International market research company, Euromonitor, predicts that the global retail value of the pet food market will increase to US$85.6 billion by 2021.
Retailers and suppliers within the UK can expect to see an increase in spending on pet food. The UK market currently stands at US$5,506.30 but is expected to reach to 5,649.10 in 2017 and to 5,978.20 in 2021.
Paula Flores, head of pet care at Euromonitor said: “Pet humanisation has been driving the industry for many years as pets are playing the role of ersatz children in a growing number of households around the world, particularly as women are increasingly delaying having children. With pets being treated as “children”, the amount spent on pampering them has also increased.
“The rise of the “foodie” when it comes to manufacturing food for human consumption has meant that greater interest has been paid to cooking and ingredients, as well as actual recipes. The same has been happening in pet food, whereby recipes have become increasingly scrumptious. The foodie phenomenon has also meant that more consumers are turning to cooking for their pets. This is not jeopardising sales, but, rather, it is driving demand for more innovative products that can help owners to bake treats more easily or prepare different meals for their furry friends.”