Between 2011 and 2016, Latin America’s pet care industry outperformed the larger Western European market in key economic metrics, including compound annual growth rate (CAGR), noted a pet food industry analyst in a guest article for Interzoo 2018. Although Latin America was lower in actual sales than Western Europe, wrote Wiebke Schoon, senior research analyst at Euromonitor International, the region grew at six percent CAGR and reached higher actual sales gains.
Overall, the Euromonitor analyst reported that the pet care industry did well between 2011 and 2016, hitting global sales of US$104 billion in 2016. North America, including the United States, continued to be the largest market for pet care. Western Europe maintained its place as the second largest region for pet care sales, but grew at a below average rate between 2011 and 2016. Western Europe’s pet car market grew by a CAGR of two percent, compared to Latin America’s CAGR of six percent.
A gap between sales of premium pet food and other price points, including mid-range and economy, grew during the 2011-2016 period, wrote Schoon. Premium dog and cat food value grew by four percent CAGR, while mid-priced pet foods grew by one percent. Economy pet food market value grew by two percent CAGR, but that was enough to make value-priced pet food sales significantly higher and mid-priced options. Euromonitor analysts expect this gap to continue growing over the next five years.
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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