According to a publication by ProChile, the total global market value is estimated at US$ 45 billion. However, it is expected to grow to US$ 96 billion in 2017 in view of the slight macroeconomic recovery of markets, the increase in pet population and changes in consumer preferences.
The market is expected to grow to US$ 96 billion by 2017
The publication indicates the decrease in birth rates and the increase in “single person households” as factors where pets are increasingly integrated as family members and as companions by individuals living alone, enabling this market’s continuous growth. The increase in urban population and the available income in emerging markets also significantly contribute to the rise in number of households with pets, driving the demand for food.
A market research conducted by Euromonitor reveals that in 2015 the United States (U.S.) will be the biggest value market followed by Brazil, Japan and France. However, India, Saudi Arabia, Russia and Thailand present interesting opportunities since their markets are growing at a higher pace.