Pet humanisation trend has engulfed the entire world, with pet owners caring for and spending on their pets as they would do for a family member. The rising demand for pet care products has proven to be a boon for the pet care industry. The demand for pet care products is not limited to food and drugs alone, pet owners are going as far as signing their pets up for exercise regimes and beauty treatments.
Although the trend of pet humanisation is limited to developed countries, pet owners in wealthy cities in the developing part of the world are also demanding luxury products for their pets.
The pet care industry is buoyant about the affection pets are getting from their owners, as this has not only resulted into higher sales, but also created opportunities for broadening their range of offerings.
As discussed previously, pet humanisation trend is mainly concentrated in developed nations, however, Southeast Asia, which is home to developed, and developing nations, is also witnessing high demand for specialised pet care products. Valued at US$ 952 Mn in 2014, the Southeast Asia pet care market is projected to reach US$ 1,413 Mn by 2020.
Increasing adoption of pets and emphasis on their health and well-being has also created a host of opportunities for key stakeholders in the veterinary healthcare market. Earlier, vaccines and pharmaceuticals accounted for the bulk of the demand in veterinary healthcare market, however, now pet owners are demanding feed additives to compensate for the lack of nutritious food. The companion animal segment of the global veterinary healthcare market is expected to amplify at a CAGR of over 5% through 2020, reaching US$ 15 Bn in value.
Need for companionship is one of the most important factors driving the adoption of pets globally. Hectic lifestyles, coupled with growing urbanisation trend, has meant that most people have little to no time for socialising. These trends have led to a rise in the number of people adopting pets to deal with loneliness.
Although pet adoption has been a trend for a long time, the recent phenomenon of pet humanisation has a lot to do with the emotional discord that many people feel with the society. For example, according to a survey done in the UK, 41% of dog and cat owners said they thought their pets loved them more than their partner.
Pet humanisation has led to a surge in demand for gourmet food and multivitamin pills, however, it is the demand for luxury products that has brought pet humanisation the limelight it has got. Dog houses designed by experts, TV channel specifically dedicated to dogs, and pet insurance are some of the offerings that the pet care industry has to scale up to in the recent times.
Pet humanisation has also led to added emphasis on clothing. Owners want their pets to flaunt the latest styles, and fashion shows, and “autumn collection” have become all-pervasive.
The demand for clothing is not restricted to only aesthetics; owners are also paying attention to the texture, make, and quality of cloth used. Owners are also looking for clothing that fits their pets perfectly, resulting into demand for clothing that is adjustable and flexible.
The pet humanisation trend has brought about a complete resurgence in the pet care industry. From a financial perspective, it is the best time to be in the pet care industry, as the demand for pet care products is not anticipated to stop anytime soon.
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