Pet care is generally considered recession-proof and the basic needs of pet care tend to remain relatively stable even in tough economic times. Indicating strong resilience, pet food, feed, and other products will account for 39% of Nestle’s total online sales in 2022. However, as pet owners continue to feed their furry ones friend even during the economic downturn, a new sustainability trend is developing in the pet care industry.
Pet owners are experiencing growing fears for the future of the planet, prompting sustainable renovations. According to Euromonitor International’s Global Lifestyles Survey data, these ecological concerns are significantly higher among pet owners compared to those without pets. Nearly 70% of pet owners worldwide have expressed concern about climate change and actively strive to have a positive influence on the environment through their daily choices. This trend suggests a good way for the expansion of pet food made from sustainable components.
Coupled with the ongoing societal shift towards treating pets like members of the human family, reflected in the continued introduction of products such as functional supplements, pet backpacks, personalized apparel, and mobile veterinary and grooming facility, it’s no wonder the industry has thrived. In the United States, millennials make up the largest segment of pet owners, accounting for 32%, and they spend an average of $133 per month on their pets, as highlighted by PetKeen . Additionally, the well-known pet humanization trend is primarily driven by millennial and Gen Z pet parents, who are deeply committed to improving the health and well-being of their pets. However, pet owners spanning various age groups and income brackets are showing a growing passion for ensuring the well-being of their furry companions.
In fact, the pet care industry is following other global trends in competing for consumer wallets primarily by focusing on developing sustainable and eco-friendly products. A recent study by NielsenIQ showed that a whopping 78 percent of US consumers say that a sustainable lifestyle is important to them. In addition, several pet care brands are now using mushrooms as a protein source for pets because it requires fewer resources to produce compared to standard meat sources.
Industry Change
Many new companies are responding to the call for high quality and sustainable pet care products.
US-based Meow Mews, creator of design-centric wellness havens for cats, recently kicked off its crowdfunding campaign for “Tree,” a debut collection of sustainable and modular pet furniture. “The product line is at the intersection of design and functionality, while also encouraging the health and well-being of our purring connoisseurs. Made with natural, raw materials,” said company founder Netta Dor Shalgi.
“Cat owners have a special relationship with the animals they live with, but the industry standard for feline furniture doesn’t take into account the needs of cats or their owners,” added Shalgi.
Signaling a further step towards consumers thinking in sustainable terms, earlier this year, Mars Petcare, Plastic Credit Exchange (PCX) and Pet Express initiated a collection and recycling plan for mix- mixed post-consumer flexible pet food packaging in the Philippines.
“As more Filipino consumers are willing to switch to sustainable practices, this gives us the opportunity to invest in eco-friendly practices and take the lead in meeting consumer needs while reducing waste and increasing circularity,” said Johnny Racoma, general manager for Mars Petcare in the Philippines.
In July, pet wellness startup Lyka raised $25 million that develops preventive, holistic pet health care through fresh nutrition to provide an alternative to processed foods. Vegan food for pets is also seeing momentum. In 2022, Lever VC participated in a $17.5m funding round in Bond Pet Foods. The company creates “same nature” chicken, beef, fish and other meat proteins using precision fermentation.
There is a growing trend among pet owners to pursue products that they feel are not only beneficial for their pets and themselves but also for the environment. In fact, animal lovers interact with wildlife in ways that don’t remove them from their ecosystems either. More than 45 million Americans identified as bird-watchers in 2016, a number that has since exploded following a pandemic-fueled “birding boom.”
Nature Anywhere, a company that built a transparent bird feeder called the Birds-I-View Window Feeder, has created a mini bird-watching conservatory that gives bird lovers exposure to outdoor wildlife.
The same trend among pet owners to prioritize animal health and sustainability underscores a significant expansion in the field of more sustainable and healthier pet food ingredients. The data suggests that companies that are able to capitalize on this emerging growth frontier are poised for strong performance over the next few years.
follow me Twitter or LinkedIn. Look my website or some of my other work here.
