"No sign of slowing"

We used to compete with only about four or five leading pet food brands in most markets. Currently, in the United States we compete with more than 100 brands. The level of pet food competition in virtually all countries today is fierce. On a positive note, over the past two decades the global pet food market has expanded beyond all expectations. Explosive growth begets new entrants. Competition is beneficial not only to consumers; it also forces us to constantly improve. Our product offering is much stronger now than at any time in the past. Much of this can be attributed to the competitiveness of the market today.

There are currently three decisive trends that are profoundly shaping the pet food market. They are humanisation, premiumisation and naturalisation. To the surprise of many, these movements show no sign of slowing. Indeed, we may still be in the early days of these market transformations.

It isn't a market category that we're pursuing.

Nowhere is this development more evident than in Europe, where e-commerce is drastically changing the pet product business. What's more, the changes we've seen are only the beginning. With respect to price, I suspect that certain companies have turned a blind eye to pricing policies due to their declining sales. Such a strategy will ultimately damage those brands. Our goal is to continue to strike a balance between successfully building upon our partnerships with the traditional pet speciality channels and successfully adapting to an ever-changing e-commerce landscape. We see tremendous opportunities for both traditional retailers and e-commerce businesses.

Without a doubt, Global Pet Expo is one of the world's best venues for exhibiting pet…