The pet industry has been experiencing remarkable growth worldwide, with pet owners increasingly willing to spend money on their pets' health and well-being. In an engaging video, Oliver Wyman's Hunter Williams has a conversation with Imke Wouters, an Oliver Wyman Partner based in China, and Lippincott's Melissa Tischler who gives insight from a US perspective.
The video delves into the exciting and ever-changing trends in the pet industry, exploring the latest developments in premium pet food, the emergence of innovative services that go beyond traditional daycare and grooming, and pet fashion. The experts share their insights on what's driving the industry's growth and what the future holds for this rapidly expanding sector.
Here are three key insights from the discussion:
The importance of pet nutrition
One emerging trend is the increasing focus on pet nutrition. Many pet owners are now looking for high quality, natural, and organic foods for their pets, and are willing to pay a premium for these products. This trend is driven by the growing awareness of the importance of nutrition in maintaining pet health and by the desire to provide pets with the same level of care and attention that is given to human family members.
Pet care beyond the basics
There's a growing popularity in pet services, such as daycare. As more people choose to adopt, they are looking for convenient and reliable ways to take care of their pets when they are away from home. Pet service providers are responding to this demand by offering a wide range of services, from basic grooming to luxury pet hotels and resorts.
The latest pet fashion styles
In recent years, pet fashion has become increasingly popular, especially in China, says Imke Wouters. From decked-out collars and leashes to dresses and shoes, there seems to be no limit to the ways pet owners can express their love for their furry friends through fashion. Some believe it is a reflection of the increasing humanization of pets, as they are seen more and more as family members rather than just animals.
Overall, the pet industry is growing and evolving at a rapid rate, driven by the changing attitudes and preferences of pet owners. As more people continue to adopt pets and prioritize their care and well-being, we can expect to see even more innovation and growth in the industry in the years to come.