Changing attitudes to pets fuel growth , Pet Trade News & Events from Pet Business World UK
The Asia Pacific pet care industry has seen rapid growth over the past two years and is now seen as one of the major pet care markets globally.
This growth has been driven by owners starting to treat their pets as family members alongside the advent of online purchasing, according to a new report.
‘Asia Pacific Pet Food Market Overview, 2020-2025’ gives insight into the pet care performance of various countries included in this region, with historical and forecast analysis.
Urbanisation is another reason for recent growth in the market, which has been segmented into pet foods, pet health care, pet accessories and pet grooming for the purposes of the report.
Among the top-tier regional markets are Japan, Australia, China, South-East Asia and India.
The pet food segment has grown with a compound annual growth rate above 4% in the last couple of years, with the pet food market dominated mainly by Japan and China, which was valued at more than US $8bn (£6bn) in 2019. In common with Western nations, the region has seen high demand for organic, healthy and nutritious pet food.
Apart from pet food, there has also been an increase in the pet healthcare category. Again, this is attributed to a growing trend for of people to treat pets as family members.
Globally, well-known companies hold the majority of market share in pet care, but the report predicts the emergence of a lot of new players, which ‘will take the competition to a new level’.
Major businesses in the market in the region include Nestlé, Mars, Colgate-Palmolive, JM Smucker, Blue-Buffalo, United Pet Group, Champion, PLB international, Scott Pet, Unicharm, Laroy Group, Deuerer, Heristo, Well Pet, Proveedora La Perla, NicoluzziRacoes, Raw Gold, Promeal, Heritage Foods Kenya, Lider, and De Haan.