Philippine imports of petfood to reach US$40 million in 2018
Report says imports of US petfood grew by 12.56 percent in 2012
Petfood imports from the US grew by 12.56 percent in 2012 and are on track to be maintained for 2013, according to a report on petfood exports to the Philippines.
The report on petfood exports to the Philippines says the country's imports of petfood from the US also rose in 2011, from US$19.9 million to US$22.4 million.
"The booming economy, higher disposable income and familiarity with US brands contributed to the healthy export performance,” according to a United States Department of Agriculture-Foreign Agricultural Service’s Global Agricultural Information Network report.
The report attributes the rise in pet ownership and petfood consumption to animal welfare initiatives, urbanization and rise in smaller households, popularity of pedigree pets and a growing awareness of proper pet care.
In 2013, petfood exports are projected to grow further to US$25 million and are expected to be maintained through 2018. The report projects the market to grow as follows: US$27.5 million in 2014, US$30 million in 2015, US$33.2 million in 2016, US$36.6 million in 2017 and US$40 million in 2018. The US was the dominant exporter of petfoods in the Philippines in 2012, holding a 61 percent market share.
“While demand for high-value petfoods is expected to grow, most pet owners are price conscious and will opt for standard, low-priced petfoods,” the report says.