Southeast Asia Pet Care Market to Grow at a CAGR of 6.8% from 2014 to 2020, Driven by Pet Humanization in the Region: FMI Estimates
Valley Cottage, NY -- (SBWIRE) -- 06/14/2019 -- Future Market Insights (FMI) delivers incisive insights into emerging regions in its latest report titled, "Southeast Asia Pet Care Market Analysis and Opportunity Assessment, 2014 – 2020". The report states that the SEA pet care market is mainly driven by the burgeoning trends of pet humanization and increasing adoption of private label brands in countries such as Thailand, Singapore, Indonesia and Malaysia.
FMI analyst P.S. Neha sheds light on why the SEA pet care market will become one of the major markets in the region in the near future: "Growth of the pet care market across Southeast Asia is driven by increasing adoption and humanization of pets. Pet owners are now more inclined towards more nutritious, healthy and organic foods for their pets."
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By type, the overall SEA pet care market is segmented into dog food, cat food, pet products and others. Dog food is the major segment in this region, accounting for a 51.6% share of the market in 2014; however, this is expected to decrease by 30 BPS by 2020.
This report also covers the pet care market by category and by channel. On the basis of channel, the market is segmented into supermarket, pet shop, veterinary clinic and others. The supermarket segment is the leading distribution channel in the SEA pet care market. However, veterinary clinics are anticipated to exhibit the fastest CAGR at 7.1%, followed by supermarket at a 6.8% CAGR during the forecast period. This growth is attributed to a shift in consumer buying habits and an increasing inclination of pet owners to purchase health and wellness products from reliable sources such as veterinary clinics.
Furthermore, by category, the market includes economy-priced, mid-priced and premium-priced products.
Improving consumer lifestyles and increasing disposable income in Southeast Asian countries has resulted in a growing acceptance for pets, not only among the high-income group, but also the middle-income group. In 2014, Thailand was the dominant country in the overall Southeast Asia pet care market with a 43.62% share, followed by Malaysia and Indonesia, accounting for 21.74% and 15.47% respectively.
The pet care market in the Philippines is expected to register a significant CAGR of 8.4%. This is expected to be followed by Vietnam at a CAGR of 8.0% during the forecast period.
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Innovation remains the key to gaining a competitive edge in the SEA pet care market, especially in the pet food category. Companies such as Nestlé Purina, Zoetis, Mars, Inc. and Merck & Co., account for over 50% of the overall market share and constantly focus on mergers and acquisitions to expand their geographical presence and customer base.