News Pet Market Set For 40m Growth

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Pet market set for £40m growth
11th July 2019

By Karen Pickwick

The UK pet market is enjoying ‘healthy’ growth, with projected sales growth of more than £40m in 2019, according to a new report.

MTW Research reports that consumers spend more than £60m a week on pet food and treats, with more than £20m a week on pet toys, bedding, collars and leads, and pet health products. MTW also suggests that the long-term trend for the pet population is positive, with 8% growth in the number of pets in the UK in the last few years.

The 170-page report underlines that the millennial generation represents a crucial market for pet products, with very different buying behaviour than previous generations and pet market trends polarising as a result. The ‘millennial cohort’ (born 1981-96) encompasses unique characteristics such as sophisticated internet research and purchase; regards pet clothing as normal; and, crucially, has always viewed pets as family members.

MTW found that, while some pet suppliers have recognised and embraced the growing distinctions between the three key consumer groups in the pet market in 2019, some suppliers remain unclear on these differences, limiting sales growth opportunities.

CLOTHING


Pet clothing trends in 2019 have continued to represent the fastest-paced sector in the UK pet market, with MTW finding this sector has grown by more than 70% in the last six years.

Health and well-being pet products and supplements are also performing well, with growth of 40%, as younger consumers focus on preventative pet care.

Based on sales data of more than £6bn, the report also identified the natural pet products market as a key growth sector in 2019.

The growth in pet products with enhanced environmental and ethical credentials is being underpinned by the growing impact of the millennial generation in the pet market, while ‘Generation X’ (1965-80) and ‘Baby Boomer’ (born 1946-64) generations continue to drive value growth as average spending per pet continues to increase.

The report reviews consumer characteristics and buying trends in the pet retail market, finding that recent changes in consumer purchasing behaviour continue to significantly alter the pet retail market in 2019. In response, independent pet
stores are shifting their market position and product portfolios to target those generations more comfortable with bricks and mortar purchasing.

INTERNET


The rapid growth in internet retailing is now slowing, according to MTW, with online suppliers also needing to work harder to satisfy the demands, specification and buying behaviour of ‘Generation Y’ which are often very different to
their parents and grandparents.

Despite structural changes and dramatic shifts in consumer buying behaviour, the report forecasts positive sales for the pet products market in the medium to longer term.

Key trends in the pet market include greater fragmentation of marketing such as sophisticated Instagram use, growth in vlogging, and greater use of social media influencers, which MTM says pet suppliers need to embrace in order to future-proof their marketing strategies for the future.

MTW’s Pet Accessories Market Trends Report is available (price £475) from www.marketresearchreports.co.uk or by calling 08456 524324.