Increasing Spending Power of the Middle Class Drives Asia Pacifics Booming Pet Food Market

2024-11-07 03:12:51 Lifestyle

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Multinational companies have long aimed to the large number of Asian households and their need for various goods and services. On the basis of daily spending levels of US$2-US$20, the Asian Development Bank estimates 56% of the population could be regarded as middle class in 2002, representing a significant growth from only 21% in 1990. Thus, the proportion of middle-class spenders is rising at an unwavering pace.

With rising incomes comes the financial ability to splurge on luxuries such as pets. The pet population in Asia Pacific has been growing at a steady rate over the last decade and more, leading to pet food manufacturers increasingly looking at APAC as the market of the present and future.

Browse Market Research Report of Asia Pacific Pet Food Market:http://www.transparencymarketresearch.com/asia-pacific-pet-food-market.html

With Australia and New Zealand included, where pets outnumber humans, Asias total pet population totaled to approximately 488 million in 2011, which makes for a whole lot of pet food. Asia Pacific makes up a significant chunk of this pet population, thanks to the growing figures in Australasia, India, and China. Additionally, with growing wealth and busy lifestyles, couples tend to have fewer children, which is another reason why pets are becoming more popular.

How is Japan a Strong Contender in Pet Food Market in Asia Pacific?

Amongst all the APAC national markets for pet food, Japan is the largest, where more and more people consider pets to be family members, which translates to more business opportunities for pet food manufacturers. With apartments becoming the most popular type of residence in Japan, dogs and cats, particularly smaller breeds, are the most popular pets.

However, it appears that the dog and cat populations in the country have reached their maximal level. In 2008, the combined dog and cat population was 24 million in Japan, which diminished to 20.7 million in 2011. This drop of almost 14% can be attributed to higher life expectancy of pets due to availability of better food and living conditions.

In general, there is less interest in other pets in Japan. Due to alarming concerns about avian (bird) flu, the import of birds into Japan is restricted; hence, the number of pet birds, approximated at 3.7 million in 2006, dropped to 2.3 million in 2011. Although the adoption of small reptiles and small fish rose in 2010 and 2011 as compared to the late 2000s, it remains a relatively small market.

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Transparency Market Research (TMR) offers insights into what the pet food market in Asia Pacific will look like in the coming years:

The dog food segment holds the largest market share and is estimated to reach US$6,554.2 million by 2020.
The others segment, which includes bird food, reptiles, fish food, and other small animals will exhibit the fastest growth at a CAGR of 2.7% from 2014 to 2020.
Ease of handling and low price account for high demand for dry pet food in Asia Pacific.
Increasing awareness about pet health will lead the nutritious food segment to reach US$361.3 million by 2020.
With a large proportion of the Japanese population choosing not to have children, pets are increasingly considered as a substitute, which is encouraging a pampered pet industry. This accounts for Japan to become one of the largest markets for pet food in Asia Pacific.
Changing lifestyles and growing trend of nuclear families in India is leading to higher demand for pets in India, which in turn is helping the pet food market in the country.