the pet insurance market may be reaching a critical mass, with most of those likely to purchase it already having done so. Also slightly worrying for the pet insurance industry is the fact that 15% of all pet owners say that they think pet insurance is too expensive and/or a waste of time.
2025
