The UK garden supply and petfood stores industry has faced a number of factors over the past five years that caused the industry's revenue to fall, according to IBISWorld's research report.
The report says sustained recessionary economic conditions have led to a significant decrease in disposable income for consumers, who subsequently reduced discretionary purchases. Additionally, pet owners faced with financial restrictions and the rising costs of utilities, food and transportation were forced to reduce expenditure on pet supplies or give up their pets entirely.
Over the five years through 2013-14, the report estimates industry revenue to be decreasing at a compound annual rate of 3.3 percent.
“The industry's poor performance has been mitigated by consumers with a great affection for their pets, and unwilling to cut back on pet expenditure," says IBISWorld industry analyst Temitope Onabanjo.
The industry is expected to recovery steadily and slowly over the next five years in line with the eventual recovery of the UK economy. The full report can be purchased online.
The intent was to educate regulators and industry about the Model Pet Food Regulations
It gives more direct control to CVM in establishing and maintaining ingredient definitions
Public meetings invited comments and provided updates
There's a disconnect between consumers' confidence in petfoods and their knowledge of what makes the foods nutritious
Now is the time for packagers, producers, marketers and manufacturers to capitalize on the traveling with pets trend
Read more of Dr. Mukund Parthasarathy's insights on the changing petfood retail market and how it affects petfood manufacturers large and small
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