Key regions: Russia, Spain, Philippines, United Kingdom, India
The Pet Food Market in Thailand has seen moderate growth due to factors like consumer preference for affordable options and increasing health awareness. However, subdued market growth is being impacted by economic challenges and competition from traditional pet food products.
Customer preferences: As pet ownership continues to rise in Thailand, there has been a significant increase in demand for premium, all-natural pet food products. This trend is driven by a growing awareness of the importance of nutrition for pets, as well as a desire to provide the best possible care for furry family members. Additionally, with more pet owners working long hours or traveling frequently, there has been a rise in demand for convenient, ready-to-eat pet meals and treats. This shift towards healthier and more convenient options in the pet food market is influenced by a cultural emphasis on treating pets as valued members of the family.
Trends in the market: In Thailand, the Pet Food Market within The Food market is experiencing a shift towards more natural and organic pet food options. This trend is driven by a growing awareness among consumers about the health benefits of such products for their pets. As a result, there is an increase in demand for premium pet food brands that offer high-quality, natural ingredients. This trend is expected to continue in the coming years, as the pet food industry in Thailand is projected to grow at a steady pace. This presents opportunities for industry stakeholders to tap into this growing demand and offer innovative products to meet the changing preferences of pet owners. Additionally, this trend could also have a positive impact on the overall pet health and wellness market in Thailand.
Local special circumstances: In Thailand, the Pet Food market continues to experience growth due to the increasing urbanization and rising pet ownership rates. This has led to a demand for premium and natural pet food products. Additionally, the country's strict regulations on imported pet food have created opportunities for local manufacturers to cater to the unique dietary needs of Thai pets. The cultural significance of pets in Thai society also plays a role in the market, with pet owners being willing to spend more on high-quality pet food.
Underlying macroeconomic factors: The Pet Food Market in Thailand is heavily influenced by macroeconomic factors such as consumer spending power, government policies, and the overall health of the national economy. The country's growing middle class and increasing disposable income have led to a rise in pet ownership, driving the demand for premium and specialized pet food products. Additionally, favorable government policies and investments in the agriculture sector have boosted the production of high-quality ingredients for pet food, further supporting the growth of the market. However, fluctuations in global commodity prices and economic uncertainty may impact consumer purchasing behavior and overall market performance.
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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