Pet Foods: A Global Outlook
San Jose, California (PRWEB) September 1, 2008
Driven by the increase in the number of single-member/nuclear families, and lower birthrates, and the consequential treatment of animals as part of the family, pet food is today one of the fastest growing sectors of the food industry. Growing urbanization, and increase in disposable incomes have contributed significantly to the increase in number of households owning pets. Market size, activity and dominance of product markets, such as, dog food, and cat food tend to vary across regional markets. For instance, in the US, Latin America, Japan and in most regions of Asia Pacific, dogs are most popular pets. In contrast, cats dominate pet population in France and Germany. Moreover, cat food and maintenance costs are comparatively less as compared to dogs.
Product innovation is expected to emerge into a major driver sprucing up sales in the world pet foods market, and driving consumers to purchase value added premium products. Rising consumer interest in organic pet foods, and pet nutrition and health is expected to push the demand for products that are promoted as preservative-free, natural and organic. Breed specific, health oriented, and gourmet-flavored products are anticipated to witness higher demand among pet owners. In the coming years, the sheer range of organic pet foods and pet treats would ensure greater influence of organic pet products in the market. Demand for premium pet food products will continue to rise, as pet owners seek products with enhanced nutritional benefits. The trend towards premium and super premium dry pet foods is especially pronounced in developed markets of Western Europe, North America and Japan. In the developing markets, increased product availability across all price segments is anticipated to drive demand, while in developed and mature markets, growth will stem from value-added products such as functional pet foods and nutraceuticals.
Popularity of food products for various pets varies from region to region. In the United States, Japan, Latin America and some Asia-Pacific regions, the demand for dog food is higher, owing to the greater popularity of dogs as pets. In contrast, demand for cat food is higher in countries such as France and Germany, due to the popularity of cats as pets among consumers. Driven by its relatively lower price, dry pet food is preferred over wet food across the world. Apart from price, convenience and enhanced health benefits of dry products are driving the popularity of dry food products. Emerging markets such as, China and Brazil, are experiencing a shift towards prepared foods largely due to higher consumer spending as a result of growing disposable income, rise in pet population, urbanization and lack of time to prepare food for pets at home.
Pet foods market is characterized by intense competition among various global brands. To sustain and augment product sales in such a scenario, market participants are adopting strategies such as high decibel marketing and advertising campaigns in addition to increased investments in the development of innovative products.
The report titled "Pet Foods: A Global Outlook", published by Global Industry Analysts Inc, provides statistical anecdotes, market briefs, and concise summaries of research findings. The report also offers a bird's eye view of the structure, and basics of the pet foods industry, identifying major product market segments and trends within product categories. The report also features recent mergers, acquisitions and other strategic developments of significance. The report offers a comprehensive overview of pet food markets in United States and Europe, along with brief discussions on select regional markets including Germany, Italy, UK, Australia, and Singapore, among others. The report includes an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 193 companies worldwide.
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