Emerging petfood markets continue to gain global share
Eastern Europe and Latin America continue to grow at a higher rate and own a larger share of the global petfood market
Projected 2012 petfood sales data from Euromonitor International show that emerging regions such as Eastern Europe and Latin America continue to drive the global industry’s growth. While petfood sales globally increased 4.36% over 2011 (Figure 1), developed markets fell below that growth rate, with North America registering a 3.63% rise. Sales in Western Europe were nearly flat (with just a 0.73% increase) and actually declined in Australasia by 1.58% over 2011.
Not only did Eastern Europe and Latin America grow at double-digit rates—11.73% and 12.38%, respectively—higher rates than the rest of the world for several years in a row now, but those regions are starting to gain a larger share of the global petfood market. In 2010, Eastern Europe’s share of global petfood sales was 5.36%; it increased to 6.16% in 2011 and 6.6% in 2012. Similarly, Latin America’s share has risen from 15.03% in 2010 to 15.37% in 2011 and all the way to 16.55% in 2012.
Those regions’ growth in market share has come at the expense of the developed markets such as North America and Western Europe, and to a lesser extent, Australasia and Asia Pacific. For example, North America accounted for 31.86% of global petfood sales in 2010 yet 29.85% in 2012. Western Europe saw a similar decline, from 33.04% in 2010 to 31.55% last year.
Volume—global petfood sales in metric tons—showed similar patterns in growth rates and market share changes among the regions; see a table at www.petfoodindustry.com/47493.html. You can also read about…