Pets Market

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[Guide] Food Manufacturers Are Expanding Into the Pet Market to Help Offset Negative Impacts of a Recession

Guide by Bimini Pet Health

The pet industry is turning to human-grade ingredients.

Learn why this new trend can be profitable for food manufacturers.

Today’s pet owners are treating their pets like children and are seeking products for their dogs and cats that are similar to the ones they use for themselves. Dog and cat lovers want ingestible products made with human-grade ingredients for their furry friends, but many pet product manufacturers aren’t equipped nor have the will to produce pet products that are human-grade.

This leaves room for the food industry to capitalize on this growing, profitable trend.

Bimini Pet Health is a private-label and contract manufacturer of pet health supplements, health treats, and pet foods and an early adopter of the move to human-grade manufacturing for dosage form pet health supplements.

Download our free guide to learn why human-grade ingredients are growing in popularity and how to leverage this trend for your business.

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GRP enters pet market following acquisition of specialist broker

GRP enters pet market following acquisition of specialist broker
VetsMediCover to become part of digital broker Insync following completion

Global Risk Partners Limited (GRP), a Brown & Brown company, has entered the pet insurance market for the first time after completing the acquisition of Petsmedicover Limited, trading as VetsMediCover.

VetsMediCover is a pet insurance broker based in Sutton Coldfield, West Midlands. The business was founded in 2016 and is led by Sarah Bascombe. Its primary focus is cat and dog insurance.

Post-completion, the business will become part of Insync Insurance, the fast-growing digital broker which was acquired by GRP in December 2020.

Jon Norman, Managing Director at Insync, said the addition of VetsMediCover to the Insync portfolio is a “very exciting opportunity for us to apply our digital capabilities to a growing brokerage. We’re looking forward to working with the VetsMediCover team to build out our presence in the pet market.”

Jon explained that Sarah Bascombe would retire from the business after a transitionary period, and her senior colleague, Ben Foley, would become Head of Pet and take over the daily management of the business. The rest of the team are all moving across to join Insync.

Sarah Bascombe said:

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Good and bad news: US pet food inflation remains steady

US retail price data for April 2023 showed pet food prices were 14.6% higher year over year (YOY) compared to April 2022. This represented just a slight increase over March 2023’s 14.4% pet food inflation yet was still almost three times the US national inflation rate—as shown by the consumer price index (CPI)—of 4.9% YOY. So the pet food figure is definitely a good news/bad news story: good that it seems to have steadied but bad that it’s still so painfully high.

John Gibbons, aka the Pet Business Professor, compiled and analyzed retail and producer price data from the US Bureau of Labor Statistics. For pet care overall, inflation in April came in at 10.4% YOY, more than twice as high as the CPI and a full percentage point over March’s 9.4% YOY. Besides pet food, veterinary services continue to drive inflation in the overall pet care sector.

Good news on the pet food producer price front…

Focusing on the good news part of the pet food inflation number, the pet food producer price index (PPI), or what you as pet food manufacturers are paying for ingredients, packaging, other supplies and functions, was 13.3% YOY for April 2023 vs .

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Companion Animal Digital Technology Market Survey Detailed Analysis and Forecast 2024-2031

InsightAce Analytics Pvt. Ltd. announces the release of a market assessment report on the “Global Companion Animal Digital Technology Market- by Type of Service (Telemedicine, Telehealth, Reminder Applications, Trackers, Wearables, And Platform Marketplaces), Animal Type (Dogs, Equine, Cats, and Others ), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”

According to the latest research by InsightAce Analytic, The Companion Animal Digital Technology Market Size is valued at 16796.20 Million in 2023 and is predicted to reach 8567.52 Million by the year 2031 at a 20.1 % CAGR during the forecast period for 2023-2031.

Request for Free Sample Pages: www.insightaceanalytic.com/request-sample/1203

Animal partners help humans by giving companionship. Pets kept as companions for people, homes, or businesses including dogs and cats.

These creatures contribute to keeping the environment safe. As they guard their properties, lands, and workplaces, there is an increased need to support the animals’ proper health.

The digital technologies for companion animal health are quickly expanding and gaining ground on the global market. These technologies allow animal sickness to be predicted, avoided, diagnosed, and safely treated.

It provides customers with a straightforward and completely customized experience for managing pet care by keeping tabs on a pet’s vital health routines,

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SK Telecom enters Japan’s pet care market

Getty Images
Getty Images

South Korea’s SK Telecom Co. has entered the Japanese pet market using its innovative artificial intelligence (AI) under a tie-up with Japan’s largest companion animal insurer to provide AI imaging diagnostic services for pets.

This comes just a year after SK Telecom’s entry into the imaging diagnostic market.

The company on Tuesday said it signed an agreement with Japan’s Anicom Holdings on Sept. 20 on the distribution of X Caliber, an AI-based image diagnostics service, to veterinary hospitals in Japan.

Anicom leads the Japanese pet insurance market with a 46% share and runs a veterinary hospital through a subsidiary.

Under this deal, SK Telecom has entered the lucrative Japanese pet market, which is three times larger than South Korea’s. The Korea Trade-Investment Promotion Agency said the Japanese market last year reached 1.75 trillion yen (15.9 trillion won or $11.7 billion) in value, far higher than South Korea’s 5 trillion won.

Japan also has three times the number of veterinary hospitals (about 12,000) than South Korea (some 4,000). Anicom is also building ties with over 6,000 of its nation’s veterinary hospitals, meaning that half of them are potential clients of SK Telecom.

