The presence of a number of large-scale companies, such as Nestlé, Procter & Gamble Co., Mars Inc., and Colgate-Palmolive Co. points towards a high degree of competition within the in Asia Pacific pet food market, finds a report by Transparency Market Research (TMR). Regional pet food producers are facing great difficulties in gaining a foothold in this market due to the loyal customer base these brands have created.
The Asia Pacific market for pet food presented an opportunity worth US$9.1 bn in 2013, states the report. Analysts at TMR project this market to expand at a CAGR of 2.30% during the period from 2014 to 2020 and increase to US$10.7 bn by the end of the forecast period. In terms of volume, the market is likely to reach 803.3 kg million by 2020. Dog food registered a higher demand than other pet food in 2013. With a CAGR of 2.40% between 2014 and 2020, the segment is expected to remain dominant throughout the forecast period.
Rising Demand for Pet Food in China and India to Affect Japan Pet Food Market
Based on the geography, the Asia Pacific pet food market has been spread across Japan, China, South Korea, Australia, India, and the Rest of Asia Pacific. Among these, Japan has surfaced as the leading consumer of pet food, thanks to the high awareness level regarding pet health.
In 2013, the country held a share of 41.1% in the overall market. However, in the near future, the demand for pet food is likely to escalate significantly in India and China, impacting the Japan pet food market negatively. The changing lifestyle of consumers is anticipated to boost the demand for pet food in China and India, which are expected to report a CAGR of 8.0% and 12.50%, respectively, between 2014 and 2020.
Increase in Awareness Levels regarding Pet Health Fuels Demand for Pet Food
“Keeping a pet and spending on its care have a cultural as well as social importance in Asia Pacific, leading to a high count of pets here,” states an analyst. Due to the growing awareness pertaining to pet health, together with the increasing disposable income of consumers, the demand for pet food in Asia Pacific has been witnessing a tremendous rise and is expected to remain increasing over the coming years.
Apart from this, the increasing palatability of pet food products, due to the intensifying competition between producers, is also attracting a significant amount of demand, leading to a remarkable growth in this market in the long term.
Growing Trend of Smaller Pets to Limit Pet Food Consumption
Although representing a bright future, the pet food market in Asia Pacific is anticipated to face quite a few hurdles during the forecast period. The main among them is the growing trend of smaller pets. As smaller pets require less amount of food, the consumption will reduce automatically, causing an adverse impact on the Asia Pacific pet food market in the near future. Other than this, stringent government rules implemented to regulate the quality of pet food are also projected to hinder the growth of this market considerably over the next few years, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Pet Food Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The Asia Pacific market for pet food is segmented into:
By Pet Type
- Dog Food
- Cat Food
By Food Type
- Dry Food
- Wet Food/Canned Food
- Nutritious Food
- South Korea
- Rest of Asia Pacific
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