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US Pet Market

U.S. Pet Market Vindicates Purported Recession-Resistant
NEW YORK, NY - While other industries crumble, the U.S. pet market continues to prove its much-touted recession-resistance as several pet specialty retail chains, top pet food marketers, veterinary hospitals, and pet pharmacies have in recent months reported strong financial performance during the latter portion of 2008. According to market research publisher Packaged Facts in the brand-new report, "U.S. Pet Market Outlook 2009-2010: Surviving and Thriving in Challenging Economic Times," the pet market's foreseeable future is encouraging with the expected slow-down of 2009 ultimately being recouped as the economy begins to recover in 2010 and 2011.

The report is based partly on February 2009 pet owner survey data polling 2,600 U.S. adults. Packaged Facts forecasts that the pet market, which was a $51 billion business as of 2008, will eventually reach $57 billion by 2010, an improvement on the relatively meager projected total market growth of 6% for 2009 when the market is expected to finish at about $53 billion. Hardest hit by the 2009 recession will likely be the market's two most discretionary categories — non-food pet supplies and pet services other than veterinary.

Health-related pet products, from high-grade foods to preventative veterinary care, are likely to emerge among the most recession-resistant because consumers typically view them as nondiscretionary expenditures that can be far less costly than the kinds of long-term health conditions that potentially result from poor nutrition or inadequate medical care. Packaged Facts identifies the resiliency of health-related pet products as a testament to one of the true enduring factors influencing the strength of the U.S. pet market overall: pet humanization and the human/animal bond facet associated with the trend.

"Packaged Facts views pet humanization as a dynamic, multifaceted shift that virtually guarantees steady pet market sales not just in 2009 and 2010, but well beyond," says Tatjana Meerman, publisher of Packaged Facts. "Many pet owners view their pets as full-fledged members of the family, and would take no more lightly any serious cutbacks on spending for non-discretionary products and services than they would for their kids. In most cases, such cutbacks would only seriously be considered after owners have reduced spending on their own less essential needs." "U.S. Pet Market Outlook 2009-2010: Surviving and Thriving in Challenging Economic Times" brings readers up to the minute regarding the four core market categories — veterinary services, pet food, non-food pet supplies, and other pet services (grooming, boarding, training, etc.) — projecting sales and analyzing key growth drivers and competitive opportunities for each.

For further information visit: http://www.packagedfacts.com/Pet-Outlook-Surviving-2154192/.

About Packaged Facts - Packaged Facts, a division of Market Research Group, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services.