SK Telecom is promoting its AI unit

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SK Telecom enters US pet market with Vetology Innovations deal

SK Telecom's Son In-hyuk, head of global solutions AIX, and Vetology Innovations CEO Seth Wallack pose for the photo at VMX 2024 in Orlando, Florida. [SK TELECOM]

SK Telecom’s Son In-hyuk, head of global solutions AIX, and Vetology Innovations CEO Seth Wallack pose for the photo at VMX 2024 in Orlando, Florida. [SK TELECOM]

SK Telecom signed a memorandum of understanding (MOU) with Vetology Innovations, a San Diego-based animal health care company, to enter the US pet market with “X Caliber,” its medical AI service for animals.

The strategic partnership was formed at the Veterinary Meeting & Expo 2024, one of the largest gatherings of veterinary professionals annually organized by the North American Veterinary Community in the United States. The event is held every January in Orlando.

The AI-powered service analyzes X-rays of pets to assist veterinarians to diagnose critical diseases. It was locally commercialized in September 2022.

Founded in 2011, Vetology Innovations currently provides remote radiology reading services to 3,000 vet clinics in the United States.

SK Telecom hopes the partnership would allow the two companies to share AI technologies and pet-related data they have accumulated from operating their services, as well as discussing new business opportunities to expand into the global market.

“Through this business deal, SK Telecom’s AI health care solutions are expected to gain recognition for their technological capabilities in the US market

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Walmart dominates the grocery market. Can it conquer pet services too?

The news: Walmart is opening a dedicated pet services facility that will offer veterinary care and dog grooming in an Atlanta suburb, per CNBC. The center will have its own dedicated entrance next to the store.

  • Although the retailer considers the center a pilot, it expects to open several more pet services locations by next year.
  • The pet services center will carry the Walmart name, but employees of vet care and pet product companies PetIQ will staff it.

The expansion into pet services comes at a time when roughly two in three consumers (66%) own a pet, per the American Pet Products Association, and pet owners (or pet parents, as some refer to themselves as) are increasingly treating them ( and spending on them) like family members.

The landscape: Our forecast expects pet product sales to grow 6.6% to $78.34 billion. But growth is on a downward trajectory since peaking at 27.0% in 2021 during the height of the pandemic-fueled pet boom.

  • Petco CEO Ron Coughlin suggested earlier this year that the pet supplies industry was “resilient to inflation” because pet owners continue to need to feed and care for their charges even when prices rise. But the
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New Pet Shop to Open on 4th Street in Hoboken This Summer

News

L&B Pet Market has been shared exclusively with The Hoboken Girl that it plans to open a second pet shop in Hoboken. The family-owned store based in Montclair is a haven for health-conscious pet owners and will be bringing another locally-owned pet shop to the Mile Square. L&B Pet Market is located at 15 South Fullerton Avenue in Montclair and is now expanding to Hoboken, as its owner is a Hoboken resident. Read on to learn more about L&B Pet Market coming to 155 4th Street in Hoboken.

l&b pets featured

The Journey to Hoboken

L&B Pet Market is a pet store owned by Mike D’Elia and his recently-retired mom. They opened L&B at 15 Fullerton Avenue in Montclair about four years ago. Now, the family-owned business is taking its chances on a second L&B Pet Market at 155 4th Street in Hoboken. The space comes with a bit of a surprise change of business — Erica Li, a beloved groomer in town, is said to be moving from the space (to a new location TBD). Erica posted on the Hoboken NJ Dog Lovers group on Thursday, February 8th, noting that she was looking for a new space as she had been

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How a Farmers Market Experience for Pets is Driving Sales

Pet parents today have elevated their expectations when it comes to caring for their furry companions. Beyond mere ownership, pets are now considered beloved family members, and as such, their care and well-being have taken center stage.

The changing landscape in pet care has brought about a significant shift in the demand for a more personalized experience when shopping for pet essentials and grooming services. This shift is not just a passing trend; it reflects a deeper connection between pet parents and their pets.

In response to this shift, Woof Gang Bakery & Grooming’s CEO Ricardo Azevedo and CMO Diego Suarez has embarked on a mission. Their goal is to offer pet parents an unforgettable experience while also ensuring that pets eagerly anticipate their grooming sessions. In a recent interview with PYMNTS, Azevedo and Suarez discussed the details of this concept and how they plan to expand it to various regions throughout the country.

“We all love our dogs so much, and when it comes to the shopping experience and serving society, there’s no way to survive in this industry if you don’t provide the very best. I think that really frames everything we do at Woof Gang,” Azevedo said.

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Analysis and Forecasts 2019-2029 by Pet Type (Dog, Cat, Fish, Bird, Others), and Category (Food, Product, Groom & Board)

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Company Logo

Nordic Pet Care Market

Nordic Pet Care MarketNordic Pet Care Market

Nordic Pet Care Market

Dublin, Nov. 27, 2023 (GLOBE NEWSWIRE) — The “Nordic Pet Care Market (2023 Edition): Analysis by Pet Type (Dog, Cat, Fish, Bird, Others), Category (Food, Product, Groom & Board), Sales Channel, By Country: Market Insights and Forecast (2019-2029)” report has been added to ResearchAndMarkets.com’s offering.

Nordic Pet Care Market report provides estimates of 2023 and the forecast period of 2024-2029.

The Nordic Pet Care market showcased growth at a CAGR of 4.30% during 2019-2022. The market was valued at USD 2962.62 Million in 2022 which is expected to reach USD 6672.30 Million in 2029. The market is expected to grow in the forecast period and register a market value of USD 6672.30 Million in 2029 at a CAGR of 13.28% during the forecast period.

The research report presents data including market size, yearly growth & potential analysis, the competitive study of market players, investment opportunities, and demand forecast. The research report also assesses growth indicators, restraints, supply and demand risks, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market evolution.

Consumers in Nordic countries prioritize sustainability, ethical

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