European pet food industry: key market insights
“The rising rate of pet ownership coupled with the general inclination of pet owners towards convenience food has increasingly fueled the growth of the European pet food market,” says a food industry expert at Infiniti Research.
The demand for premium pet food products by pet owners across Europe is a positive sign for players in the pet food industry, and this is expected to inflate the sales and overall market growth. Furthermore, growing concerns over pet nutrition and health among pet owners in Europe means that unlike the buyers in countries like the US, the consumer base in Europe offer high importance to products with high nutritional value rather than factors such as price, brand, and place of manufacture. According to experts at Infiniti Research, some of the key trends in the European pet food market include premiumization, health and nutritional concerns, and ecommerce.
Need for premiumization is expected to drive innovative strategies in pet food manufacturing including gourmet-style food and also more artisanal food bodes, going forward. Furthermore, the concept of a healthy lifestyle for pets entails a more holistic, preventative, and global approach, including well-being of pets. This will involve a number of product reformulations, rethinking packaging designs in an effort to promote portion control, and major cut downs on sugar and fats in pet food. Apart from this, the growth of e-commerce will have a major impact on the sale of pet foods. E-commerce platforms allow buyers to compare prices, read reviews, and choose from a wider range of options. This is expected to be especially popular with millennials who frequently shop online, posing a strong competition for pet food retailers.