The Southeast Asia pet care market was valued at USD 952 million in 2014 and is anticipated to reach USD 1,412.7 million by 2020, achieving a CAGR of 6.8% during the forecast period.
Dog food, valued at USD 491.8 million in 2014, held a 51.6% market share and is expected to lose 30 basis points but retain its leading position. Cat food ranks as the second largest segment by revenue and is projected to sustain its growth, driven by ongoing new product development. Meanwhile, the pet products segment is expected to see the highest CAGR of 7.1% from 2015 to 2020, with consistent year-over-year growth.
In recent years, the pet care market has witnessed notable growth, driven by Millennials and Gen Z consumers increasingly adopting pet-friendly and pet-owning lifestyles. A shift from traditional pet food choices and the rise of online shopping have further accelerated the market’s expansion.
While the COVID-19 pandemic has disrupted business plans across many industries, it has brought both challenges and opportunities for pet care market players. Pre-pandemic projections estimated a 5%-6% growth rate for the pet care market in 2020, which was adjusted to reflect a decline of 2.5%-3% due to the pandemic, according to Future Market Insights.
Key Takeaways from the Pet Care Market Study:
- The pet care market is expected to recover by Q1 2021, primarily due to stable pet food sales.
- Dog and cat food sales remain a critical component of manufacturers’ revenues compared to other pet care products.
- While pet shops and supermarkets are traditional sales channels, leading companies are increasingly investing in online channels to gain a competitive edge.
- North America is projected to retain its market dominance, as Millennials in the region continue to view pets as family members.
Pet Care Market – Key Growth Drivers
- An increasing rate of pet adoption and big brands cashing in on humanization of pets remain key growth drivers.
- Increasing demand for more gourmet options over traditional pet foods will drive the frequency of innovations in the marketplace.
- Affluent millennial pet owners, willing to spend on organic pet foods and luxury pet hotel experience, will open up new avenues of market revenue growth.
- Emergence of pets as an integral part of the family, especially in developing countries with high spending power of consumers is expected to play an instrumental role in the market growth.
Pet Care Market – Key Restraints
- Despite millennial filling up the gap left by aging baby boomers, the pet ownership worldwide is still facing a slow growth rate which poses as a significant challenge for market players.
- Mass market of pet care products through e-commerce, making most brands available at lower prices, has led to penetration of new players which represent a potential threat to incumbent companies.
Competition Analysis
Key players operating in the pet care market include Nestle Purina, Mars Inc., Merck & Co., Zoetis, Ancol Pet Products, PetSmart, Inc., Blue Buffalo Pet Products, Petmate Holdings Co., Champion Pet Foods, Petco Animal Supplies, Inc., and Heristo AG.
As the COVID-19 takes a bite out of the pet care market, service providers are struggling with low demand and turning to digital solutions to maintain their business continuity. This factor played an important role in Mars Petcare’s decision to launch ‘Pet Health Pal’, a free digital education tool powered by WhatsApp and Facebook Messenger chat bot functionality, in partnership with Waltham Petcare Science Institute.
Regional Analysis of the Southeast Asia Pet Care Market:
- Indonesia: The largest market in the region, Indonesia sees strong growth from rising pet ownership and disposable incomes, especially in urban areas. E-commerce expansion is also making pet care products more accessible.
- Thailand: With a mature market and high pet ownership rates, Thailand has strong demand for pet food and grooming services, supported by established retail networks.
- Malaysia: The market is expanding steadily as consumers shift toward premium pet food and health-focused products, with e-commerce driving sales growth.
- Vietnam: A developing market with increasing pet ownership among urban households, Vietnam is seeing growing demand for packaged and premium pet food options.
- Philippines: Rapidly growing demand, especially among young pet owners, is boosting the market for pet food and accessories, attracting both local and international brands.
- Singapore: A mature market with a preference for high-quality pet products, Singapore’s pet care industry is fueled by premium food and wellness products, with e-commerce playing a key role.
Report Preview: https://www.futuremarketinsights.com/reports/southeast-asia-pet-care-market
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