Middle
East and Latin America Pet Food Market: Snapshot
The
growing adoption of companion animals, especially dogs and cats in
various countries of the Middle East and Latin America and the
increasing focus by pet owners on providing nutritious foods are the
key factors driving the demand for pet
food market. The growing inclination of pet owners in parts
of the Middle East to offer quality and nutritious foods to their
pets has provided a robust impetus to the pet food market. The rising
adoption of fish in several nations of the Middle East and Latin
America is a notable trend boosting the market. Stricter regulations
by prominent regional regulatory agencies focus on the ingredients
used in pet food and mandates them to be safe and meet the specific
health requirements of pets. This has favorably impacted the growth
of the Middle East and Latin America market for pet food. In
addition, stringent regulations on pet food labelling is expected to
bode well for the pet food market.
The
pet food market for the Middle East and Latin America is projected to
reach US$350.5 mn by the end of 2020. The pet food market for the
Middle East is forecast to rise at a CAGR of 5.6% during 2014 - 2020.
Rising at a CAGR of 3.4% during the same forecast period, the Latin
America market is anticipated to reach US$10,361.0 million by the end
of the period.
Nutritious
Food Segment to Pick up Significant Pace for Ailing Pets
Based
on type, the major segments in the Middle East and Latin America
market for pet food are wet/canned food, dry food, snacks/ treats,
nutritious, frozen food, and semi-moist food. Of these, in 2013, the
segment for dry food held the leading share of the market. The
dominance is mainly attributed the convenience in handling and low
price. Furthermore, dry food can be stored for longer duration, which
has catalyzed the growth of the segment.
However,
in recent years the wet food segment has gathered pace and is driven
by its substantial demand as a practical choice for owners who need
to provide adequate hydration to the diet of their pets. The emerging
demand for wet food is attributed to their suitability for older and
ailing pets, or those who cannot chew. Nevertheless, since wet pet
foods have limited shelf-life and they are usually priced higher than
dry foods, their current demand is crippled to an extent.
Meanwhile,
the segment of nutritious food is projected to rise at an impressive
pace over the forecast period. The growth is likely to be driven by
the rising number of pets affected by illnesses such as Lyme
borreliosis and canine parvovirus infection in the Middle East and
Latin America. In addition, the growing inclination among pet owners
to provide adequate nutrition is expected to fuel their demand the
Middle East and Latin America over the forecast period.
Demand
for Pet Food by Dogs to Reign Supreme
Based
on pet type, the Middle East and Latin America market for pet food is
segmented into dog food, cat food, fish food, and bird food. Of
these, the dog food segment held the major market share, mainly
attributed to their rising adoption as companion animal in a number
of nuclear families in several countries of the Middle East and Latin
America. Meanwhile, the demand for fish food is projected to witness
steady growth, fuelled by the rising popularity of fish as pets.
Regionally,
the Middle East and Latin America pet food market is segmented into
the Middle East and Latin America. On the basis of country, the
Middle East market is segmented into Israel and UAE, while the Latin
America market is divided into Brazil and Argentina. The Latin
America market for pet food is maturing and hence predicted to
witness a slowdown in growth in the coming years. On the other hand,
the Middle East is projected to rise at a robust CAGR over the
forecast period.
