The world’s largest pet food manufacturers, Purina, Royal Canin and Hill’s are under threat from smaller brands, according to new research.
A report by UBS showed other brands had the ‘largest’ market share of 33.7 percent in 2017, with Mars having the largest share of the big three with 23.9 percent.
Recent research also showed 90 percent of pet owners view their pet as part of the family, and UBS analyst Pinar Ergun said: “There is strong appetite for premium offerings, with willingness to pay-up for proven health benefits”.
Research found that the price of pet food is only consumers’ third worry when purchasing pet food, “being balanced and healthy” was consumers’ main concern while “veterinarian recommendation comes second, followed by “pricing” according to Ergun.
Ergun said in a statement: “There are signs that the leading pet food brands are not adapting fast enough to consumers’ changing needs. This leaves significant market share opportunity for challenger brands.”