Pet food innovation in Mexico reaches peak
As new products come to market, the Mexican pet food market reflects a higher degree of development. At the same time, a broader product range likely suggests greater premiumization of the market.
Yet, with hundreds of pet food brands playing in the market, it’s hard to keep track of every product launched throughout the year. For this reason, official pet food product registrations help track new product developments.
Development of pet food products favors market leaders
According to a report by Triplethree International on premium pet food, in 2022, 3,511 pet food products were registered with Senasica, a government agency that oversees the regulatory framework and authorizations in Mexico. Twenty companies hold 75% of total product registrations, with the top 10 manufacturers accounting for 56%. The average number of registered products per company is 26 products, but market leaders typically have over 100 registrations each.
Usually, Senasica takes about six months to authorize a product. As a result, agency approval of product registration can be slow for some companies; yet local producers still release hundreds of products every year.
Product innovation is quite dynamic from year to year
The report states that in 2016, Senasica approved 1,747 pet food products. Six years later, in 2022, the product range has doubled, with nearly 300 new product varieties introduced per year.
Premium pet foods and treats regularly dominate product innovations. In particular, new flavors and ingredients, alternative recipes and hundreds of treat products are some of the latest innovations introduced by market leaders over the past year. New product claims for dog food include weight control, dental health, prescription foods and products for specific breeds and ages of dogs.
This active product innovation can reflect the positive impact of pet humanization. In this regard, there is plenty of room for further innovation, especially for follower companies playing in the market with a more limited product offering. Many companies, for example, only have one or a maximum of five pet food products approved for sale.