Key regions: Russia, Spain, Philippines, United Kingdom, India
The Pet Food market in Australia & Oceania is experiencing slow growth due to factors such as low consumer awareness and limited online options. Despite the negligible growth rate, the market is expected to see some growth in the coming years with the rise in pet ownership and increasing demand for premium pet food products.
Customer preferences: With the increasing awareness of sustainability and animal welfare, consumers in Australia & Oceania are gravitating towards ethical and environmentally-friendly pet food options. This trend is further bolstered by a growing demand for natural and organic ingredients in pet food products. Additionally, there is a rising preference for personalized and customized pet food options, as pet owners seek to provide the best nutrition for their furry companions. This has led to the emergence of subscription-based services and online platforms offering tailored pet food plans.
Trends in the market: In Australia & Oceania, there is a growing trend towards natural and organic pet food options, as pet owners become increasingly conscious of the ingredients in their pets' food. This trend is expected to continue, with a projected annual growth rate of 6.3% for the pet food market in the region. This shift towards healthier options is also seen in the rise of specialty diets, such as grain-free and raw food options. As a result, there is a potential for increased competition among pet food manufacturers and retailers, as well as a potential for higher prices for these premium products. This trend also presents an opportunity for industry stakeholders to tap into the growing demand for sustainable and ethical pet food options.
Local special circumstances: In Australia and Oceania, the Pet Food Market is heavily influenced by the region's unique geography and diverse cultural backgrounds. The vast landscapes and varying climates contribute to the demand for specific types of pet food, such as freeze-dried or raw diets. Additionally, the pet humanization trend is prevalent in this market, with pet owners seeking premium and natural food options for their furry companions. Regulatory standards for pet food production also play a significant role in shaping the market, as countries like Australia have strict regulations for pet food imports.
Underlying macroeconomic factors: The growth of the Pet Food market is also influenced by macroeconomic factors such as consumer spending habits, disposable income levels, and overall economic stability. Countries with a strong economy and higher levels of disposable income are likely to have a larger demand for high-quality pet food products. Additionally, changing consumer preferences and the increasing trend towards pet humanization have also contributed to the growth of the Pet Food market in Australia & Oceania. Furthermore, the rising pet ownership rates and the growing pet population in the region are also driving the demand for pet food products, creating a favorable market landscape.
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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