DUBLIN, October 13, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Pet Care Market 2016-2020" report to their offering.
Pet owners treat their pets as family members and pamper them with a variety of pet food; this is directly contributing to an increase in the sales of pet care products. Pet owners have also started preferring healthy and natural food products for their pets. Therefore, pet food manufacturers are focusing on formulating pet food products with new ingredients to provide better nutrition.
According to the report, high profit margins for manufacturers is an important driver contributing to this market's growth. Pet care manufacturers are leveraging on the growing number of pet owners and their willingness to pay for premium products by offering a wide range of innovative, specialized, and premium products. Pet retail stores are estimated to have gross profit margins of 35%-45%.
Pet food manufacturers are experiencing high profitability as pet owners continue to purchase special food formulations to maintain the health and well-being of their pets. With strong demand and rising sales, manufactures are expected to achieve even higher profit margins. Products such as food and pet supplies have high mark-ups and drive the profitability of manufacturers.
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SOURCE Research and Markets
