Middle East and Latin America Pet Food Market: Snapshot
The growing adoption of companion animals, especially dogs and cats in various countries of the Middle East and Latin America and the increasing focus by pet owners on providing nutritious foods are the key factors driving the demand for pet food market. The growing inclination of pet owners in parts of the Middle East to offer quality and nutritious foods to their pets has provided a robust impetus to the pet food market. The rising adoption of fish in several nations of the Middle East and Latin America is a notable trend boosting the market. Stricter regulations by prominent regional regulatory agencies focus on the ingredients used in pet food and mandates them to be safe and meet the specific health requirements of pets. This has favorably impacted the growth of the Middle East and Latin America market for pet food. In addition, stringent regulations on pet food labelling is expected to bode well for the pet food market.
The pet food market for the Middle East and Latin America is projected to reach US$350.5 mn by the end of 2020. The pet food market for the Middle East is forecast to rise at a CAGR of 5.6% during 2014 - 2020. Rising at a CAGR of 3.4% during the same forecast period, the Latin America market is anticipated to reach US$10,361.0 million by the end of the period.
Nutritious Food Segment to Pick up Significant Pace for Ailing Pets
Based on type, the major segments in the Middle East and Latin America market for pet food are wet/canned food, dry food, snacks/ treats, nutritious, frozen food, and semi-moist food. Of these, in 2013, the segment for dry food held the leading share of the market. The dominance is mainly attributed the convenience in handling and low price. Furthermore, dry food can be stored for longer duration, which has catalyzed the growth of the segment.
However, in recent years the wet food segment has gathered pace and is driven by its substantial demand as a practical choice for owners who need to provide adequate hydration to the diet of their pets. The emerging demand for wet food is attributed to their suitability for older and ailing pets, or those who cannot chew. Nevertheless, since wet pet foods have limited shelf-life and they are usually priced higher than dry foods, their current demand is crippled to an extent.
Meanwhile, the segment of nutritious food is projected to rise at an impressive pace over the forecast period. The growth is likely to be driven by the rising number of pets affected by illnesses such as Lyme borreliosis and canine parvovirus infection in the Middle East and Latin America. In addition, the growing inclination among pet owners to provide adequate nutrition is expected to fuel their demand the Middle East and Latin America over the forecast period.
Demand for Pet Food by Dogs to Reign Supreme
Based on pet type, the Middle East and Latin America market for pet food is segmented into dog food, cat food, fish food, and bird food. Of these, the dog food segment held the major market share, mainly attributed to their rising adoption as companion animal in a number of nuclear families in several countries of the Middle East and Latin America. Meanwhile, the demand for fish food is projected to witness steady growth, fuelled by the rising popularity of fish as pets.
Regionally, the Middle East and Latin America pet food market is segmented into the Middle East and Latin America. On the basis of country, the Middle East market is segmented into Israel and UAE, while the Latin America market is divided into Brazil and Argentina. The Latin America market for pet food is maturing and hence predicted to witness a slowdown in growth in the coming years. On the other hand, the Middle East is projected to rise at a robust CAGR over the forecast period.
The pet food market of Middle East and Latin America is expected to experience a stable growth from 2014 to 2020. The pet food market report is segmented on the basis of pet type, food type and by geography. The various category of food type includes dry food, wet/ canned food, snacks/ treats, nutritious and others including semi dry food and frozen food. By country, the pet food market of Middle East is segmented by country into Israel, UAE and others. The Latin America pet food market is segmented by country into Brazil, Argentina, and others consisting of Chile and Venezuela.
The pet food market of Middle East and Latin America is primarily driven by growing awareness of pet owner’s regarding pet health, thus increasing the demand for packaged and branded food. In addition, demand for pets for companionship and for security reason is rising due to the growing trend towards nuclear family. This, in turn, has significantly boosted demand for pet food in these regions.
However, the rising incident of pets being allergic and strict government regulations acts as the restraining factors for the growth of pet food market. In addition, the increasing expense of feeding pets and cultural/Islamic regulations also hinders the growth of pet food market.
The study highlights current market trends and provides the forecast from 2014 to 2020. We have also covered the current market scenario for pet food market and highlighted future trends that will have an impact on demand. The present market size and forecast until 2020 has been provided in the report. The micro economic factor affecting the demand and growth of the market has also been provided in the report.
The pet food market in the Middle East is expected to experience stable growth during the forecast period. Demand for pets for companionship is rising due to the growing trend towards nuclear family. This, in turn, has significantly boosted demand for pet food in the region. Furthermore, increasing awareness among people regarding the health of pets is anticipated to fuel demand for pet food in Middle East and Latin America. In Latin America, the major factor fuelling the demand of pet food is rapid urbanization. Urbanization is associated with busy work schedule leading to increasing adoption of pets.
In both Middle East and Latin America, dry pet food held the maximum share in the pet food market among the different food types because of its ease of handling and less cost. Moreover, it is easier to feed pets with dry pet food. Among the pet types, the dog food held the major share. The trend shows that dogs are much more preferred than other pets as it can be used to release stress and for security purposes also. This factor is fuelling the demand for dog food in this region. However, in both Middle East and Latin America the nutritious pet food is the fastest growing segment. As people are getting more attached towards pet they are becoming very much cautious about their pet’s nutrition. Owners endeavor to provide nutritious food to pets is the factor responsible for the growth of the nutritious pet food market.
The conclusive analysis of the Middle East and Latin America Pet food market and the forecasted market growth for the period 2014 to 2020 is provided in this report. The report provides in depth study of different market segments and detailed analysis of the pet food market in all possible way across different segments based on food type, pet type and by geography.
Overall, the report takes into account a complete analysis of Middle East and Latin America pet food market and provides a predicted growth for the period 2014 to 2020, taking into account the various macro and micro economic factors affecting the market.
The pet food market is segmented into:
Pet Food Market, by Pet Type
- Dog Food
- Cat Food
Pet Food Market, by Pet Food Type
- Dry Food
- Wet/Canned Food
- Snacks/ Treats
Pet Food Market, by Geography:
- Middle East
- Latin America