Pet Food - Sri Lanka

Sri Lanka

Revenue in the Pet Food market amounts to US$40.38m in 2024. The market is expected to grow annually by 12.97% (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$1.84 are generated in 2024.
In the Pet Food market, volume is expected to amount to 31.71m kg by 2029. The Pet Food market is expected to show a volume growth of 8.3% in 2025.
The average volume per person in the Pet Food market is expected to amount to 1.0kg in 2024.

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

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Analyst Opinion

In Sri Lanka, the Pet Food Market is experiencing mild growth due to factors such as increasing pet ownership and rising awareness of the importance of proper nutrition for pets. The convenience of online shopping for pet food has also contributed to this growth.

Customer preferences: As pet ownership continues to rise in Sri Lanka, there is a growing trend towards premium and specialized pet food options. With a growing awareness of the importance of proper nutrition for pets, consumers are seeking out high-quality, natural and organic pet food products. This shift is also driven by the rising interest in pet health and wellness, reflected in the increased demand for specialized diets such as grain-free, raw and freeze-dried options. Additionally, with a busy urban lifestyle, consumers are also turning towards online platforms for convenient and timely purchase of pet food products.

Trends in the market: The Pet Food Market in Sri Lanka is seeing a rise in demand for organic and natural pet food products, reflecting the growing health consciousness among pet owners. This trend is expected to continue as consumers become more aware of the potential health benefits of feeding their pets with high-quality, nutrient-rich food. Additionally, there is a growing trend of personalized pet food, with companies offering customized diets tailored to pets' specific needs. This trend aligns with the overall trend of humanization of pets, where pets are treated as family members and their health and well-being are of utmost importance to their owners. As a result, industry stakeholders should focus on developing innovative and premium pet food products to cater to this emerging trend and capitalize on the growing market for pet food in Sri Lanka.

Local special circumstances: In Sri Lanka, the Pet Food Market within The Food market is heavily influenced by the country's unique cultural and regulatory circumstances. Sri Lankans have a strong preference for natural and locally sourced ingredients in their pet food, leading to a growing demand for organic and homemade options. Additionally, strict regulations on the import and sale of pet food have created a competitive landscape among local market players. This, combined with the country's growing middle class and increasing pet ownership, is driving the growth of the Pet Food Market in Sri Lanka.

Underlying macroeconomic factors: The Pet Food Market within The Food market in Sri Lanka is influenced by macroeconomic factors such as consumer purchasing power, government regulations, and economic stability. The country's growing middle class and increasing disposable income have led to a rise in demand for premium pet food products. In addition, favorable government policies and investments in the country's agricultural sector have boosted the production of locally sourced pet food ingredients. However, the market is also impacted by global economic trends, such as fluctuations in commodity prices, which can affect the cost of production and ultimately the price of pet food for consumers. Moreover, any changes in national economic health, fiscal policies, and financial indicators can have a significant impact on market performance and consumer spending on pet food.

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.