Pet food market update: Asia-Pacific
This slow-growth segment of the market still shows potential for companies looking to expand their global reach.
The global pet food market
www.petfoodindustry.com/pet-food-market-dataThe Asia-Pacific pet care market has seen slow but steady growth over the last several years. From roughly US$8.94 billion in retail sales in 2009 to about US$9.83 billion in 2014, according to Euromonitor International data, it’s clear that pets are becoming increasingly significant to this area of the world. Dog and cat food specifically made up US$6.12 billion of the Asia-Pacific pet care retail sales market in 2014 (compared to US$5.7 billion in 2009), with other pet products making up a further US$3.39 billion (compared to US$2.92 billion in 2009).
Japan and China in particular have been contributing significantly to these numbers, making up US$5.24 billion and US$1.56 billion of overall retail sales in the Asia-Pacific pet care market in 2014, respectively. Other Asian countries such as South Korea (US$839 million in pet care in 2014), Taiwan (US$782 million) and Thailand (US$665 million) have seen plenty of growth since 2009 and are making their own strides in the regional market, according to Euromonitor data (see Figure 1). Still other countries, such as Singapore (US$93 million in 2014 pet care sales) and Vietnam (US$19.1 million), remain the smallest contributors to the Asia-Pacific market, though they, too, continue to grow—Singapore saw US$76.6 million in pet care retail sales in 2009, while Vietnam saw just US$7.4 million.
Japan holds the top spot in Asia-Pacific pet care sales; however, as a more mature market its numbers actually declined slightly between 2009 and 2014. China and other developing-market…