Is the future of the pet food industry looking bright?
Market trends and new market research is all around us, but one thing is for sure: pet food has never been more important.
With the market worth more than $US1.5 trillion, the pet industry is booming.
With pet food booming, there’s a new focus on marketing strategies.
Market analysts from the firm Market Insights are looking at how to market pet food and how to get people to buy.
Market Insights chief executive director, David Jones, said in a statement the firm looked at three key strategies to market the pet product:1.
Make it easy to eat.
Make the product affordable.3.
Make your pet a customer.
Market Insight is looking at the impact of each of these strategies.
“The first thing we did was to understand the pet market, and then look at how people are shopping for pet food,” Jones said.
“We looked at how many pet food shops were in the market, how much pet food was sold in each, how many customers purchased it, and what types of customers that were.”
The research shows that consumers are buying pet food to eat and that they are willing to spend on the product.
MarketInsights CEO David Jones said the pet diet will continue to be the most important part of the marketing strategy.
“Our goal is to drive more sales, not fewer,” Jones told Mashable.
“People are going to buy pet food because they want to eat it, so we need to do everything we can to make it accessible and affordable for them.”
MarketInsight also looked at the effect pet food is having on pet health.
The firm said pet owners are using pet food for all kinds of things, including:1) Exercise2) Exercise3) Exercise4) Dietitian and personal trainer training5) Dietetic testing6) Prescription medications for the pet7) Pet health issues that can be managed8) Pets with allergies9) Pets and their owners10) Pets in rehabilitation and rehabilitation settings11) Pets needing vaccinations12) Pet owners who are seeking care and treatment for other pet issuesThe company also looked into how to sell pet food in a way that customers will actually want to buy it.
Jones said the firm’s goal is for pet owners to want to purchase their pet food, not because it is the best pet food available, but because they feel like it is worth the investment.
“What people will want to do is buy their pet diet from the Pet Food Store, or from a pet store that is offering pet food that they want and want to spend money on,” Jones explained.
For consumers, there is a shift from the pet store to the online market, where there is less incentive to buy from the manufacturer.
When pet food costs are affordable, consumers are more likely to buy a pet food product, Jones said, which will likely help the pet owner to keep their pet healthier.
While pet food sales have been rising, the market is still relatively small.
In 2018, pet food accounted for just 0.6% of total pet food market volume, according to Market Insiders.
In 2019, pet product sales accounted for 0.4% of market volume.
Market Insiders is a leading market research firm that provides insights into the pet and food industry.