1、2024Insights ReportAn inside look at the future of pet nutrition2Whats inside:Section 1:Introduction.3Section 2:Category growth.4Section 3:Daily treating.6Section 4:Health and sustainability.9Section 5:Human-like products and services.12Section 6:How ADM can help.143IntroductionPowered by evolving p
2、erceptions of pet ownership across the globe,the pet care industry is poised for continued growth in 2024.Surveys show that a majority of owners consider their pets members of their family,and this societal shift in perspective is expanding across major pet-owning markets.1 Furry family members cont
3、inue to receive preventative care,mental stimulation,and high-quality nutrition on a daily basisand there is no sign that modern pet parents are slowing down.Consumers are also showing their excitement for novel flavors and multi-sensorial experiences in their buying behaviors.Todays pet parent is l
4、ooking for the next big thing in pet care and willing to try new products if they meet their expectations for quality and affordability.When you layer in a focus on health and wellness through functional ingredients,the pet care market is ripe for innovation this year.Read on for more ADM insights t
5、hat can help you achieve success in 2024.Section 1:4Category growthGlobal humanization trends and increasing pet populations continue to drive consistent growth across the pet care industry.The APAC and LATAM regions are in the lead with higher-than-average CAGR compared to the rest of the world.1 I
6、n 2024,pet brands need to globalize and diversify their offerings to remain competitive.Section 2:65%of Millennials plan to acquire a pet by 2025.15As inflation cools,consumers are still looking for the best value in pet products,yet premium products continue to sell,attributed partly to humanizatio
7、n trends.Overall,the global pet care market shows strong resistance to inflation as pet owners generally avoid making sacrifices when it comes to pet health and wellness.170%of owners consider their pets a family member.172%would not cut pet food expense regardless of finances.1Premiumization persis
8、ts6Daily treatingWhether it is for enrichment,training,or nutritional benefits,daily treating is becoming commonplace across pet owners.Many pet parents are looking for treats with health and wellness benefits to provide a guilt-free treating experience.In fact,85%of pet owners say they consider pro
9、per nutrition and supplements just as important for their pets as they are for themselves.4Section 3:73%of pet owners say they still prioritize fun items or treats for their pets despite rising costs.463%of dog owners and 60%of cat owners participate in daily treating.27Overall,the rise in functiona
10、l benefits added to treats may encourage pet owners to engage in healthy treating more frequently,raising the potential for future category growth.Consumers across the globe are continuing to show strong interest in treats and supplements with 79%stating that they would spend money on preventative c
11、are in an attempt to avoid larger vet bills.4From soft chews to baked treats,there is continuous demand for innovation in treats and supplements as pet owners mirror their own health and wellness habits to their pets.Treats that make science-backed functional claims remain popular in store and onlin
12、e.The global pet treat and supplement market is forecasted to grow at an 8%CAGR through 2028.1US retail sales of pet treats are forecasted to grow 5.5%in 2024.2Focusing on function8Growth opportunities:Innovation in ingredients and formulation to create new types of healthy treatsScientific research
13、 into active ingredients and their role in health and wellnessTreats that mimic indulgent human food while providing nutritional benefit to petsHealthy training and enrichment treats that provide pet owners a guilt-free treating experienceFocus on ingredients that boost gut health to improve overall
14、 wellness+9Health and sustainabilityGiven the rise in humanization of pets by modern pet parents,its no surprise to see human-oriented buying habits reflected in their pets.As the modern consumer becomes more familiar with active ingredients promoted on human food labels,their desire to see these sa
15、me ingredients in their pets food grows.Similarly,pet brands are finding that consumers are increasingly focused on products environmental impacts,from where and how ingredients are grown to how those ingredients are processed.Section 4:10Consumers are attracted to innovation in food and treats,espe
16、cially when ingredients are sourced from familiar health categories such as superfoods and vegetables.These products make similar claims to their human-product counterparts,so owners feel safe feeding their pets a food or treat with healthy ingredients that they would willingly consume themselves.Hu
17、man health and environmental sustainability research is often promoted on news outlets and social media,and pet owners are looking to see this research reflected in pet products as well.These trends are driving high rates of innovation in pet care products,especially at the intersection of health-fo
