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LONDON-- The market for pet foods in Southeast Asia is projected to grow at a compound annual growth rate (CAGR) of 6.8 percent from 2014 to 2020. Among all the Southeast Asia countries, the pet care market in Philippines is expected to grow at a significant CAGR of 8.4 percent.
Future Market Insights (FMI) in its latest market report underscored that the major driver of this market is the growing pet humanization trend among pet owners and increasing demand for nutritious, healthy and organic pet foods rather than regular pet foods. Other trends such as changing consumer lifestyle and increasing disposable income in Southeast Asian countries are also driving increasing acceptance of pets, not only among the high-income group, but also the middle-income group.
FMI said the Southeast Asia pet care market accounted for US$ 952 million in terms of value in 2014. Thailand dominated the SEA pet care market in 2014, accounting for 43.62 percent market share; however, it is expected to lose market share by 50 BPS (basis points) in 2020.
The SEA pet care market is segmented on the basis of type, category and channel. By type, the market comprises dog food, cat food, pet products and others. Dog food was the major segment in 2014, accounting for 51.6 percent market share. This is expected to grow at a CAGR of 6.7 percent during the forecast period.
By category, the market includes economy-priced, mid-priced and premium-price products. Of these, despite being the smallest market, the premium products segment is likely to grow at the highest CAGR of 7.2 percent.
Key players included in the FMI report are Mars, Inc., Nestlé Purina, Merck & Co. and Zoetis, which account for over 50 percent of the overall pet care market.
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