Definition:
The Pet Food market covers food that has been specifically created to meet the nutritional requirements of domesticated animals, including dogs, cats, as well as feed products for other less common house pets such as rodents and reptiles. Various components that supply vital nutrients for the animal’s health and wellness are often included in pet food.
Additional Information:
The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The Pet Food Market in ASEAN is seeing minimal growth, influenced by factors such as changing consumer preferences, increasing competition, and strict regulations. Despite this, the market is expected to experience steady growth in the coming years due to rising pet ownership and a growing focus on pet health and wellness.
Customer preferences: As pet ownership continues to rise in ASEAN countries, consumers are becoming more conscious about their pets' health and well-being. This has led to a growing demand for natural, organic, and functional pet food products. Additionally, there is a growing trend towards personalized nutrition for pets, with consumers seeking customized diets based on their pets' specific needs and preferences. This shift towards health and wellness in the pet food market is influenced by the increasing awareness of the role of nutrition in pets' overall health and the rising disposable income of pet owners.
Trends in the market: In ASEAN, the Pet Food Market within The Food market is experiencing a shift towards premium and organic pet food products, driven by the increasing focus on pet health and wellness. This trend is expected to continue, with consumers willing to pay higher prices for higher quality pet food. In addition, there is a growing demand for pet food with natural and functional ingredients, as pet owners seek to replicate their own dietary choices for their pets. These trends present opportunities for pet food companies to expand their product offerings and cater to the evolving preferences of pet owners. However, this also poses challenges for smaller players in the market, who may struggle to keep up with the innovation and production capabilities of larger companies. Therefore, it is crucial for industry stakeholders to stay informed about these trends and adapt their strategies accordingly to remain competitive in the evolving Pet Food Market.
Local special circumstances: In ASEAN, the Pet Food Market is heavily influenced by the region's diverse cultural and regulatory landscape. In countries like Thailand and Indonesia, pets are considered family members and are often pampered with premium pet food products. In contrast, the market in Vietnam and Cambodia is driven by the increasing pet ownership among the younger generation, leading to a rise in demand for affordable and nutritious pet food options. Additionally, varying regulations on pet food ingredients and labeling requirements also impact product offerings and consumer preferences in different countries.
Underlying macroeconomic factors: The Pet Food Market within The Food market is also affected by macroeconomic factors such as consumer spending patterns, trade policies, and government regulations. Countries with stable economic conditions and a growing middle class are seeing higher demand for premium pet food products, while countries with strict import regulations may limit market growth. Additionally, rising disposable incomes and a growing pet ownership trend in ASEAN countries are contributing to the overall growth of the Pet Food Market.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights