Pet Care Market in Asia
Pet care market in Asia is the fastest growing in the world. Urbanisation, change in lifestyle and rising disposable income are driving adoption for pets and boosting the pet care industry.
Various studies suggest that with increase in pet ownership, healthcare and spending, Asia’s pet industry is expected to grow at 14.3 per cent annually from 2016 to 2021. Pet owners have become more conscious about the health and well-being of their pets and are buying quality food, supplements and grooming products.
Emerging markets to watch out for in Asia are India, China, Japan, South Korea and Southeast Asia.
China’s pet care industry is expected to grow by more than 50 per cent to reach $ 2.6 billion by 2019. The pet food market accounts for 37 per cent of total industry revenue followed by accessories with 26 per cent, medicine with 24 per cent.
Families in Japan are adopting more number of pets than ever, particularly larger ones. Pet caeket in Japan recorded revenues of over US $ 4 billion in 2014 – with an expected growth rate of 1.1 per cent per year to reach USD4.3 billion by 2020.
South Korean pet industry is forecasted to reach USD573 million in revenues by 2022. Online market demonstrates potential with high sales driven by discounts. Online pet food sales are expected to reach around $ 180 million in 2022.
Southeast Asia pet care market includes Thailand, Malaysia, Indonesia, Singapore, Philippines and Vietnam. Thailand is the largest market in terms of size. However, data suggests that Philippines can emerge as the most vibrant market in terms of growth rate followed by Vietnam.