Future Market Insights (FMI) delivers incisive insights into emerging
regions in its latest report titled, “Southeast Asia Pet Care
Market Analysis and Opportunity Assessment, 2014 - 2020”. The
report states that the SEA
pet care market is mainly driven by the burgeoning trends of pet
humanization and increasing adoption of private label brands in
countries such as Thailand, Singapore, Indonesia and Malaysia.
FMI analyst P.S. Neha sheds light on why the SEA pet care market will
become one of the major markets in the region in the near future:
“Growth of the pet care market across Southeast Asia is driven by
increasing adoption and humanization of pets. Pet owners are now more
inclined towards more nutritious, healthy and organic foods for their
pets.”
By type, the overall SEA pet care market is segmented into dog food,
cat food, pet products and others. Dog food is the major segment in
this region, accounting for a 51.6% share of the market in 2014;
however, this is expected to decrease by 30 BPS by 2020.
This report also covers the pet care market by category and by
channel. On the basis of channel, the market is segmented into
supermarket, pet shop, veterinary clinic and others. The supermarket
segment is the leading distribution channel in the SEA pet care
market. However, veterinary clinics are anticipated to exhibit the
fastest CAGR at 7.1%, followed by supermarket at a 6.8% CAGR during
the forecast period. This growth is attributed to a shift in consumer
buying habits and an increasing inclination of pet owners to purchase
health and wellness products from reliable sources such as veterinary
clinics.
View and Download TOC of Southeast Asia Pet Care Market Research
Report @
Furthermore, by category, the market includes economy-priced,
mid-priced and premium-priced products.
Improving consumer lifestyles and increasing disposable income in
Southeast Asian countries has resulted in a growing acceptance for
pets, not only among the high-income group, but also the
middle-income group. In 2014, Thailand was the dominant country in
the overall Southeast Asia pet care market with a 43.62% share,
followed by Malaysia and Indonesia, accounting for 21.74% and 15.47%
respectively.
The pet care market in the Philippines is expected to register a
significant CAGR of 8.4%. This is expected to be followed by Vietnam
at a CAGR of 8.0% during the forecast period.
Innovation remains the key to gaining a competitive edge in the SEA
pet care market, especially in the pet food category. Companies such
as Nestlé Purina, Zoetis, Mars, Inc. and Merck & Co., account
for over 50% of the overall market share and constantly focus on
mergers and acquisitions to expand their geographical presence and
customer base.
Browse Complete Report @
No comments:
Post a Comment