Asia - Pacific Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia - Pacific Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia Pacific pet food industry is expected to register a CAGR of 5.8% during the forecast period. Pet foods are gaining popularity in the region owing to the high nutritional value in it. Pet foods are easily digestible for pets and help in avoiding health issues like food allergies, obesity, and a sensitive stomach. An increase in the pet population in the region due to pet humanization has boosted the pet food market. Rising disposable income due to urbanization has increased the demand for pet food. Changing perception of consumers towards pet health and the rising trend of nuclear families have also enhanced the market. The mixture of different cultures leading to different buying patterns in the market is helping the growth of the market. According to the National Bureau of Statistics, the Pet industry in China is reported as the fastest growing industry. Stringent rules and regulations are posing a restraint to the growth of the pet food market. The rise of e-commerce has contributed towards the sale of pet food through online medium.

Key Market TrendsIncreasing Number of Nuclear Family Households

Over the years, there has been a shift in the culture of families in the Asia Pacific and the number of nuclear families have risen. Urbanization and changing preferences have made this change in family structure. This factor has contributed to the growth of the pet food industry. As the number of households reduces, there has been an increase in demand for pets as companions. There has been a high divorce rate and an increasing single population in Australia. According to the Australian Bureau of Statistics, the number of divorces was 49,409. High educational level and modern infrastructure facilities in economically developed nations like Japan and Korea are accompanied by a strong sense of culture and locality. These factors have increased the humanization of pets which is leading to the growth of the pet food market. According to Statistics Korea, there was a divorce rate in the age group of 20 to 30 years of age. These factors have eventually pushed the adoption of pets, thereby enhancing the pet food market in Asia-Pacific

Increasing Online Sales of Pet Food

The high internet connectivity in the nations of the Asia Pacific region is boosting e-commerce sites as an effective distribution channel for pet food sales. The ideas on convenience, affluence, and exclusivity are crucial for the consumers of developing nations. There is a wider sense of safety and market awareness among the consumers towards the procurement of pet wellness products and foods. The market forces along with the connectivity in the majority of areas are expected to boost the market. The popularity of branded products and unreliability towards local products has boosted the reliance on e-commerce sites for access to quality products. Pet humanization has increased the demand for high-quality products for pets especially through online retail channels.

Competitive Landscape

The pet food industry is consolidated with major players making new innovations from time to time. The market is driven by customer loyalty and the habitual eating pattern of pets. Since the pet food industry is influenced by the habits developed in pets, it is more difficult to gain market share. With growing importance for natural foods due to health reasons, major players are looking to expand in that direction. Markets for Asia Pacific pet food products are opening with the termination of anti-dumping measures on Chinese pet products by the EU in 2017. The major players in the segment include Mars Inc, Nestle SA (Purina), Colgate Palmolive (Hill’s Pet Nutrition), Uni-Charm Corp, JM Sucker (Big Heart).

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