Key regions: Russia, Spain, Philippines, United Kingdom, India
The pet food market in G7 has seen minimal growth, as various factors such as a decrease in pet ownership and a rise in homemade pet food options have impacted the market. Despite this, convenience and health consciousness among pet owners continue to drive the market forward.
Customer preferences: As pet ownership continues to rise globally, there is a growing interest in personalized and natural pet food options. With the trend towards health and wellness extending to pets, consumers are increasingly seeking out premium and organic pet food products. This is driven by a desire for clean and transparent ingredient labels, as well as a desire to provide the best nutrition for their furry companions. Additionally, the rise of e-commerce platforms has made it easier for pet owners to access a wider range of pet food options and conveniently purchase them online.
Trends in the market: In the pet food market, there is a growing trend towards natural and organic pet food products. Consumers are becoming more health-conscious and are looking for options that provide their pets with high-quality, wholesome ingredients. This trend is expected to continue as more pet owners prioritize their pet's nutrition. Additionally, there is a rise in demand for personalized pet food options, with companies offering customized recipes based on a pet's age, breed, and health needs. This trend presents an opportunity for pet food companies to differentiate themselves and cater to the specific needs of pet owners. However, it also poses a challenge for traditional pet food brands to adapt and compete in this evolving market landscape.
Local special circumstances: In Japan, the Pet Food Market is heavily influenced by the country's aging population and their increasing preference for companion animals. This has led to a demand for high-quality, nutrient-rich pet food products to cater to the specific needs of older pets. Additionally, strict regulations on pet food ingredients and labeling have resulted in a growing market for natural, organic, and locally sourced pet food products. In South Korea, the market is driven by the strong cultural tradition of pet ownership and the increasing trend of humanization of pets, leading to a demand for premium and customized pet food options.
Underlying macroeconomic factors: The Pet Food Market within The Food market is impacted by various macroeconomic factors such as consumer spending, population growth, and changing dietary preferences. Countries with a growing middle-class population and increasing disposable income are witnessing a rise in demand for premium pet food products. Additionally, the trend of humanization of pets is leading to an increased demand for high-quality and natural pet food options. Furthermore, the rising awareness about the importance of pet nutrition and health is driving the growth of the market as pet owners are willing to spend more on their furry companions.
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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