Euromonitor International, a market research provider, released its “Top 10 Global Consumer Trends 2020” report on Jan. 14, highlighting the growing importance of environmental sustainability, convenience, personalization and functionality in the modern consumer market.
Several of the top trends predicted in 2020 can be applied to the pet product market. After all, dogs and cats aren’t typically the ones shopping for their own food, treats and toys.
“Convenience and personal control are the core themes connecting these trends in 2020,” says Gina Westbrook, director of consumer trends at Euromonitor International. “Consumers are putting themselves first as they look for ways to simplify their lives.”
Here are Euromonitor’s top 10 global consumer trends to be aware of in 2020:
- Embracing artificial intelligence (AI)
- Easily digestible content
- Flexible, personalized travel options
- Accessibility and inclusivity
- Consuming, without having to leave the house
- Product personalization with privacy
- Supporting local
- Say goodbye to single-use
- Environmental consciousness, especially air quality
We have already seen some of these consumer trends emerge in the US pet industry, especially functionality, product personalization and sustainable sentiments.
Functionality in pet food has come in the form of age-specific, breed-specific and fortified pet diets, treats and supplements. The use of cannabidiol (CBD) and hemp oil in pet supplements has opened the flood gates for a variety of products — such as meal toppers, biscuits and soft chews, and oral tinctures — to offer pet owners a new avenue for delivering functional health to their companions.
As the pet retail landscape shifts toward e-commerce, direct-to-consumer and even some brick-and-mortar brands have capitalized by offering tailor-made nutrition for both dogs and cats, often enticing consumers with a discount price for subscription-based orders.
Lastly, consumers are becoming more and more aware of the environmental impacts in the products they buy. When it comes to pet food and other CPG food products, shoppers are looking at ingredients, corporate responsibility pledges and animal welfare standards to determine how to spend their money most responsibly.
As the American Pet Products Association (APPA) predicted in its 2019-2020 National Pet Owners Survey, pet owners spent an estimated $31.7 billion on pet food alone in 2019, reflecting a 4.5% increase from spending in 2018. This growing market must cater to overarching consumer trends, as they translate over to the pet space at an increasing rate, in order to stay competitive.
To reflect on the trends that directly impacted the pet food and treat industry in 2019, read our most recent State of the Industry report.
Keep up with the latest pet food trends on our Trends page.