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NEW YORK -- The financial strengths and emotional strings of pet owners stand to grow the non-food pet supplies market from $9.9 billion in 2006 to nearly $15 billion by 2011, according to a new study by market research firm Packaged Facts.
According to "Pet Supplies in the U.S.," diverting sales to premium products will be a major factor in the market's projected growth, as 63 percent of all U.S. households (71.1 million) own at least one pet, and the number of pet-owning households is steadily shifting into higher-income levels.
U.S. households earning $70,000 or more increased their share of aggregate non-food pet supplies expenditures from 22 percent in 1995 to 38 percent in 2005, and Packaged Facts expects this trend to continue, with $70,000 plus households accounting for as much as 45 percent of the market by 2012.
"Some of the greatest opportunities in non-food pet supplies lie in narrower, high-income demographic slices of the population," notes Tatjana Meerman, packaged facts' publisher. "Key among these are double-income-no-kids households, which continue to grow in number, along with the partially overlapping 77 million strong Baby Boom population, which is now moving into retirement."
The introduction of new products, particularly those with a strong health or luxury angle, will also play a significant role over the forecasted period as manufacturers appeal to the parental nature of pet owners, offering major improvements on existing products. Product development trends will include "human" enhancements, including the use of higher quality materials such as natural and organic substances, and aesthetic enhancements, with products of all types offering a wider range of styles designed to be more convenient and match different home decors.
Pet Supplies in the U.S. examines trends in non-food pet supplies with a particular focus on products for dogs and cats. It also provides current and projected trends in new product development and competitor analyses. Click here to purchase the full report