Mintel, a global supplier of consumer, product, and media intelligence released an assessment about the future growth of the pet products industry. The future is very optimistic for pet products, according to Mintel, with as a steady growth rate expected. In fact, the pet product industry is expected to increase by 33 percent over the next five years.
“To maintain and continue such strong sales is an impressive feat in our tough economy and truly speaks to owners’ commitment to their pets and manufacturers’ ability to develop products that resonate with pet owners,” notes Fiona O’Donnell, senior analyst at Mintel. “We are noticing that innovations in the pet industry are mirroring innovations in human markets and since many owners consider pets as family members, this is not surprising.”
Innovative pet products tapping into the lifestyle sector are key, as the focus leans toward the pet owner’s personality and interests. For example, Martha Stewart has a line of pet accessories for sale in the PetSmart chain. The line is said to have been developed with both the pet and owner in mind. Pet couture is on the rise, as well, with fashion taking a step forward. According to the survey conducted by Mintel, about nine percent of respondents engage in dressing their dogs and cats.
Travel is high on the pet priorities list, according to the survey, with 28 percent of dog owners taking their pets on vacation if they are driving. O’Donnell admits she doesn’t expect pet innovation trends to slow down anytime soon. “Despite the difficult economy, 50% of pet owners make unplanned toy and treat purchases for their pets,” she reported.
Mintel has offices in Chicago, New York, London, Sydney, Shanghai and Tokyo. More information may be found on the company’s website, www.mintel.com and on their Twitter page, http://twitter.com/mintelnews.