The
pet food market is thriving with fads and trends that are no
different from the marketing campaigns for human food. The demand for
pet food is growing steadily after the largest recall in 2007,
resulting in a rapid inclusion of organic and natural ingredients in
pet foodstuff. Pet owners have the options of choosing from
free-range, human-grade, organic, pure, holistic, and natural pet
foods. The need for companionship is rising rapidly in the Middle
East and Latin America owing to a growing inclination towards nuclear
family. This has given rise to a number of people adopting pets and
thus, leading to the growth of the pet food market.
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According
to a recent study published by Transparency Market Research (TMR),
the Middle East and Latin America pet food market was valued at
US$239.6 mn in 2013 and is expected to reach US$350.5 mn by 2020. The
market in the Middle East is projected to expand at a CAGR of 5.6%
from 2014 to 2020. The Latin America pet food market was valued at
US$8,202.1 mn in 2013 and is expected to reach US$10,361.0 mn by
2020. The market is expected to expand at a CAGR of 3.4% from 2014 to
2020.
In
this blog post, TMR answers three critical questions about the Middle
East and Latin America pet food market:
Q.
What factors are leading to a rise in the demand for pet food in the
Middle East and Latin America?
The
heightened demand for companionship and owing pets for security
reasons are primary reasons behind the growing number of people
adopting pets, subsequently giving rise to the demand for pet food.
The growing trend of nuclear families is another factor driving the
demand for pet foods. The rising concern and care for pets and rapid
urbanization have led to an increase in the demand for pet foods. The
increasing demand for branded and packaged food is also causing the
pet food market in the Middle East and Latin America to grow to some
extent. An overall increase in the disposable income among the people
has also encouraged people to adopt pets and is boosting the pet
food market.
Q.
Which will be the pet food type that will witness the fastest growth
rate?
The
dry pet food segment led in the Middle East and Latin America pet
food market among the different food types in 2013. Owing to the ease
of handling and lesser cost, the dry pet food segment led in the
market in 2013. Moreover, dry food can be stored for a longer time
and feeding pets is easier.
However,
the nutritious food segment is expected to be the fastest growing
segment in the Middle East and Latin America. The growth of the
nutritious food segment is due to increasing concerns among pet
owners regarding pet health. The growing incidences of diseases such
as canine parvovirus infection and Lyme disease will also lead to a
rise in the demand for nutritious food segment.
Q.
What are the recent trends in the pet food industry in the Middle
East and Latin America?
Organic
pet food is one of the emerging trends in the pet food industry. For
instance, Natural Planet Pet Foods has choices for organic foods and
have products containing exotic protein sources such as duck, rabbit,
and kangaroo.
Soups
are another emerging space and accelerating the value of pet food. A
case in point would be Mars Petcare. In June 2016, the company
launched Sheba Classic Soups for cats. Moreover, investments for
expansion of facilities, with a vision to give pets better and more
nutritious food are some of the other trends that are catching up
with market players. For instance, Royal Canin has announced the
investment of US$100 mn for expanding their facility in South Dakota.
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