Nations in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) had a combined pet food industry value in 2020 of US$17.5 billion. The CPTPP is trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, which entered into force on Dec. 30, 2018. The Canadian government’s Feb. 2022 Agriculture and Agri-Food Canada report “Pet Food Trends in Select CPTPP Markets: Vietnam, Singapore, Malaysia, Chile and Peru,” by market analyst Zhiduo Wang, explored the economics of pet food in those Pacific Rim nations.
Pet owners in CPTPP countries spent most of the 2020 total on pet food, making up US$13.7 billion. Within the pet food category, dog and cat food dominated 96.4% of the industry. The cat and dog food markets may grow at compound annual growth rates (CAGRs) of 5.3% and 4.6% respectively from 2021 to 2025. That follows steady growth from 2016, when the market stood at US$12.3 billion. After a CAGR of 2.5% from 2016 to 2020, Wang forecast the dog and cat food sector to hit US$17.2 billion in 2025 at a CAGR of 4.9%.
Vietnam, Singapore, Malaysia, Chile and Peru make up 10.6% of the pet food industry in the CPTPP region in 2020. Those nations also had higher CAGRs from 2016 to 2020 than Japan, Australia, Mexico and New Zealand. These five emerging markets, Vietnam, Singapore, Malaysia, Chile and Peru, were forecast to keep that momentum from 2021 to 2025.
Vietnam topped pet food market growth among Vietnam, Singapore, Malaysia, Chile and Peru in 2020, Wang wrote. Dog food, at 57.6%, followed by cat food at 35.6% made up most of Vietnam’s pet food market. Vietnam’s projected market size for 2025 is US$94.2 million.
Chile’s pet food market was the largest among Vietnam, Singapore, Malaysia, Chile and Peru in 2020. Dog food made up 67.1% of Chile’s pet food market, followed by cat food at 32.3%. Chile’s market may reach US$1.0 billion in 2025.
Tim Wall covers the dog, cat and other pet food industries as senior reporter for WATT Global Media. His work has appeared in Live Science, Discovery News, Scientific American, Honduras Weekly, Global Journalist and other outlets. He holds a journalism master's degree from the University of Missouri - Columbia and a bachelor's degree in biology.
Wall served in the Peace Corps in Honduras from 2005 to 2007, where he coordinated with the town government of Moroceli to organize a municipal trash collection system, taught environmental science, translated for medical brigades and facilitated sustainable agriculture, along with other projects.
Contact Wall via https://www.wattglobalmedia.com/contact-us/
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