The love for pets is flourishing in Southeast Asia! The Southeast Asia pet care market, valued at a significant USD 952 million in 2014, is expected to soar to USD 1,412.7 million by 2020, driven by a robust compound annual growth rate (CAGR) of 6.8%. Are you ready to seize this expanding market and meet the needs of our beloved pets?
Why the Southeast Asia Pet Care Market is a Prime Opportunity:
Economic Growth Fuels Pet Indulgence: Rising per capita GDP in the region is transforming pet ownership, with people increasingly investing in their pets’ health, wellness, and overall happiness.
Expanding Beyond Essentials: Pet care is evolving beyond just food and vet visits. Consumers are now seeking a broader range of products, from luxurious pet beds and stylish pet clothing to cutting-edge hygiene solutions.
Dominance of Dogs and Cats: While dog and cat food remain the leading segments, the market is diversifying. Offering a comprehensive selection of pet food that caters to various dietary needs and preferences can give you a competitive edge.
Rising Demand for Pet Pampering: The pet products segment is experiencing the highest growth. By offering a diverse range of innovative pet accessories and wellness products, you can tap into the increasing demand for pet pampering and enhance the lives of pets and their owners alike.
Key Takeaways from the Pet Care Market Study
- Pet food is expected to hold a noteworthy revenue share of over 65% of all product sales. The growth is attributed to the demand for premium, natural, and organic ingredients.
- Pet care for dogs is expected to contribute revenue share of 35.1% in 2021. The role of dogs as companions and the resulting humanization drives associated sales.
- The U.S. leads the North America market accounting for 90% value share by 2031 owing to higher purchasing power.
- The U.K. accounts for more than 25% of the Europe market with concerns over pet health and investments into product innovation.
- China and South Korea are considered high growth markets for pet care in East Asia, reflecting a CAGR of over 14% with the penetration of key players with premium products.
“Growing acceptance of technologically advanced automated pet care products, and increasing expenditure driven by trends of pet humanization will influence the revenue generation opportunities in the pet care market through 2031,” says an FMI analyst.
Competitive Edge for Visionary Pet Care Providers:
This heartwarming market requires a passion for pets and a keen understanding of their needs:
- Product Innovation is Key: Develop unique and high-quality pet food formulas, comfortable bedding options, and engaging toys that cater to the evolving needs of pet owners.
- Embrace Premiumization: Consumers are willing to spend more on premium pet products. Offer high-quality options that prioritize pet health and well-being.
- Go Omnichannel: Customers are shopping online and in-store. Develop a strong online presence and partner with brick-and-mortar retailers to reach a wider audience.
- The Power of Pets on Social Media: Leverage social media marketing to showcase your products and connect with pet owners on an emotional level.
- Building Brand Loyalty: Offer exceptional customer service, loyalty programs, and informative content to build lasting relationships with pet parents.
For instance, the Kroger Co. offers natural food products for pets with proteins and essential nutrients. Besides, GMO (genetically organism free) food products are also available for pets in the market.
The rise in the number of pet owners and the growing awareness of veterinary health and investments into animal health organizations are swiftly boosting the prospects of manufacturers through the upcoming decade.
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Who is Winning?
Major players present in the pet care market are focusing on aggressive promotional strategies, advertisements, and new product launches have driven sales growth of pet care products and services globally.
Some of the leading players in the industry
- Procter & Gamble Co.
- JM Smucker Co
- Nestlé Purina Pet Care Co
- Monge & C. Spa
- Hill’s Pet Nutrition SNC
- Royal Canin SAS
- Affinity Petcare France SA
- Champion Pet Foods LP
- Cargill, C & D Foods
- Aller Petfood, Bob Martin
- Blue Buffalo Co. Ltd.
- Cambrian Pet Foods Ltd.
- Crosswind Industries Inc.
- and Crown Pet Foods Ltd.
Get Valuable Insights into Pet Care Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global pet care market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the pet care market based on the service (product{ pet food, pet healthcare, fashion, toys, and accessories}, professional service {day care, grooming boarding, pet breeding and training} value added services {insurance, veterinary care, pharmacy, adoption and charity, crisis relief service}) pet type (dogs, cats, birds, fish and reptiles, small pets, and horses & other livestock), service channel (modern trade, convenience stores, care services centres, veterinary clinics, online retailers, support care centres and pet specialty stores across seven major regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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