Market Research Report
Asia-pacific PET Food Market Forecast 2022-2030
|Asia-pacific PET Food Market Forecast 2022-2030|
Published: January 6, 2022
Content info: 143 Pages
Delivery time: 2-3 business days
The Asia-Pacific pet food market is expected to project a CAGR of 9.58% during the forecast period, 2022-2030. The growing pet humanization, the rising demand for convenience food, and the increasing prioritization of premium pet foods and functional products drive market growth.
Indonesia, Australia & New Zealand, Japan, China, Thailand, South Korea, Taiwan, India, and Rest of Asia-Pacific are evaluated for the Asia-Pacific pet food market growth assessment. In Japan, the per population is on the decline. This is because the decreasing house spaces and the changing lifestyles have hindered pet adoption. Also, the growing aging population finds it hard to look after pets. Such demographic challenges have resulted in manufacturers focusing more on premiumization since they are inclined to value addition, given the declining sales. As a result, products with hygiene and health claims are expected to feature prominently in the market. With regard to pet products, new and innovative technologies will be prioritized to improve and monitor the pets' comfort and health.
Further, e-commerce has become relevant in pet care in Japan. This is because the consumers benefit from and thus, prefer the convenience of ordering products online. This is also majorly accredited to the Coronavirus outbreak.
In Indonesia, the increasing health-consciousness is projected to impact product categories, resulting in increased demand for food with healthier images and pet healthcare products like nutritional supplements. Another growth driver is the expanding e-commerce during the pandemic. Whereas in countries like Thailand, the increasing pet population is one of the growth drivers. Additionally, major brands prioritize well-being and health concept, thereby formulating high-quality product developments.
Some of the major companies in the market include: Unicharm Corporation, Vitakraft Pet Care GmbH & Co Kg, Inaba Foods Co Ltd, Champion Petfoods LP, etc.