MARKET OUTLOOK
The market for pet healthcare in Italy has been anticipated to upsurge with 3.30% of CAGR in the forecasting years of 2019-2025.
As per the National Association of Manufacturers for Food and Care of Companion Animals (ASSALCO), more than 60% of households in Italy own a dog or a cat. Therefore, as of 2015, pet ownership in Italy included around 6 million dogs, more than 7 million cats, 12 million birds and 29 million fishes. Italian consumers have been demanding value-for-money products due to their falling disposable incomes. As the economy is stagnant, they have to find ways to cut costs and give their pets the best possible food. This has instigated avoiding pet food wastage and has accomplished the task of not compromising on quality. This factor is driving consumers to buy single-serve wet food packs and larger convenient dry food packs. Multinational companies dominate the Italian market because of their long-established presence and higher budget for advertising and research. There is also a trend of convergence between human and pet food-like products that cater to specific pet needs, like food intolerances & allergies, etc.
COMPETITIVE OUTLOOK
The preeminent companies in the Italy pet healthcare market are Bayer AG, Eli Lilly and Company, Zoetis, Inc., The Hartz Mountain Corporation, The J.M. Smucker, Co. and Church & Dwight Co., Inc.