According to a recent study published by Transparency Market Research titled, ‘Pet Food Market – Middle East And Latin America Industry Analysis, Trend, Size, Share and Forecast 2014 – 2020’, the overall market is expected to experience stable growth throughout the forecast period.
The report states that the Middle East And Latin America pet food market was valued at US$239.6 million in 2013 and is expected to reach US$350.5 million by 2020. The market in the Middle East is anticipated to grow at a CAGR of 5.6% from 2014 to 2020. The Latin America 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 rapidly grow at a CAGR of 3.4% between 2014 and 2020.
The study focuses on the current market trends, growth opportunities, and microeconomic factors contributing to the growth of the pet food market. The report also discusses the current market scenario and some of the important future trends that are expected to impact the growth of the pet food market in the Middle East and Latin America until 2020.The pet food market in the Middle East and Latin America is segmented by geography, pet type, and food type.
By country, the pet food market in the Middle East is segmented into the UAE, Israel, and others. Similarly, the Latin America market is divided into Argentina, Brazil, and others (including Chile and Venezuela). By pet type, some of the types covered under this report are cat food, dog food, and others (including, fish food and bird food). Among these types, the dog food type took up a major share in the global pet food market in 2013. The demand for dog food is increasing due to the growing trend of nuclear families and their need to keep dogs for companionship and security.
By food type, the pet food market is segmented into nutritious, dry food, wet/canned food, snacks/treats, and others (including frozen food and semi-moist food). According to the study report, dry pet food held the highest share in the pet food market in 2013. Ease of handling and low price are the primary factors boosting the dry pet food segment. Dry food is inexpensive and can be stored for a longer duration as compared to other types of pet food.
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Nutritious food, on the other hand, is the fastest growing segment in the Middle East and Latin America, expanding at a CAGR of 16.8% and 8.0%, respectively. Growth of this segment is expected to increase due to the rising consciousness of pet owners regarding pet health and increasing demand for nutritious food. In addition, increasing prevalence of diseases such as canine parvovirus infection and Lyme disease among pets is contributing to the growth of the nutritious food segment.
The study highlights that growth of the pet food market in the Middle East and Latin America is primarily driven by the rising awareness regarding pet health, demand for packaged and branded food, growing urbanization, and an increasing trend of adopting pets. Some of the key participants in the pet food market are Pedigree, Procter and Gamble, Mars Petcare Inc., Nestle Purina PetCare, Royal Canin, and Whiskas.