GPF 2024: present and future of the pet industry

The GlobalPETS Forum, the annual conference organized by GlobalPETS and PETS International, was hosted in Venice from January 24 to 26. This 3-day networking event saw CEOs, entrepreneurs, tech experts, and investors gather to discuss relevant topics impacting the industry. The event was sponsored by APC, Corbion, M-Pets and Pet Food Competence Network.

AI and data

Artificial intelligence (AI) was an important topic during the event. 

“AI is a revolutionary technology,” admitted AI expert Deborah Nas, arguing that implementing artificial intelligence is crucial for a business to survive in the future market. Tractive, the GlobalPETS Forum Award winner, knows this all too well, given that the company implemented AI into its GPS device upgrade to include health-tracking features. 

This year, analysts from market insights firms Euromonitor, Similarweb, and Mintel were invited to present the data behind the industry’s success and challenges to conference attendees. 

This data pointed out that pet parents worldwide are increasingly worried about their pets’ health and are searching for ways to personalize their diets: premium, fresh and tailored nutrition are among the top searches. Health and nutrition are critical 2024 trends, as well as sustainability and searching for quality at a lower price.

Matthieu Glayrouse from YummyPets also discussed the importance of building a community around a product to collect data and gain customer loyalty.

Retailers, distributors and investors

Nicolò Galante (CEO of Arcaplanet) and Timo Tervo (CEO of Pet Network International) shared numbers and the knowledge they’ve gained running their pet retail stores. They unveiled their multichannel strategy to gain customer loyalty and growth during high inflation in a highly competitive environment. 

The panel discussion on the future of retail was mainly driven by the constant changes in the pet retail model and the popularization of direct-to-consumer (DTC) brands and marketplaces.

CEOs Frédéric Le Guen (Animalis), Alexander Thelen (Mammaly) and Marco Hierling (AlphaPet Ventures) reached a consensus on the best approach to maintaining competitiveness in the sector: investing in new tools, staying within the market price range, putting the customer at the center and being where the customers want to find you, both online and offline. 

Pet food expert Jim Alden provided his outlook on the American pet market and distribution suppliers. He stressed that having a great sales strategy is essential for companies operating in the North American market. 

Alden added that designing a plan for change in a manufacturer-grabbing firm or building an overall sales team and a brand marketing strategy is necessary.

Vet and sustainability

The veterinary sector is undergoing an important change in its operations due to its increasing competitiveness and the appearance of new players.

Michael Thunell, VetFamily’s Chief Operating Officer, spoke at this year’s GlobalPETS Forum about his company’s success. For VetFamily, veterinarians must strengthen their management skills to improve their clinics, adopt innovative technology, and create relations with other vets to improve their services. 

Sustainability was also a topic mentioned several times during the conference. Pet parents are paying attention to the environmental impact of the pet products they buy and researching brands before they purchase.

Erin Haas from the Pet Sustainability Coalition (PSC) emphasized the importance of formulating a solid, environmentally friendly procedure for the pet industry. She told attendees that this is “crucial” as the United States will likely introduce increasingly stringent production regulations to combat climate change.

One important message from her keynote speech is that the sooner a company adopts sustainability as a mainframe to develop its business, the better for its competitive advantage and customer attractiveness.