The "Brazil Pet Care Market Size & Analysis by Type (Dog Food, Cat Food, Pet Healthcare, Cat Litter, Pet Dietary Supplements, and Others) Forecast and Opportunities, 2018-2023" report has been added to ResearchAndMarkets.com's offering.
According to the report, the Brazil pet care market registered double digit value CAGR despite headwinds like slowing economic growth and weak consumer sentiment in recent years. The country's pet care industry advanced with a CAGR of over 10 percent during 2012-2017 and it is forecasted to reach over US$9 billion by 2023. Growing pet humanization coupled with change in the lifestyle & consumption pattern has helped the pet care market considerably.
Brazil is home to over 57 million dogs and 26 million cats and Brazilian pet parents are keeping a separate budget for their pets and treating their pets as family members. The pet humanization trend is anticipated to continue through 2023 and onwards. Wet pet food is witnessing an increase in its uptake and the penetration is likely to go up through 2023 as the category offers higher margin compared to dry pet food.
As far as competitive landscape is concerned, Mars Brazil continues to be the market leader, followed by Nestle Brazil and Grandfood Industria. As of 2017, the top five companies account for over 51 percent market share in Brazil's pet care market. Brazil has seen growing investment from companies like Mars and Nestle, who have announced significant investments in the country. Other companies are also forecasted to commit more resources to set up their manufacturing units in Brazil and pet care companies will look to export to neighboring countries like Argentina, Colombia, Peru and others.
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While Brazil and Mexico dominate Latin American pet food markets, other nations have the potential to grow by following similar patterns to the two leaders, said Ivan Franco, founder of Triplethree International Market Research, during the opening session of Foro Mascotas 2018 on May 31 in Guadalajara, Jalisco, Mexico.
Franco examined the total volume of pet food sold in various North and South American nations where Romance languages predominate. Likewise, he analyzed the amount of commercial pet food given daily to pets in these countries. Franco found that Brazil stands above all other markets in Latin America in total volume of commercial pet food sold. Mexico’s pet food market ranked second in total volume with a somewhat higher amount of daily consumption per pet than Brazil. That consumption per day is one area where other nations can focus to grow their regional pet food markets.
While cat trends continue, the pandemic has added to overall slow-growth treatment of the cat food market.
Premiumization and humanization, as well as automation, fueled continued operation growth in spite of the COVID-19 pandemic.