The pet care market in the Asia Pacific region is poised to achieve significant milestones, with projections indicating it will reach $43 billion by 2024, solidifying its position as the third largest market worldwide by 2029. According to research by Euromonitor International, the region is expected to maintain a steady 4% compound annual growth rate (CAGR) from 2024 to 2029, outpacing the global market CAGR of 3%, North America’s 2.5%, and Western Europe’s 2.1%. This growth trajectory underscores Asia Pacific’s robust potential in the pet care sector.
Australia and New Zealand are forecasted to experience CAGRs of 2.9% and 1.8%, respectively, during the same period, reflecting varying growth dynamics within the region.
Sahiba Puri, Senior Consultant at Euromonitor International, highlighted the dynamic nature of the Asia Pacific Pet Care market, noting its emergence as a hub for some of the world’s fastest-growing pet care economies. Puri emphasized the diversity in consumer preferences, from a rising demand for premium pet products to a shift from homemade to packaged pet foods. This diversity presents opportunities across different market segments and price points.
The retail landscape in Asia Pacific is evolving rapidly, with an increasing presence of digital platforms and specialized pet stores, thereby enhancing product distribution channels. Brands targeting the Asia Pacific market are advised to tailor their offerings to local consumer habits and preferences.
In Australia and New Zealand, annual per-pet spending is projected to approach $190 by 2024, surpassing levels seen in certain Western European countries such as Italy and Germany. Meanwhile, developing economies across Asia Pacific are expected to witness gradual growth in pet expenditures as economic conditions improve and living standards rise.
The region has also seen notable developments in product innovation, with Australia alone witnessing the launch of 77 new pet food products in 2023, according to Euromonitor’s Passport Innovation platform. Furthermore, there is increasing demand for pet dietary supplements across Asia Pacific, with a robust retail value CAGR of 15% observed from 2019 to 2024.
In conclusion, the Asia Pacific pet care market is on a trajectory of substantial growth, driven by evolving consumer preferences, expanding retail channels, and innovative product offerings. As economies in the region continue to advance, the market presents lucrative opportunities for brands willing to adapt and cater to local nuances.
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