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.
The
pet food market in terms of pet type has been segmented into dog
food, cat food and others. The dog food segment held the largest
market share in the pet
food market in Asia Pacific. Increasing disposable income and
rising trend for nuclear family are some of the major factors fueling
the demand for dog food in Asia Pacific. However, the others segment
including fish food, reptile food, bird food and other small animals
is one of the fastest growing segments in Asia Pacific.
In
addition, the pet food market can be further segmented in terms of
food type into: dry food, wet food/canned food, nutritious food,
snacks/treats and others. The dry food segment held the largest
market share in Asia Pacific. Ease of handling and lower prices of
dry food as compared to other food types is one of the major factors
fueling the demand for dry food in Asia Pacific. However, the
nutritious food segment is the fastest growing segment in Asia
Pacific. Increasing awareness about pet health is one of the major
factors fueling the demand for nutritious food.
The
Asia Pacific pet food market is further segmented by country into
China, India, Japan, Australia, South Korea and rest of Asia Pacific.
Japan is one of the major markets for pet food in Asia Pacific.
Increasing trend for nuclear family and demand for small pets is one
of the major factors fueling the demand for pet food in Japan.
However, with smaller dwelling places the pet food market in Japan is
expected to experience stable growth throughout the forecast period.
“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.
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.
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