India, China, Japan, Australia and South Korea are some of the major markets for pet food in Asia Pacific. The pet food market in Australia was valued at USD 2,511.6 million in 2013 and is expected to grow at a CAGR of 1.1% from 2014 to 2020.
Albany, NY -- (SBWIRE) -- 03/16/2016 -- The rising concern for the health of pets, growing acknowledgement of the benefits of high-quality pet food, increase in palatability of pet food, and increase in pet population are some of the major factors driving the pet food industry across the globe. The pet food industry forms a part of the animal feed industry and includes animal or plant material intended for pet consumption.
Pet food products are made available through a variety of distribution networks such as hypermarkets, supermarkets, and online stores, among many others. This report on the pet food market is an extensive research study on the overall market, including the competitive analysis and perspectives needed in terms of geography, type of pet, class of pet food, as well as by key manufacturing and retailing issues such as packaging innovations, formulation trends, ingredients, and online retailing.
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The research study analyzes the pet food market in Asia Pacific and estimates the market in terms of revenue (US$ million) from 2014 to 2020. It also analyzes the market by volume from 2014 to 2020 and includes some of the major current market trends and their impact on the overall market over the forecast period. In addition, the report includes analysis of the average selling price (ASP) in various pet food product segments across various countries. Through value chain analysis, insights from leading players, and explanation of the macroeconomic factors influencing and inhibiting the growth of the market, the report will help suppliers, manufacturers, and distributors understand the present and future trends in the pet food market and formulate their strategies accordingly.
Overview of the Pet Food Market
Health and well-being are prime factors affecting the development of the global pet food market, as pet owners look for healthier options when selecting the right type of food for their pets. As millions of homeowners across the U.S. and Europe are increasingly adopting pets such as dogs or cats, there has been an increase in spending on pet food products in the past few years. Due to this factor, the commercial pet food industry is rapidly expanding in major regions of the world.
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According to a market study by Researcher, the pet food market in Asia Pacific was valued at US$9,100.0 mn in 2013 and is expected to reach US$10,720.0 mn by 2020, rapidly growing at a CAGR of 2.30% from 2014 to 2020. By volume, the market totaled 688.6 kg mn in 2013 and is anticipated to reach 803.3 kg mn by 2020, increasing at a CAGR of 2.10% from 2014 to 2020.
Increasing awareness about pet health is one of the major factors fueling the demand for nutritious pet food in Asia Pacific. The nutritious food segment is expected to be the fastest growing segment within the pet food market. It is expected to reach US$361.3 million by 2020.
Another dominant segment within the pet food market is the dry food segment, which held the largest share in the global pet food market in Asia Pacific. This segment is rapidly growing due to the ease of handling and lower prices of dry food as compared to several other types of pet food available in local Asian markets.
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Among the various countries in Asia Pacific, such as Australia, China, India, South Korea, and Rest of Asia Pacific, Japan leads the pet food market in terms of growth and demand. The demand for small pets and the increasing preference for nuclear families are the main factors fueling the demand for pet food in Japan. This demand is expected to grow throughout the 2014-2020 forecast period.
Companies mentioned in the research report
The pet food market in Asia Pacific is dominated by some of the major brands operating in this region as well as across the globe. Due to the brand loyalty of existing consumers, the local players are still expected to enter the market in the near future. This report profiles Procter & Gamble Co., Nestle S.A., Mars Inc., and Colgate-Palmolive Co. as the key players of the pet food market in Asia Pacific.
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