Asia Pacific pet care market set to reach $29b in 2024

China remains the largest contributor to the pet care market in the region.

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, according to Euromonitor International.

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.

India and Thailand emerged as key growth engines within Asia Pacific, with projected CAGRs of 9.4% and 8.7%, respectively, during the forecast period.

The growth is fueled by increasing pet populations and heightened consumer preference for packaged pet foods, reflecting a rising trend of pet humanisation across the region.

Meanwhile, 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 humanisation 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, specialised pet foods, mirroring human food trends. The market has seen a surge in new product launches, particularly in Singapore.

“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,” said Sahiba Puri, senior consultant at Euromonitor International.

She also noted the evolving retail landscape with more digital and specialty pet stores, enhancing distribution.

“Brands focusing on Asia Pacific must be willing to understand consumer habits in the region and adapt offerings to local nuances,” added Puri.

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