Are pet food manufacturers feeling the pressure to innovate?
New research reveals which aspects companies value the most in attracting pet parents to their product portfolio.
The recently published Pet Foods Horizons Report from CRB Consulting suggests that manufacturers feel the need to become “ambidextrous innovators.”
In a survey carried out by the firm with more than 300 industry leaders, 52% of respondents ranked nutrition as extremely an important attribute to attract and retain customers.
This was followed by taste and smell (49%), sustainability (48%), consistency (47%), clean labels/ingredients (48%) and the selling price (45%).
But the priorities differ depending on company size. While larger companies believe that nutrition, appearance, and organoleptic attributes are critical for consumer attraction, smaller players rank price as one of the most important attributes.
Selling price
According to the data, the selling price is extremely important for more than 5 out of 10 of companies earning less than $20M (€18.6M) annually. The interest for this drops among corporations with a yearly turnover of more than $500M (€466M).
“Smaller companies show a greater focus on reducing their selling price and raising their perceived value,” the report noted.
In contrast, the appearance of the product is considered extremely important by 59% of big companies and just 35% of small companies.
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