#tbt: Southeast Asia pet food market faces significant growth
Report from 2015 says the region will see 6.8% growth by 2020
From Petfood Industry:
A 2015 report from Future Market Insights showed that the Southeast Asia (SEA) pet food market has significant growth to look forward to. The report estimated that growth in the region would hit 6.8% by 2020, driven largely by an increasing concern towards pet health and growing demand for luxury products.
A recent column by Debbie Phillips-Donaldson from Petfood Forum Asia said that the show highlighted the vibrancy of the Southeast Asia pet food market in many ways. More than 120 pet food professionals, mostly from the region, engaged in the day-long conference, asking questions of most speakers and networking in between sessions with the speakers, sponsors and other participants.
According to last year’s report, improving consumer lifestyles and increasing disposable income in Southeast Asian countries has resulted in a growing acceptance for pets, not only among the high-income population, but also the middle-income group. In 2014, Thailand was the dominant country in the overall SEA pet care market with a 43.62% share, followed by Malaysia and Indonesia, which accounted for 21.74% and 15.47% of the market, respectively. The pet care market in the Philippines is expected to register a significant compound annual growth rate (CAGR) of 8.4% through 2020. This is expected to be followed by Vietnam, with a CAGR of 8% during the forecast period.
Future Market Insights (FMI) delivers insights into emerging regions in its latest report titled, ' Southeast Asia Pet Care â€' Market Analysis and Opportunity Assessment, 2014-2020.' The report states that the Southeast Asia pet care market is mainly driven by the burgeoning trends of pet humanization and increasing adoption of private-label brands in countries such as Thailand, Singapore, Indonesia and Malaysia.