There’s very little that pet owners won’t do for their furry friends. In fact, our pets are often just as much a part of our families as our human relatives. And to that effect, pet owners’ willingness to open their wallets for them is unwavering. Even in times of economic strife, worldwide pet food sales have been steadily growing over time, but the pockets of potential in this category are narrower than one might expect.
Sales, however, only tell us what we know right now. From a geographical perspective, North America and Europe account for more than half of the world’s pet food sales, but growth potential in these markets is more limited than elsewhere. For example, sales across Latin America and Eastern Europe (including Russia) are growing at a double-digit pace.
So where are consumers shopping for pet food? Primarily grocery retailers (52%) and specialty channels (46%). E-commerce, however, represents the fastest-growing channel, as it approached 2% of total global sales in 2013.
The insights in this article were derived from the following sources:
- Aggregated Nielsen Retail Measurement Service sales value data
- RMS Industry Coverage Matrix (ICM) estimates for pet food
- Retailer websites