The Asia Pacific pet care market is set to grow to $29 billion by 2024, solidifying its position as the world’s third-largest market by 2029, according to Euromonitor International.
The region is expected to sustain a compound annual growth rate (CAGR) of 4% from 2024 to 2029, surpassing the global average of 3% and indicating strong growth potential.
India and Thailand have emerged as key drivers within the Asia Pacific market, with projected CAGRs of 9.4% and 8.7%, respectively, over the forecast period. This growth is attributed to increasing pet populations and a rising consumer preference for packaged pet foods, reflecting a broader trend of pet humanization across the region.
China remains the largest contributor to the pet care market in Asia Pacific, with a steady growth supported by a CAGR of 3.3%.
The report highlights that the trend towards pet humanization is reshaping consumer behavior, driving demand for high-quality, nutritional pet products. Countries like Singapore, Japan, South Korea, and Hong Kong are also expected to see significant per pet spending in 2024, surpassing that of North America and Western Europe.
Furthermore, pet food innovation is gaining momentum across Asia Pacific. Manufacturers are increasingly focusing on developing nutritionally-rich, specialized pet foods, mirroring trends in human food. The market has witnessed a surge in new product launches, particularly in Singapore.
“From pet owners with an appetite for premium pet offerings to those transitioning from table scrap feeding to packaged food, varied levels of consumer sophistication and price sensitivities present opportunities across different price points,” said Sahiba Puri, senior consultant at Euromonitor International.
Puri 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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