According to a new market report published by Transparency Market Research “Pet Food Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” the asia Pacific pet food market was valued at USD 9,100.0 million in 2013 which is expected to reach USD 10,720.0 million by 2020, growing at a CAGR of 2.3% from 2014 to 2020. In terms of volume the pet food market in Asia Pacific was valued at 688.6 kg million in 2013 and is expected to reach 803.3 kg million by 2020, growing at a CAGR of 2.1% from 2014 to 2020.
The pet food market in terms of pet type has been segmented into dog food, cat food and others. The dog food segment held the largest market share in the pet food market in Asia Pacific. Increasing disposable income and rising trend for nuclear family are some of the major factors fueling the demand for dog food in Asia Pacific. However, the others segment including fish food, reptile food, bird food and other small animals is one of the fastest growing segments in Asia Pacific.
In addition, the pet food market can be further segmented in terms of food type into: dry food, wet food/canned food, nutritious food, snacks/treats and others. The dry food segment held the largest market share in Asia Pacific. Ease of handling and lower prices of dry food as compared to other food types is one of the major factors fueling the demand for dry food in Asia Pacific. However, the nutritious food segment is the fastest growing segment in Asia Pacific. Increasing awareness about pet health is one of the major factors fueling the demand for nutritious food.
The Asia Pacific pet food market is further segmented by country into China, India, Japan, Australia, South Korea and rest of Asia Pacific. Japan is one of the major markets for pet food in Asia Pacific. Increasing trend for nuclear family and demand for small pets is one of the major factors fueling the demand for pet food in Japan. However, with smaller dwelling places the pet food market in Japan is expected to experience stable growth throughout the forecast period.
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However, India is the fastest growing market for pet food in Asia Pacific. Increasing demand for companionship and awareness about pet health are some of the major factors fueling the demand for pet food in India. In addition, China is having huge potential for pet food owing to increasing number of pets. China has largest population of dogs as pets globally. Owing to these factors, there is huge untapped potential in pet food market in China. The average selling price (ASP) of snacks/treats segment was the highest in Asia Pacific followed by nutritious food segment.
The pet food market is dominated mostly by major manufacturers such as Nestle S.A., Mars Inc., Procter & Gamble Co. and Colgate-Palmolive Co. among others. However, the local players are still trying to enter these markets due to brand loyalty of the consumers.
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