Pet Food Market in the Middle East and Latin America Expected to Rise at 5.6% and 3.4% CAGRs
Albany, NY -- (SBWIRE) -- 04/19/2018 -- Middle East and Latin America Pet Food Market: Snapshot
The pet food market for the Middle East and Latin America is projected to reach US$350.5 mn by the end of 2020. The pet food market for the Middle East is forecast to rise at a CAGR of 5.6% during 2014 - 2020. Rising at a CAGR of 3.4% during the same forecast period, the Latin America market is anticipated to reach US$10,361.0 million by the end of the period.
The growing adoption of companion animals, especially dogs and cats in various countries of the Middle East and Latin America and the increasing focus by pet owners on providing nutritious foods are the key factors driving the demand for pet food market. The growing inclination of pet owners in parts of the Middle East to offer quality and nutritious foods to their pets has provided a robust impetus to the pet food market. The rising adoption of fish in several nations of the Middle East and Latin America is a notable trend boosting the market. Stricter regulations by prominent regional regulatory agencies focus on the ingredients used in pet food and mandates them to be safe and meet the specific health requirements of pets. This has favorably impacted the growth of the Middle East and Latin America market for pet food. In addition, stringent regulations on pet food labelling is expected to bode well for the pet food market.
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Nutritious Food Segment to Pick up Significant Pace for Ailing Pets
Based on type, the major segments in the Middle East and Latin America market for pet food are wet/canned food, dry food, snacks/ treats, nutritious, frozen food, and semi-moist food. Of these, in 2013, the segment for dry food held the leading share of the market. The dominance is mainly attributed the convenience in handling and low price. Furthermore, dry food can be stored for longer duration, which has catalyzed the growth of the segment.
However, in recent years the wet food segment has gathered pace and is driven by its substantial demand as a practical choice for owners who need to provide adequate hydration to the diet of their pets. The emerging demand for wet food is attributed to their suitability for older and ailing pets, or those who cannot chew. Nevertheless, since wet pet foods have limited shelf-life and they are usually priced higher than dry foods, their current demand is crippled to an extent.
Meanwhile, the segment of nutritious food is projected to rise at an impressive pace over the forecast period. The growth is likely to be driven by the rising number of pets affected by illnesses such as Lyme borreliosis and canine parvovirus infection in the Middle East and Latin America. In addition, the growing inclination among pet owners to provide adequate nutrition is expected to fuel their demand the Middle East and Latin America over the forecast period.
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Demand for Pet Food by Dogs to Reign Supreme
Based on pet type, the Middle East and Latin America market for pet food is segmented into dog food, cat food, fish food, and bird food. Of these, the dog food segment held the major market share, mainly attributed to their rising adoption as companion animal in a number of nuclear families in several countries of the Middle East and Latin America. Meanwhile, the demand for fish food is projected to witness steady growth, fuelled by the rising popularity of fish as pets.
Regionally, the Middle East and Latin America pet food market is segmented into the Middle East and Latin America. On the basis of country, the Middle East market is segmented into Israel and UAE, while the Latin America market is divided into Brazil and Argentina. The Latin America market for pet food is maturing and hence predicted to witness a slowdown in growth in the coming years. On the other hand, the Middle East is projected to rise at a robust CAGR over the forecast period.