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.
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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
- Others
By
Food Type
- Dry Food
- Wet Food/Canned Food
- Nutritious Food
- Snacks/Treats
- Others
By
Country
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
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