Key regions: Russia, Spain, Philippines, United Kingdom, India
The Pet Food market in APAC is seeing minimal growth, influenced by factors like changing consumer preferences and the rise of alternative pet food options. Despite this, the market is still seeing some growth due to the convenience and health benefits of digital technologies and online pet food services.
Customer preferences: As pet ownership continues to rise in the APAC region, there has been a noticeable shift in consumer preferences for pet food. More pet owners are seeking out natural and organic options for their furry companions, as well as products that cater to specific dietary needs or restrictions. This trend is influenced by the growing emphasis on pet health and wellness, as well as the increasing importance placed on pets as members of the family. Additionally, there has been a rise in demand for personalized and customizable pet food options, reflective of the growing trend of personalization and customization in the overall food market.
Trends in the market: In APAC, the Pet Food Market within The Food market is experiencing a rise in demand for premium and natural pet food products. This trend is driven by an increasing awareness of pet health and wellness, as well as a growing pet humanization trend. In addition, there is a shift towards online purchasing of pet food, with e-commerce channels gaining popularity due to their convenience and wider product selection. This trend is expected to continue, as consumers become more tech-savvy and seek out personalized and convenient options for their pets. The implications of this trend for industry stakeholders include the need for innovative and high-quality products, as well as a strong online presence and marketing strategies to reach and engage with the growing number of online pet food consumers.
Local special circumstances: In Japan, the Pet Food market is heavily influenced by cultural factors such as the strong bond between pets and their owners, leading to a high demand for premium and organic products. The market is also regulated by strict labeling laws and animal welfare standards, which impact product offerings and pricing. In China, the market is driven by the country's growing pet ownership and increasing awareness of pet health and nutrition, leading to a surge in demand for functional pet food and online sales channels.
Underlying macroeconomic factors: The growth of the Pet Food market in APAC is also influenced by macroeconomic factors such as consumer spending power, government regulations, and economic stability. Countries with strong economic growth and supportive policies for the pet food industry are seeing higher market growth compared to regions with economic challenges and strict regulations. Additionally, the increasing pet ownership and humanization trend in the region is driving the demand for high-quality and premium pet food products, leading to a rise in overall market size.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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