TAIWAN PET FOOD MARKET 2022-2026
MARKET OUTLOOK
The Taiwan pet food market is expected to develop with a CAGR of 7.40% by value over the projected period 2022-2026. It is also expected to rise with a CAGR of 3.21% by volume during this period.
The increased importance of pets in families is a leading factor for market growth. The demand for healthcare products, beauty products, and branded clothing, as well as natural and premium products, is on the rise. Statistics show that Taiwanese pet owners are more likely to treat their pets with greater care. For example, they are increasingly choosing special foods tailored to their pets’ specific nutritional needs. This has resulted in a higher demand for premium and super-premium pet food.
However, the high cost of raw materials in the initial part of 2021 presented a major challenge for the entire animal feed industry. Subsequently, the outbreak of the COVID-19 pandemic worldwide affected meat packers in Europe, particularly in Germany and the United Kingdom. Taiwan largely imports raw materials needed for producing animal feed from these countries. The temporary closure of several businesses here, along with the subsequent generation of shortages of flours and animal origin fats, immediately led to an increase in their costs.
COMPETITIVE OUTLOOK
The biggest names in the pet food market are Fwusow Industry Co Ltd, ISCO Co, Perfect Companion Group Co Ltd, Hill Pet Nutrition Inc, and Mars Petcare Ltd.
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