Pet Food - LATAM

LATAM

Revenue in the Pet Food market amounts to US$14.95bn in 2024. The market is expected to grow annually by 6.53% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$59,740m in 2024).
In relation to total population figures, per person revenues of US$23.55 are generated in 2024.
In the Pet Food market, volume is expected to amount to 9.51bn kg by 2029. The Pet Food market is expected to show a volume growth of 3.3% in 2025.
The average volume per person in the Pet Food market is expected to amount to 12.9kg in 2024.

Key regions: Russia, Spain, Philippines, United Kingdom, India

Market

Region

Region comparison

Currency

Analyst Opinion

The Pet Food Market in LATAM is witnessing minimal growth due to factors such as changing consumer preferences, increasing competition, and the impact of economic slowdown on pet ownership. This has resulted in a sluggish growth rate for the market in the region.

Customer preferences: As pet ownership continues to rise in LATAM, consumers are increasingly seeking healthier and more specialized food options for their furry companions. With a growing focus on pet health and wellbeing, there has been a surge in demand for natural and organic pet food products, as well as personalized diets tailored to specific dietary needs or preferences. This trend is driven by a shift towards more holistic and personalized approaches to pet care, influenced by cultural values and demographic shifts towards smaller, urban living spaces.

Trends in the market: In LATAM, the Pet Food Market is witnessing a rise in demand for premium and natural pet food products, driven by the increasing awareness of pet health and wellness. This trend is expected to continue as consumers prioritize the well-being of their pets and seek products with high-quality ingredients. Additionally, there is a growing trend of humanization of pets, leading to the demand for pet food that mimics human food in terms of taste and nutrition. These trends present opportunities for industry stakeholders to capitalize on the growing demand for premium and natural pet food products, but also pose challenges in terms of cost and production. Therefore, market players need to continuously innovate and adapt to meet the changing preferences of pet owners in order to remain competitive in the market.

Local special circumstances: In Mexico, the Pet Food Market is heavily influenced by the country's strong pet ownership culture, with over 70% of households owning at least one pet. This has led to a wide variety of pet food options, including traditional and specialty brands, to cater to different pet preferences and dietary needs. Additionally, strict labeling regulations and consumer demand for natural and organic products have driven the growth of premium pet food offerings in the market.

Underlying macroeconomic factors: The Pet Food Market in LATAM is significantly impacted by macroeconomic factors such as consumer spending, trade agreements, and economic stability. Countries with a strong purchasing power, favorable trade policies, and stable economies are experiencing higher growth in the Pet Food Market compared to regions with economic challenges and limited trade opportunities. Additionally, the growing awareness of pet health and the increasing pet ownership in LATAM are driving the demand for premium and specialized pet food products, further fueling the market growth.

Methodology

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.