2014-01-09 12:25:03 - Pet Products in Vietnam - a new market research report on companiesandmarkets.com
In 2012, value sales of pet products in 2012 increased by 21%, which was slower than in 2011. This was due to the fact this pet care category became more mature in 2012, and not many manufacturers invested in advertising and marketing activities to drive growth. However, pet products was still able to see a good performance supported by rising demand for it such as in pet healthcare and cat litter. Demand for pet products in Vietnam continued thanks to various reasons. Higher income levels and improvement of living standards contributed as more Vietnamese consumers were more willing to spend more on their pets. Additionally, the new trend of pet humanisation in Vietnam´s big cities such as Ho Chi Minh
and Hanoi resulted in people treating their pets like friends or members of the family. As such, these pet owners paid a lot of attention to pet products to improve the quality of their pet´s life.
In 2013, in general, pet products is not expected to see a significant change from the competitive landscape of 2012. Many leading brands such as Fay had strong footholds in the category, and a large number of regular customers. With good quality and variety in products, price is what makes the difference in the value growth of a brand. Fay´s company, Hoang Anh Co Ltd, implemented a pricing strategy to fit Vietnam consumer spending, and invested in advertising to attract them.
Pet products is expected to increase by a constant value CAGR of 8% over the forecast period, which is slower than the constant value CAGR of 11% over the review period. The slower value growth of pet products is mainly due to the limited advertising and marketing within the category. As such, despite the rapid expansion of pet food, consumers have not yet paid much attention to pet products. Over the forecast period, only leading players such as Hoang Anh are likely to invest in marketing and advertising activities to build their brands, as well as to capture value share, before new players enter, drawn by the potential of this category.
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