Pet Food - Cyprus | Statista Market Forecast

Revenue in the Pet Food market amounts to US$36.45m in 2024. The market is expected to grow annually by 2.85% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$60bn in 2024).
In relation to total population figures, per person revenues of US$28.74 are generated in 2024.
In the Pet Food market, volume is expected to amount to 17.67m kg by 2029. The Pet Food market is expected to show a volume growth of 1.0% in 2025.0.
The average volume per person in the Pet Food market is expected to amount to 13.2kg in 2024.

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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Dog food
Cat food
Food for other house pets (rodents, reptiles, birds etc)

Feeds for farm animals
Pet supplement
Out-of-home consumption

The Pet Food market in Cyprus is currently facing negligible growth, influenced by factors such as declining pet ownership, rising prices of raw materials, and increasing competition from alternative pet food products. Despite this, the market is still being driven by the growing trend of pet humanization and the convenience of online purchasing options.

Customer preferences: With the rise of social media and influencer culture, consumers in Cyprus are becoming more health conscious and are looking for healthier options for their pets. This has led to a growth in demand for organic and natural pet food products. Additionally, there is a growing trend of pet owners treating their pets as family members, resulting in an increased willingness to splurge on premium pet food products. As a result, there has been a shift towards more specialized and higher quality pet food options in the market.

Trends in the market: In Cyprus, the Pet Food Market is seeing a shift towards healthier and more sustainable pet food options. This trend is driven by the increasing awareness of pet owners towards the importance of pet nutrition and the impact of their choices on the environment. As a result, there is a rising demand for organic, natural, and locally sourced pet food products. This trend is expected to continue, with pet owners becoming more conscious of the ingredients and production methods used in pet food. This trend presents opportunities for industry stakeholders to cater to this growing market segment and differentiate themselves through ethical and sustainable practices.

Local special circumstances: In Cyprus, the Pet Food market is influenced by the country's warm climate, which leads to a high demand for fresh and natural pet food products. Additionally, cultural factors play a role in the market, with Cypriots having a strong preference for traditional and locally-sourced ingredients in pet food. This is reflected in the popularity of small, family-owned pet food businesses in the market. Furthermore, regulatory guidelines for pet food in Cyprus differ from other markets, with strict labeling requirements and bans on certain ingredients, which impacts product offerings and market dynamics.

Underlying macroeconomic factors: The Pet Food Market in Cyprus is greatly impacted by macroeconomic factors such as consumer spending habits, inflation rates, and currency exchange rates. As a small island nation heavily reliant on imports, fluctuations in global economic trends can have a significant impact on the cost and availability of pet food products in Cyprus. Additionally, the country's economic health and fiscal policies can directly affect consumer purchasing power and ultimately, the demand for pet food. As such, it is important to closely monitor these macroeconomic factors when analyzing the performance of the Pet Food Market in Cyprus.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.