Pet Industry Resets as New Omnimarket, reports Packaged Facts Ahead of Global Pet Expo Digital Access
By mid-decade only half of pet product spending will take place in a store, predicts Packaged Facts analyst
ROCKVILLE, Md., March 4, 2021 /PRNewswire/ -- The U.S. pet market is in the midst of a reset that has multi-front competition blurring the lines between the once distinct, but now increasingly merging, segments of pet product retailing, pet services, and petcare. The outcome has transformed the pet industry into a new omnimarket, reports market research publisher Packaged Facts, who will examine this trend, among others, on March 24, 2021 at Global Pet Expo Digital Access.
Packaged Facts characterizes the pet industry as "omnimarket" to emphasize that pet industry players aren't simply competing across brick-and-mortar channels and the Internet, the dynamic acknowledged by the term "omnichannel." Instead, "omnimarket" encapsulates a new era of multiple-front competition that—simultaneously and somewhat chaotically—crosses former borders between medical vs. non-medical, products vs. services, food vs. non-food products, and pet owner demographics. This new era of multiple-front competition is fueled by booming e-commerce in pet products, but as importantly is being shaped by the competitive reactions of traditional pet product manufacturers and retailers.
"Omnichannel, from the retailer point of view, focuses narrowly on brick & mortar plus Internet. Omnispending, from the consumer behavior point of view, similarly recognizes that consumers now routinely spend in-store and digitally—such that by mid-decade only half of pet product spending will take place in a store," predicts David Sprinkle, research director for Packaged Facts and presenter at Global Pet Expo Digital Access. "As importantly, however, pet owner spending is broadening across a transformed set of products, services, and high-tech product/service hybrids, while the top tier of competitors aggressively cross borders to compete for consumer mindshare and customer loyalty."
This reset of the U.S. pet industry, ever more sharply focused on customer convenience as well as pet health & wellbeing, is characterized by:
- a permanent remix of physical and digital shopping behaviors;
- a growing role for direct manufacturer-to-consumer selling & shipping, along with retailer-based autoship and same-day delivery;
- the continued diversification of the veterinary sector through clinic/store, pop-up, and at-home vet and petcare service options, along with digital pet health monitoring and online pet pharmacies; and
- expanded and reconceived pet acquisition, adoption, in-home set up, and training/obedience services.
About the Global Pet Expo Digital Access
Register today for Global Pet Expo Digital Access. This year's expo will be a fully-digital experience held March 24-26, 2021. The expo is open to independent retailers, distributors, mass-market buyers, and other qualified professionals. This show is not open to the general public.
Global Pet Expo, presented by the American Pet Products Association (APPA) and Pet Industry Distributors Association (PIDA), is the pet industry's largest annual trade show featuring the newest, most innovative pet products on the market today.
About Packaged Facts' Presentation at Global Pet Expo Digital Access
Packaged Facts will present at the expo March 24, 2021 at 3 p.m. David Sprinkle, research director, will present on U.S. Pet Market Outlook and Trends 2021, including examining market drivers and key industry issues in the wake of COVID-19. Pet market growth, pet acquisition and pet population across animal types, pet care psychographics and the "new breed" of pet owners, e-commerce/channel share shifts, and digital pet health care trends will be covered during Packaged Facts' presentation.
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, 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.
For more essential insights from Packaged Facts be sure to follow us on Twitter (@packaged_facts), LinkedIn, and YouTube.
Find more information about the Global Pet Expo on Twitter @GlobalPetExpo or by visiting their website.
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