Asia Pacific’s pet care market forecast to reach $43 billion in 2024
Asia Pacific’s pet care market is projected to reach $43 billion in 2024, cementing its spot as the third largest market among major regions globally by 2029.
Research by Euromonitor International showed that with a constant 4 per cent compound annual growth rate (CAGR) in the forecast period of 2024-2029, Asia Pacific surpasses the global market CAGR of 3 per cent, North America’s 2.5 per cent and Western Europe’s 2.1 per cent, signalling its strong growth potential.
Australia and New Zealand have a projected CAGR of 2.9 per cent and 1.8 per cent respectively, in the forecast period of 2024-29.
Sahiba Puri, Senior Consultant at Euromonitor International, said the Asia Pacific Pet Care market is a highly dynamic one, home to some of the fastest growing pet care economies in the world.
“From pet owners with an appetite for premium pet offerings to those making the transition from table scrap feeding to packaged food, varied levels of consumer sophistication and price sensitivities provides opportunities across different price points in the market.
“A rapidly evolving retail landscape with a growing presence from digital and pet specialty stores, is also enhancing distribution. Brands focusing on Asia Pacific must be willing to understand consumer habits in the region and adapt offerings to local nuances.”
Annual spending per pet in Australia and New Zealand is expected to reach close to $190 in 2024, exceeding some countries in Western Europe such as Italy and Germany, while there is potential for growth in developing APAC countries as economies expand and living standards improve, and pet expenditures in developing countries are expected to rise gradually.
Seventy-seven new pet food products were launched in 2023 in Australia alone, according to Euromonitor’s Passport Innovation platform. Pet dietary supplements has also seen increased demand across APAC, with a retail value CAGR of 15 per cent for dietary supplements in the period of 2019-24.