Organic Pet Food to Emerge As Booming Trend as Owners Become Increasingly Concerned about Pet Health
The pet food market is thriving with fads and trends that are no different from the marketing campaigns for human food. The demand for pet food is growing steadily after the largest recall in 2007, resulting in a rapid inclusion of organic and natural ingredients in pet foodstuff. Pet owners have the options of choosing from free-range, human-grade, organic, pure, holistic, and natural pet foods. The need for companionship is rising rapidly in the Middle East and Latin America owing to a growing inclination towards nuclear family. This has given rise to a number of people adopting pets and thus, leading to the growth of the pet food market.
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According to a recent study published by Transparency Market Research (TMR), the Middle East and Latin America pet food market was valued at US$239.6 mn in 2013 and is expected to reach US$350.5 mn by 2020. The market in the Middle East is projected to expand at a CAGR of 5.6% from 2014 to 2020. The Latin America pet food market was valued at US$8,202.1 mn in 2013 and is expected to reach US$10,361.0 mn by 2020. The market is expected to expand at a CAGR of 3.4% from 2014 to 2020.
In this blog post, TMR answers three critical questions about the Middle East and Latin America pet food market:
Q. What factors are leading to a rise in the demand for pet food in the Middle East and Latin America?
The heightened demand for companionship and owing pets for security reasons are primary reasons behind the growing number of people adopting pets, subsequently giving rise to the demand for pet food. The growing trend of nuclear families is another factor driving the demand for pet foods. The rising concern and care for pets and rapid urbanization have led to an increase in the demand for pet foods. The increasing demand for branded and packaged food is also causing the pet food market in the Middle East and Latin America to grow to some extent. An overall increase in the disposable income among the people has also encouraged people to adopt pets and is boosting the pet food market.
Q. Which will be the pet food type that will witness the fastest growth rate?
The dry pet food segment led in the Middle East and Latin America pet food market among the different food types in 2013. Owing to the ease of handling and lesser cost, the dry pet food segment led in the market in 2013. Moreover, dry food can be stored for a longer time and feeding pets is easier.
However, the nutritious food segment is expected to be the fastest growing segment in the Middle East and Latin America. The growth of the nutritious food segment is due to increasing concerns among pet owners regarding pet health. The growing incidences of diseases such as canine parvovirus infection and Lyme disease will also lead to a rise in the demand for nutritious food segment.
Q. What are the recent trends in the pet food industry in the Middle East and Latin America?
Organic pet food is one of the emerging trends in the pet food industry. For instance, Natural Planet Pet Foods has choices for organic foods and have products containing exotic protein sources such as duck, rabbit, and kangaroo.
Soups are another emerging space and accelerating the value of pet food. A case in point would be Mars Petcare. In June 2016, the company launched Sheba Classic Soups for cats. Moreover, investments for expansion of facilities, with a vision to give pets better and more nutritious food are some of the other trends that are catching up with market players. For instance, Royal Canin has announced the investment of US$100 mn for expanding their facility in South Dakota.