The Middle Eastern and Latin American pet food market was valued at US$239.6 million in 2013 and is expected to reach US$350.5 million by 2020, according to a recent study published by Transparency Market Research (TMR).
As part of the global pet food market market, the Middle East is projected to expand at a compound annual growth rate of 5.6 percent from 2014 to 2020. The Latin American market, including the Mexican pet food market, was valued at US$8,202.1 million in 2013 and is expected to reach US$10,361.0 million by 2020. The market is expected to expand at a compound annual growth rate of 3.4 percent from 2014 to 2020.
In a press release, TMR answered questions about the Middle Eastern and Latin American pet food markets:
Q. Which will be the pet food type that will witness the fastest growth rate?
The dry pet food segment led in the Middle East and Latin America pet food market among the different food types in 2013, according to TMR. Owing to the ease of handling and lesser cost, the dry pet food segment led in the market in 2013. Moreover, dry food can be stored for a longer time and feeding pets is easier.
However, the nutritious food segment is expected to be the fastest growing segment in the Middle East and Latin America, according to TMR. The growth of the nutritious food segment is due to increasing concerns among pet owners regarding pet health. The growing incidences of diseases such as canine parvovirus infection and Lyme disease will also lead to a rise in the demand for nutritious food segment.
Q. What factors are leading to a rise in the demand for pet food in the Middle East and Latin America?
The heightened demand for companionship and owing pets for security reasons are primary reasons behind the growing number of people adopting pets, subsequently giving rise to the demand for pet food, according to TMR. The growing trend of nuclear families is another factor driving the demand for pet foods. The rising concern and care for pets and rapid urbanization have led to an increase in the demand for pet foods. The increasing demand for branded and packaged food is also causing the pet food market in the Middle East and Latin America to grow to some extent. An overall increase in the disposable income among the people has also encouraged people to adopt pets and is boosting the pet food market.
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