Market Trends of asia-pacific pet nutraceuticals Industry
A new purchase ecosystem is evolving in the region, such as pet cafes and pet stores assisting in purchasing to take care of the animals through a wide variety of cat food products and services, driving the population of cats
- In Asia-Pacific, cats have a lower share compared to dogs. They accounted for 26.1% of the pet population in 2022. Countries such as China, India, and Australia witnessed an increase in pet ownership due to health benefits such as feeling relaxed and less stressed and considering them as their companions. Therefore, the cat population as a pet increased by 0.28% between 2017 and 2022.
- Cat parents are higher than dog parents in countries such as Indonesia and Malaysia. In Indonesia and Malaysia, they accounted for 47% and 34%, respectively, in 2021. Due to the religious culture of these countries, they prefer to adopt cats as pets than dogs. This is expected to help the companies to invest more in cat food in these countries than dog food. In China, there was an increase in the number of pets, including cats, in urban areas and the pet population, including cats. This number of pets increased by 10.2% between 2018 and 2020 to reach a pet population of 100.8 million in urban areas in 2020. The cat population increased from 74.4 million in 2020 to 82.5 million in 2022 because of a rise in companionship during the pandemic. It is likely to have long-term effects as the life span of cats is more than 20 years.
- A new pet adoption and purchase ecosystem is evolving in the region as there are pet cafes and pet stores providing assistance from purchasing to taking care of the animals through a wide variety of pet food products and services. For instance, in Vietnam, The Meow House by R House is a cat cafe that serves vegetarian and vegan food and is a home for cats. Factors such as the rise in the adoption of cats due to health benefits, the culture of the Asia-Pacific, and changes in the pet ecosystem are helping to enhance cat adoption in the region.
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Increased demand for high-quality and specialized diets due to growing awareness among pets about preventive health care is increasing pet expenditure
- In Asia-Pacific, there has been a rise in pet expenditure because of factors such as an increase in pet humanization leading to the feeding of pets with commercial pet food, availability of different types of pet diets, and pet parents preferring good quality premium pet food as they are willing to pay premium prices. Pet dogs have a higher expenditure share as they accounted for 39.6% of the pet expenditure in 2022 because dog owners feed them high-quality pet food. There is a higher consumption of food by dogs compared to other pets. For instance, in Australia, dogs are most popular in Australia, and about 40% of households had a pet dog in 2022, which increased the demand for preventive care and demand for specialized diets.
- China, India, and South Korea are the major pet markets in the region, as there has been growth in pet expenditure. These countries witnessed a high number of pets being fed good quality premium pet food, especially after the pandemic, as they were more aware of the nutritional requirement for their pet's good health. For instance, in Hong Kong's cat food market, the premium pet food segment accounted for 75% of the pet food sales in 2022. There are high online sales of pet food, especially in China, due to the vast number of products available on the website, and they are easy to order. For instance, in 2022, China's pet nutraceutical sales from online channels were 58.3% compared to the pet stores channel's contribution of 28.1%.
- The rising demand for pet food and growing awareness about good quality food for their pets has increased the pet expenditure by pet parents in the region during the study period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The higher life span and the evolution of the pet ecosystem are helping to increase the dog population as pets in the region
- Fish is one of the most adopted pets in the region