18、cused and sustainable manufacturing.54%of pet owners are looking for healthy ingredients in food.1New pet owners are more likely to place emphasis on quality and premium products.2Gut,brain,and heart health claims are on the rise in new products.2Echoing human trends11When presented a choice,more co
19、nsumers are choosing sustainable and healthy options for themselves and their pets,and a majority of pet owners are trying to make a difference on the environment through their buying habits.Its safe to say,pet brands are paying attention.As 2024 unfolds,we expect to see an increased focus on sustai
20、nability initiatives from pet care brands,big and small.42%of pet owners prefer sustainable packaging.1Pet owners are more likely than non-pet owners to say they are worried about climate change.166%of pet owners globally are worried about climate change and try to have a positive impact on the envi
21、ronment through their actions.163%of pet owners aged 18-34 prefer pet food brands that limit their environmental impact.2The takeaways12Human-like products and servicesAs owners continue to humanize their pets,they are spending more time together through common activities.This might mean bringing th
22、eir pet to the coffee shop or on a trip to the home improvement store.Owners now want to share their lifestyle with their pets,and that includes their favorite foods and beverages.From pumpkin spice dog treats to pet-safe beer,owners are ready to invest in exciting new experiences and make long-last
23、ing memories with their favorite furry friend.Section 5:New pet owners(3 years)are driving growth in unique feeding experiences,such as incorporating dog food toppers;35%say they purchased sauce or mixers in 2023.213The fun doesnt stop with edible endeavors.Some pet shops are now providing spas,salo
24、ns,health and wellness centers,and even swimming pools to cater to modern pet owners.1 Workplaces are becoming increasingly dog friendly,and a large portion of Gen Z pet owners say they are willing to spoil their pet with birthday presents and cake.3 Its safe to say that pet owners want to share the
25、ir lives with their favorite pets,and consumer spending habits reflect these trends.In 2024,the most successful pet care companies will develop lifestyle brands on social media and diversify their products to include health and wellness.Others may venture into products that boost a pets mood,promote
26、 mental wellbeing,or regulate energy levels.Overall,variety and innovation will be key to capturing future market share,so pet brands should partner only with the most capable co-manufacturers to ensure success.Variety and innovation14How ADM can helpWhether you want a reliable partner to help you d
27、evelop a new product or youre looking for science-backed functional ingredients,ADM has the expertise and portfolio you need.Using our diverse team of formulation scientists and state-of-the-art facilities,we regularly help our partners bring new products to market.Our teams will monitor consumer tr
28、ends,conduct scientific research,and use our expertise to help your pet brand succeed.Section 6:140 scientists,technicians,and employees dedicated to animal nutrition13 Research&Development and applied research centers globallyA portfolio of patented biotics with scientifically verified efficacy and
29、 stabilitySignificant resources dedicated to supporting partners in the pet industryFull integrated solutions that range from ingredients to turnkey products+15ADMs 360-degree approach includes services,customer insights,and tailor-made solutions that enable us to help our partners move quickly from
30、 ideas to innovations,giving them a competitive advantage with todays pet parents.As a go-to partner for our customers,ADMs pet nutrition solutions help advance the role of foods,treats,and supplements as a way to strengthen the bond between pets and their owners.Insights and expertise to advance in
31、novationRequest a consultation today800-775-3295| INFORMATION IS INTENDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT IMPLY ANY EXPRESS RECOMMENDATIONS FOR THE CURE,MITIGATION,TREATMENT,OR PREVENTION OF DISEASE.CONSULT WITH A VETERINARIAN FOR THE CURE OF ALL ANIMALS DURING HEALTH CHALLENGES.THE INF
32、ORMATION PROVIDED IN THIS DOCUMENT IS BASED ON THE CURRENT KNOWLEDGE AND EXPERIENCE OF ADM OR ITS AFFILIATED COMPANIES AND IS ONLY INTENDED TO BE RECEIVED BY THE ADDRESSEE(THE“ADDRESSEE”).THE INFORMATION PROVIDED TO THE ADDRESSEE“AS IS”AND NO WARRANTIES,EXPRESS OR IMPLIED,ARE GIVEN OR LIABILITIES OF ANY KIND ARE ASSUMED BY ADM OR ITS AFFILIATED COMPANIES WITH RESPECT TO SUCH INFORMATION.1 Euromonitor:World Market for Pet Care-June 20232 Mintel:Pet Food US-September 20233 Megna,Michelle.“Pet Ownership Statistics 2024.”Forbes,25 Jan.2024 https:/ Morning Consult:ADM Pet Food Study-December 2023
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