Overall Market Size of Pet Related Business for FY2020 Grow by 3.4% YOY to Reach 1,624,200 Million Yen
Yano Research Institute (the President, Takashi Mizukoshi) has conducted a survey on the domestic market of pet business, and found out the trends by segment, the trends by market players, and the future perspectives.
The domestic pet related market for FY2019 has grown by 1.7% year-on-year to attain 1,570,500 million yen based on the retail price. As makers launched premiumized products and new items for cats, and demand for consumables such as potty pads for dogs and sand for cats' toilet rose due to voluntary lockdown, the market showed moderate growth.
While people stayed home longer during COVID-19 crisis in FY2020, pet owners spent more time with their pets and their demand expanded. The trend led the market of pet related business to achieve 103.4% of the previous fiscal year, generating 1,624,200 million yen based on the retail price.
New Normal Propels Demand for Pet Supplies
As the lifestyle change due to COVID-19 becomes familiar, i.e., the new normal, pet owners’ demand for pet supplies is driving market growth of the pet related business. In addition to an increasing demand for stocking consumables like potty pads for dogs and sand for cats’ toilet at home, the market growth was fueled by demand of new pet owners to adopt pets and demand for pet care items at existing owners spending more time with their pets.
Demand for items required to introduce a new pet into a household, for example, collar, food bowls, kennels and crates, expanded especially with new pet owners. Moreover, as owners stay home longer, increasing number of owners spent more time on pet healthcare; a product segment including pets’ body care supplies like oral care, brushes, towels, pet’s ear cleaner, and items for grooming at home enjoyed good sales. Toys and snacks to communicate with pets also sold well. Furthermore, growth was witnessed in the segment of hygiene and/or improving living environment, such as cleaning related items, wet tissues, and deodorants.
Under the circumstances, i.e. pervasion of new normal due to voluntary lockdown, expansion of owner’s demand for pet supplies is expected to continue for forthcoming years.
What is more, in the pet food segment, there is a growing interest of pet owners over premiumized (value-added) products, a trend which is becoming perceivable each year. In the background of this is a downturn in spending for travels and eat out during voluntary lockdown; it seems to have increased the number of pet owners that prefer to treat their pets with good meals.
Considering these factors, the market of pet related business is projected to show continuous growth from FY2020 on.
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