Asia Pet Treats Market - Growth, Trends, and Forecast

Asia Pet Treats Market - Growth, Trends, and Forecast

  • July 2020 •
  • 124 pages •
  • Report ID: 5948977 •
  • Format: PDF
The Asian pet treats market is projected to register a CAGR of 5.7% during the forecast period(2020-2025). The population of pets is projected to increase during the forecast period, owing to factors, such as pet humanization and the rapid adoption of pets in potential markets in the Asian countries. This factor is expected to boost the market for pet treats in this region.

Safety and nutritional needs of pets are the major concerns for the consumers, who are increasingly aware of the labeling and the ingredients used in such food products. These considerations come at a higher cost. However, due to an increase in middle-income households in the developing markets, as well as a higher amount of disposable income, people are willing to spend more on their pets than before, especially in terms of a higher quality of foods. Moreover, this factor is expected to contribute to the steady growth of pet treats and other premium options. ?

Some of the leading players such as Mars Pet Care, Nestle Purina, J.M Smucker Company, and Unicharm Corporation are Hill’s Pet Nutrition, Inc., and Yantai China Pet Foods Co., Ltd. are dominating the market in this region.

Key Market Trends
Rising Trend of Pet humanization

Pet humanization is a result of changes in lifestyles, changing demographic patterns, and consumer preferences. Furthermore, the increasing income, growing pet anthropomorphism, and people’s affection for pets are strengthening the market studied.

In Asia, China has one of the largest pet-owning populations, with 73.5 million pet owners in 2016. Around 33.9 million pet parents owned a dog and 22.6 million owned a cat. The rest accounts for various other pets, including birds and other minor pets. The number of population in China was 93.65 million in 2019, whereas the number of cat was 86.95 in the same year, which increased by 11.1% and 31.7%, respectively, in the past five years

The trend of pet humanization also led to an increase in health consciousness and generated a demand for nutritious pet treats that are free of sugar, grains, dyes, and other chemical additives. Thus, consumers are looking for products that are locally grown, or natural, or have digestive benefits. Thus, the sales of premium and specialized products are increasing. As pets are perceived as family members, pet owners are willing to offer premium products. This factor is attributed to higher expenditure on pet treats among the pet owners.

Dogs Segment to be the Fastest-Growing

The pet dogs segment is one of the fastest-growing industrial segments in the Asian market, due to the increasing adoption of dogs and awareness about pet products among the consumers. Rising income levels and the trend of adopting dogs in the urban parts of the developed and developing countries across Asia are driving the growth of the dog treats market.

An increasing trend of adopting dogs has been observed in developed countries across the region, which has been boosting the dog treats market. According to the Korea Pet Food Association, in 2016 the dog and cat population was 4.19 million and 1.6 million respectively, which increased to 5.9 million and 2.4 million by 2019. The growth in the dog treats segment is supported by the demand for premium snacks and treats for felines, coupled with the demand for more natural ingredient-based treats. This created opportunities for the top brands to launch new products in the market, in order to occupy significant shares. For instance, in 2017, Nestle launched a recipe for grain-free treats for dogs. The new recipe involves simple, wholesome ingredients, including real farm-raised chicken.

Competitive Landscape
The Asia pet treats market is consolidated with the top players occupying the majority of the market. Mars Pet Care, Nestle Purina, J.M Smucker Company, and Unicharm Corporation are Hill’s Pet Nutrition, Inc., and Yantai China Pet Foods Co., Ltd. are the leading players in this region.

New product launches, partnerships, and expansions are the prime strategies followed by these companies to increase their revenue and continue their domination in the market. For instance, in Jun 2017, Unicharm Corporation added five new products to its delectable product lines, such as Bisque Kitten with Tuna, Bisque Kitten with Tuna & Chicken, Stew with Chicken & Veggies, Bisque with Tuna & Veggies, and Chowder with Tuna & Veggies.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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