Asia Pacific Pet Food Market
Asia Pacific Pet Food Market Size More Than Doubles at Robust CAGR of 12.45% to Surpass Value of USD 65.7 Billion by 2030
Published | 07 March 2024
Asia Pacific Pet Food Market is flourishing due to the rising pet ownership, humanization of pets, and growing awareness about pet health and wellness.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific Pet Food Market size by value at USD 28.93 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Pet Food Market size to expand at a CAGR of 12.45% reaching a value of USD 65.71 billion by 2030. The Pet Food Market in Asia Pacific is propelled by the surge in pet ownership, rising awareness regarding pet health and wellbeing, and an upswing in online pet product sales. Leading market players are introducing plant-based pet food and allergen-free products, addressing the ethical concerns of vegans and vegetarians who live with both carnivorous and omnivorous pets. Notably, companies in the Asia Pacific Pet Food Market are prioritizing research and development initiatives to introduce innovative, high-quality pet food products. Simultaneously, pet food manufacturers are shifting towards using more protein-rich tissue and reducing the inclusion of fatty tissue and tallow. The increase in pet ownership, coupled with a growing demand for high-quality and premium pet food products, presents substantial opportunities for the Asia Pacific Pet Food Market. This strategic emphasis on research and development aims to ensure sustained business growth beyond the peak of the pandemic, aligning with the evolving preferences of consumers and market demands.
By volume, BlueWeave estimated the Asia Pacific Pet Food Market size at 12.24 million metric tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Pet Food Market size by volume is projected to grow at a CAGR of 11.78% reaching the volume of 15.76 million metric tons by 2030. The Asia Pacific region stands out as the home to a greater number of pet dogs and cats than any other region, boasting an estimated nearly 300 million of these pets in households. This figure surpasses the count in North America by approximately 100 million. In 2022, the Asia Pacific region witnessed the revival of two significant pet food events: Pet Fair SEA, which took place in Bangkok, Thailand in October, and Pet Fair Asia, held in Shenzhen, China, in November. These trade shows not only facilitated global participation, with visitors from over 60 countries, but also provided insights into how trends such as humanization, nutrition, health, and the emergence of innovative processes and ingredients are shaping the Asia Pacific pet food market.
Opportunities: Thriving e-commerce sector
Globally, pet food stands out as one of the most rapidly expanding online categories, following closely behind infant and baby nutrition. Pet e-commerce platforms hold substantial growth potential, positioning themselves as a formidable distribution channel, second only to physical retail stores. Mars Petcare, a prominent player in the Chinese pet food market, collaborates with leading e-commerce platforms like Tmall, JD, and Amazon. The company plans to increase investments in online channels and intensify research into pet owners' shopping habits and preferences. The surge in pet ownership has spurred the rise of pet startups in developing nations such as India, exemplified by BarkNBond—an app facilitating the discovery of pet-related essentials. A surge in the number of android and internet users, coupled with innovative e-commerce marketing strategies, fuels a global uptick in pet food sales.
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Impact of Escalating Geopolitical Tensions on Asia Pacific Pet Food Market
The Asia Pacific Pet Food Market confronts significant repercussions amid rising global geopolitical tensions, notably influenced by the United States-China trade war. This sector, integral to the region's economic dynamics, resonates with the broader international trade landscape. The trade conflict has particularly disrupted pet food exports, prompting a shift in consumer preferences among Chinese pet owners. Escalating tariffs have led to increased costs for imported United States pet food, fostering a reconsideration of domestic and alternative sources, such as those from New Zealand, France, and Canada. This geopolitical turmoil extends its impact to pet food ingredients, with heightened tariffs affecting various components. As the United States-China trade war unfolds, the Asia Pacific Pet Food Market finds itself navigating complex challenges and transformative shifts.
Asia Pacific Pet Food Market
Asia Pacific Pet Food Market – By Distribution Channel
By distribution channel, the Asia Pacific Pet Food Market is divided into Supermarkets/Hypermarkets, Specialty Pet Food Stores, and Online Channels segments. The online channels segment holds the highest share in the Asia Pacific Pet Food Market by distribution channel. The robust internet connectivity across Asia Pacific is elevating the role of e-commerce platforms as a highly efficient distribution channel for pet food sales. Consumers in developing nations prioritize convenience, affluence, and exclusivity, fostering a significant market for pet wellness products. There is a heightened sense of safety and market awareness among consumers, contributing to the growing demand for pet food. With market forces and widespread connectivity, the overall market is anticipated to experience significant growth. The preference for branded products over local alternatives has further reinforced the reliance on e-commerce platforms for access to top-quality pet products, a trend amplified by the increasing phenomenon of pet humanization.
Asia Pacific Pet Food Market – By Country
The in-depth research report on the Asia Pacific Pet Food Market covers the market in the region’s major countries including China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and Rest of APAC. China region holds the highest share in the Asia Pacific Pet Food Market. It is primarily due to China's high pet population and escalating demand and the expansive scale of China's pet economy. It is primarily due to its extensive pet population, accounting for a significant portion of the regional market. The China’s leadership position is propelled by escalating demand and the expansive scale of China's pet economy. The number of pet food manufacturers has tripled in the past five years, and advancements in producing refined and diverse functional pet food contribute to this trend. Despite lower pet penetration than the United States, China's high pet consumption and evolving market trends solidify its leading position.
Competitive Landscape
The Asia Pacific Pet Food Market is fragmented, with numerous players serving the market. The key players dominating the Asia Pacific Pet Food Market include ADM, Charoen Pokphand Group, Colgate-Palmolive Company (Hill's Pet Nutrition Inc.), FARMINA PET FOODS, General Mills Inc, IB Group (Drools Pet Food Pvt Ltd), Mars Incorporated, Nestle (Purina), Schell & Kampeter Inc. (Diamond Pet Foods), and Virbac. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Asia Pacific Pet Food Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia Pacific Pet Food Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: March 2024
Rising pet ownership, humanization of pets, growing awareness about pet health and wellness, and pet food’s convenience and portability are expected to drive the Asia Pacific Pet Food Market during the forecast period between 2024 and 2030.
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