Spending increasing in Latin America petfood and pet care market
Trends in Latin America driven by American 'pet parents'
Latin Americans are spending more money on products and services for their pets despite the poor economy, according to an online article from The Independent.
A July 15 report from Euromonitor International indicated that Latin American and Caribbean pet owners are spending more money than previously on pet care goods and services, such as petfood, toys, fashion accessories, health care and grooming. This trend spreading in Latin America is driven by Americans, who treat their pets like children, and the "pet parents" who believe that animals have equal or almost equal rights to people, according to the report.
Euromonitor statistics reported spending on petfood and pet care products increased dramatically across Argentina and Chile from 2004 through 2009. In Argentina, spending increased from US$0.2 billion in 2004 to US$0.6 billion in 2009, and in Chile spending increased from US$0.3 billion to US$0.5 billion in the same period.