According to Euromonitor International the Asia Pacific pet care market is projected to grow to $29b by 2024, maintaining its position as the world’s third-largest market by 2029. The region is expected to maintain a steady compound annual growth rate (CAGR) of 4% from 2024 to 2029, outpacing the global average of 3% and demonstrating robust growth potential. During the forecast period. India and Thailand emerged as key growth engines within Asia Pacific, with projected CAGRs of 9.4% and 8.7%, respectively. The growth is fueled by increasing pet populations and heightened consumer preference for packaged pet foods, reflecting a rising trend of pet humanization across the region.
However, China remains the largest contributor to the pet care market in Asia Pacific. The country’s consistent growth is underpinned by a CAGR of 3.3%. According to the report, the trend towards pet humanization is reshaping consumer behavior, with heightened demand for high-quality, nutritional products for pets. Countries like Singapore, Japan, South Korea, and Hong Kong are also anticipated to witness significant per pet spending in 2024, exceeding that of North America and Western Europe.
Additionally, pet food innovation is on the rise across Asia Pacific. Manufacturers are focusing on developing nutritionally-rich, specialized pet foods, mirroring human food trends. In Singapore the market has seen a surge in new product launches. Sahiba Puri, senior consultant at Euromonitor International quoted “From pet owners with an appetite for premium pet offerings to those making the transition from table scrap feeding to packaged food, varied levels of consumer sophistication and price sensitivities provides opportunities across different price points in the market.”
She also mentioned the evolving retail landscape with more digital and specialty pet stores, enhancing distribution. Puri added “Brands focusing on Asia Pacific must be willing to understand consumer habits in the region and adapt offerings to local nuances.”
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