Reports analyze pet food market in India, Australia
Demand for pet food rising in both countries
The pet population in India is increasing at a robust pace, where a majority of the pet owners are adopting dogs due to the need for security and companionship.
In addition, the rising number of affluent and growing middle-class families are also increasingly adopting pets. As a result, the demand for pet food is rising, mainly in urban centers of India. The pet population base is also diversified across regions, for instance, in 2013, around 85% of the pets in India were dogs, with the northern region accounting for highest number of pets. Cat and fish, on the other hand, are more popular pets in the southern region in India.
According to TechSci Research report, “India Pet Food Market Forecast & Opportunities, 2019,” the Indian pet food market is projected to surpass US$270 million by 2019.
Dog food segment is expected to continue its dominance as the largest revenue contributor, followed by cat and fish food segments. Dry food is more popular in case of dog food segment due to general liking of dogs towards dry food, while cats prefer wet food.
Treat/snacks are also popular among dogs, however, due to high prices, most of the pet owners prefer dry food. Considering the diversified preference or liking by various pets, food companies are also strategizing their products offerings, accordingly. A few of the leading pet food manufacturers operating in the Indian market includes Mars International, Provimi Animal Nutrition India, PetSetGo and Bharat International Pet Foods.
Pet food growth in Australia
Over the past few years, Australia has been witnessing significant growth in pet ownership with more and more households adopting dogs, cats and other animals for various reasons like security and recreational purposes.
As a result, the demand for pets is increasing in the country, which in turn is driving pet food sales. In Australia, people prefer keeping dogs as pets over cats and other animals. In 2013, around 61% of the pet owners in Australia had dogs, while the remaining had cats, fish, birds, rabbits, etc. as pets.
Cats, on the other hand, are more popular pet among affluent class people in the country. The population of pet fish is also increasing as people are moving into smaller houses and high-rise apartments due to increasing urbanization. Because keeping a large pet like dog or cat as pet in smaller dwellings in not feasible, the adoption of fish as pets is also increasing among pet enthusiasts in the country.
In addition, the fact that fish occupy very less space and their maintenance is cheaper is also leading to their higher adoption among Australians, thereby driving the demand for fish food in the country. Due to increase in income level, majority of the pet owners, especially those living in New South Wales/ Australian Capital Territory (NSW/ACT) and Queensland, prefer prepared packaged pet food over home-cooked food for their pets.
According to “Australia Pet Food Market Forecast & Opportunities, 2019,” the Australian pet food market is projected to grow at CAGR of around 2.94% till 2019. Increasing number of old-age couples and DINK (dual income, no kid) families, and rising disposable income are the major factors driving pet adoption in the country. Significant growth witnessed in separation rate among Australians is also a major factor driving the demand for pet food in the country. Region-wise, NSW/ACT represents the leading market for pet food products in the country due to higher pet population as well as per capita income of people living in the region.
The Australian pet food market is flooded with a variety of brands offering pet food in dry, wet as well as treat/snack form. Leading pet food manufacturers operating in the Australian market include Mars International, Nestle Purina, Connex United Processors, and The Great Australian Pet food Co. With rising retail units in the country, these companies are generating majority of their revenues from exclusive retail outlets and supermarkets in the country. Royal Canin, a leading brand of Mars International, is the most popular dog food brand among middle income families in the country.