6 global pet food market predictions to watch in 2017
Pacific Rim is the top area for pet food industry potential.
Certain regions of the world show pet food market growth potential in 2017, while other areas are stagnating or declining, Marcel Blok, owner of companion animal business consultancy, Change Stranamics, told Petfood Industry.
“The top region to pay attention to remains, without any doubt, the Pacific Rim and further South East Asia, where I see that countries such as Vietnam, Indonesia and the Philippines offer a huge potential to tap into,” he said.
Rising pet food industry markets
1. Pacific Rim
“China is bound to grow significantly, as is most of the Pacific Rim, with the exception of Japan,” said Blok.
“In China, there is a growing demand for pet food ‘made in Europe’ — frequent recalls of US products in the United States seem to have created an image of inferiority for US pet food — but increasingly sold under Chinese brands.
2. Latin America
“South America with Brazil as the locomotive will show a very modest growth, mainly because of the continued crisis in Brazil,” Blok said.
Meanwhile, Mexico has grown to become among the top 10 pet care markets globally, reported Petfood Industry. Mexico’s developing pet food market is also among the fastest growing.
“Western Europe will show some growth due to upgrading consumers, more for cat than for dog,” said Blok.
“In Western Europe, a few trends influencing the industry have become more and more visible: sustainability, ingredient-integrity and authenticity have become factors to take into account when developing new products.