ROCKVILLE, Md., Nov. 16, 2016 /PRNewswire/ -- The rising influence of Hispanic Americans on the U.S. food & beverage industry as well as on financial services has been well-documented and undeniable. What's been less discussed is Hispanic's dramatically rising profile as pet owners—a trend that has been gaining momentum over the past ten years, according to Hispanics as Pet Market Consumers, a brand new report from leading market research firm Packaged Facts.
View additional information about Hispanics as Pet Market Consumers, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: http://www.packagedfacts.com/Hispanics-Pet-Consumers-10428181/.
The robust growth in Hispanic pet ownership seen in the past decade will continue unabated. The overriding dynamic that will continue to propel above-average growth in the number of Latino pet owners results from the interplay of three key variables:
- rapid Hispanic population growth,
- increasing acculturation of the Latino population,
- and an increase in the rate of pet ownership due to the high correlation between acculturation and Hispanic pet ownership.
"As acculturated Hispanics continue to make up a larger and larger share of the rapidly expanding Hispanic population in the United States, the number of Hispanic pet owners will continue to grow exponentially," predicts David Sprinkle, research director, Packaged Facts.
Against this background, Packaged Facts projects that the Hispanic share of the pet owner population will increase from almost 15% in 2016 to 17% in 2021 as the number of Latino pet owners grows from slightly above 20 million to just over 24 million. Between 2016 and 2021 the growth rate in the number of Hispanic pet owners will be more than six times higher than that of non-Hispanic pet owners (19% vs. 3%) and Latinos will account for around half (50%) of the growth in the number of pet owners in the United States.
Looking ahead, when marketing to Latinos involved in the pet industry, Packaged Facts found that Millennials deserve special attention. The relatively young age structure of the Hispanic population translates into a Latino pet owner population that is significantly younger than the population of non-Hispanic pet owners. More than four in 10 (43%) Latino pet owners are under the age of 35, compared to just 30% of non-Hispanic pet owners.
Marketers should also be aware that Hispanics hold the key to expanding the pet industry beyond just dogs and cats. Over the past decade Latinos have been responsible for salvaging the market for products for pets with lower profiles such a fish, birds, and reptiles. For example, between 2007 and 2016 the number of Hispanic bird owners jumped by one million while the number of non-Hispanic bird owners dropped by 3.1 million. As Hispanic pet owners become an increasingly large segment of the population of pet owners as a whole, they will become even more important to marketers of products for owners of pets other than dogs or cats, predicts Packaged Facts.
About the Report
As Latinos continue to enlarge their share of the pet owner population, marketers of pet care products will find that Hispanic pet owners are indispensable to achieving market growth in the years ahead. Hispanics as Pet Market Consumers provides marketers with in-depth insights they can use to reach out to this crucial segment of pet owners.
The report highlights trends in the growth of the population of Hispanic pet owners, provides a demographic profile and highlights the consumer behavior of Hispanic pet owners, including their pet expenditure patterns, retail channels favored for pet product purchases, shopping behavior and pet product preferences. It also includes an assessment of marketing approaches that work with Latino pet owners.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.
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SOURCE Packaged Facts