After the epidemic, with the popularity of pet ownership, the global pet products market has ushered in considerable growth. According to Commonthread data, the global pet industry market size will reach $261 billion in 2022, a year-on-year increase of 125%, and the global pet industry is expected to grow at 6The compound growth rate of 1% continues to grow, and the global market size is expected to reach $350 billion by 2027.
Under the enthusiasm of high pet raising, the domestic pet market continues to roll involution and competition intensifies, but the foreign pet consumer market still has great potential.
Regionally, opportunities are concentrated in the United States and Brazil, the two largest countries.
The United States is the world's largest pet economy market, accounting for 43 percent of the market7%。According to the latest data, 66% of U.S. households own pets, which equates to about 86.9 million households having pets. In 2022, U.S. pet consumer spending will exceed $136.9 billion post-pandemic. As the world's largest consumer of pet products, the consumption habits and consumption direction of American users are of great significance for Chinese companies to select products overseas.
Other services include boarding, grooming, insurance, training, pet sitting and walking, and everything other than veterinary care.
part.01
Insight into the selection of pet tracks.
As the 00 generation has become an important component of the mainstream consumer group in society, an obvious feature is that the younger generation of pet owners are more anthropomorphic, and the demand for pet products is more subdivided, covering a wider range of categories. Daily pet raising is upgraded to science and refinement.
In addition to basic survival supplies, the demand for supplies in specific scenarios is also increasing. For example, the intimate human-pet relationship drives the pet home entertainment scene (pet clothing, cat scratching board, etc.), and the pet travel scene (pet cart, air box, cage, pet backpack, etc.) all show a good upward trend.
The role of pet products has also shifted from meeting the basic needs of pets to providing emotional value extension for pet owners.
part.02
With the help of scientific and technological innovation categories, a differentiated play method is formed.
Compared with the deep cultivation of overseas companies in the food and other pet high-frequency rigid demand products, an important way for domestic enterprises to enter the overseas pet products market is to innovate products to achieve differentiated competition, and work hard in smart products, pet toys and other categories.
In this regard, domestic enterprises can benchmark and learn from the same industry benchmarking enterprises, for example, pet toy brand cheerble, in 2017 began to enter the smart pet products track, its main products are mainly toys for cats and dogs, product types cover wicked ball (toy ball), cheerble board game (game), ice cream ball (ice cream ball) and so on.
From the product point of view, searching for cat toy balls on Amazon, cheerble cat toy balls** are not low, and they are not outstanding in terms of cost performance, but their star products are mainly intelligent, for example, cheerble toy balls have built-in intelligent motion sensors and automatic obstacle avoidance functions.
As highlighted in the Cheerble brand campaign, make a smart companion for your pet through interactive design. Cheerble has extended its product iteration and series of derivatives, such as its Wicked Ball derived from a number of products, of which Wicked Ball SE is already its fifth product, this product design method not only makes the new product more suitable for the needs of the audience, but also strengthens the impact of brand professionalism on users and forms a differentiated play.
part.03
Strategies for new entrants.
Through strategies such as localization, innovation, digitalization and customer engagement, players are expected to emerge in the 100 billion market. For new players, LTMate gives 4 strategic suggestions based on years of practical experience:
First, localize, understand the culture and consumer needs of your target market, and adapt your products and marketing strategies to meet local tastes and preferences.
Second, innovation and differentiation, offering a unique product or service that differentiates itself from its competitors. This can include sustainable products or novel customization options.
Third, digitalization and customer engagement, building a strong channel, providing a convenient shopping experience, and connecting with customers through influencer marketing, social media content marketing, and community.
A successful KOL KOC collaboration requires careful planning. Brands need to consider their target market, audience, and fit with the brand image when choosing who to work with.
At the same time, you need to be creative enough to ensure that the ad content is engaging and resonant. By working closely with influencers, brands can better communicate their core values and product features, and achieve sustainable growth in the international market.
Finally, look for local partners, such as local retailers, distributors, or pet health professionals, to expand distribution channels and increase visibility. At the same time, complete customer support and after-sales service to establish a loyal customer base.
For example, in the cooperation with the local pet brand A in the United States, LTMATE helped customers increase sales through localized market research, differentiated product selection, and Amazon's full-trust operation. In addition, it also simultaneously operated the brand's social media account, looked for local pet experts to cooperate, and enhanced the brand voice through "popular social media layout + celebrity promotion", and finally the brand not only achieved excellent sales performance, but also accumulated a large number of private domain users, forming word-of-mouth repurchases.
To sum up, whether overseas or domestic, there are still many opportunities in the pet products market worth exploring, a comprehensive analysis of the status quo of traditional Chinese pet products enterprises and enterprises going to sea, we can find that the first choice for pet products to go to sea market is still the United States, despite the fierce competition, but the market is vast, and the opportunities are still there.
In addition to making more deep cultivation in the field they are good at, more importantly, they should make innovations in product selection, and even take the initiative to help consumers tap their needs, educate and guide consumers through products, so as to become industry leaders, and be able to achieve more refinement, specialization and depth in the industry.