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(MoneyNewsWire.Net, April 11, 2018 ) Asia-Pacific Pet food market has been estimated at USD 16.61 Billion in 2016 and is projected to reach USD 23.76 Billion by 2021, at a CAGR of 7.42% during the forecast period from 2016 to 2021. Pet foods are more digestible and enables the pet to absorb more nutrients and the pet will require less food per feeding. Because of their quality nutrients, premium pet foods help keep the pets skin and coat healthy and may help avoid issues including food allergies, sensitive stomach, obesity and hip and joint stiffness. Specially formulated premium pet foods can also help with conditions such as hairballs, urinary tract issues and oral disease.
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Awareness of benefits of high quality pet food, increase in pet population, and concern for the health of pets due to the rise in trend of pet humanization and increase in palatability of pet food are the factors which have resulted in the growth of pet food ingredients market. But strict regulation of the government on the costs of raw materials and feed products can hinder the market growth.
Asia-Pacific market for Pet food is segmented into ingredients, animal type and geography. Each of these segments are further sub segmented into, Ingredient: Animal Derivatives, Fish derivatives, Fruits & Vegetables, Cereals & Cereal by-products, Fats & Oils, Vitamins & Minerals, Additives; Animal: Dog, Cat, Bird, Other animals.
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Geographically Asia-Pacific market for is Pet Food is segmented into China, India, Japan, South Korea, and Australia. Japan has the largest market share within the region. In India, dogs are more popular pets than other animals like cats, birds, fish, etc. This creates a significant opportunity for the pet food companies to come up with a wide range of food products for dogs.
The Asia-Pacific pet food industry is highly concentrated with ten major players together accounting for more than 50% of the market share and remaining market share distributed among the large number of small manufactures. Mars, Inc., Del Monte Foods, Hills Pet Nutrition, INC, Unicharm Corporation, Nippon Formula Feed Manufacturing Company LTD, Pet Center, Incorporated (PCI), Nestle Purina Pet Care, Nisshin Saifun Group INC. Natural Dog Food Company, Halo, Purely for Pets, Marukan CO. LTD., Nutrena, and Spectrum Brands, INC. are the major companies in the market.
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