The love for pets is thriving in Southeast Asia! The Southeast Asia pet care market, valued at USD 952 million in 2014, is expected to reach USD 1,412.7 million by 2020, driven by a strong compound annual growth rate (CAGR) of 6.8%. Are you prepared to tap into this growing market and meet the evolving needs of our furry friends?
Why the Southeast Asia Pet Care Market is a Key Opportunity:
Economic Growth Boosts Pet Spending: As the region’s per capita GDP rises, more people are investing in their pets’ health, wellness, and happiness, transforming pet ownership and increasing demand for pet care products and services.
Beyond the Basics: The pet care market is expanding beyond essentials like food and veterinary care. Consumers are now looking for a wider range of products, including luxury pet beds, stylish clothing, and advanced hygiene solutions.
Dogs and Cats Lead the Market: While dog and cat food remain the top segments, there’s growing diversification in the market. Offering a variety of pet food options that cater to different dietary needs and preferences can provide a significant competitive advantage.
Growing Demand for Pet Pampering: The pet products segment is seeing the fastest growth. By offering an innovative range of pet accessories and wellness products, you can capitalize on the increasing demand for pet pampering, enhancing the lives of pets and their owners.
Unlock Comprehensive Insights—Read the Full Report Today!
Key Takeaways from the Pet Care Market Study
- Pet food is expected to hold a noteworthy revenue share of over 65% of all product sales. The growth is attributed to the demand for premium, natural, and organic ingredients.
- Pet care for dogs is expected to contribute revenue share of 35.1% in 2021. The role of dogs as companions and the resulting humanization drives associated sales.
- The U.S. leads the North America market accounting for 90% value share by 2031 owing to higher purchasing power.
- The U.K. accounts for more than 25% of the Europe market with concerns over pet health and investments into product innovation.
- China and South Korea are considered high growth markets for pet care in East Asia, reflecting a CAGR of over 14% with the penetration of key players with premium products.
“Growing acceptance of technologically advanced automated pet care products, and increasing expenditure driven by trends of pet humanization will influence the revenue generation opportunities in the pet care market through 2031,” says an FMI analyst.
Competitive Edge for Visionary Pet Care Providers:
This heartwarming market requires a passion for pets and a keen understanding of their needs:
- Product Innovation is Key: Develop unique and high-quality pet food formulas, comfortable bedding options, and engaging toys that cater to the evolving needs of pet owners.
- Embrace Premiumization: Consumers are willing to spend more on premium pet products. Offer high-quality options that prioritize pet health and well-being.
- Go Omnichannel: Customers are shopping online and in-store. Develop a strong online presence and partner with brick-and-mortar retailers to reach a wider audience.
- The Power of Pets on Social Media: Leverage social media marketing to showcase your products and connect with pet owners on an emotional level.
- Building Brand Loyalty: Offer exceptional customer service, loyalty programs, and informative content to build lasting relationships with pet parents.
For instance, the Kroger Co. offers natural food products for pets with proteins and essential nutrients. Besides, GMO (genetically organism free) food products are also available for pets in the market.
The rise in the number of pet owners and the growing awareness of veterinary health and investments into animal health organizations are swiftly boosting the prospects of manufacturers through the upcoming decade.
Who is Winning?
Major players present in the pet care market are focusing on aggressive promotional strategies, advertisements, and new product launches have driven sales growth of pet care products and services globally.
Some of the leading players in the industry
- Procter & Gamble Co.
- JM Smucker Co
- Nestlé Purina Pet Care Co
- Monge & C. Spa
- Hill’s Pet Nutrition SNC
- Royal Canin SAS
- Affinity Petcare France SA
- Champion Pet Foods LP
- Cargill, C & D Foods
- Aller Petfood, Bob Martin
- Blue Buffalo Co. Ltd.
- Cambrian Pet Foods Ltd.
- Crosswind Industries Inc.
- and Crown Pet Foods Ltd.
Get Valuable Insights into Pet Care Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global pet care market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the pet care market based on the service (product{ pet food, pet healthcare, fashion, toys, and accessories}, professional service {day care, grooming boarding, pet breeding and training} value added services {insurance, veterinary care, pharmacy, adoption and charity, crisis relief service}) pet type (dogs, cats, birds, fish and reptiles, small pets, and horses & other livestock), service channel (modern trade, convenience stores, care services centres, veterinary clinics, online retailers, support care centres and pet specialty stores across seven major regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube