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With the economic development of Southeast Asia, the number of pets such as cats and dogs kept by the residents of Southeast Asia is also on the rise, promoting the development of the Southeast Asian pet food market.
Data shows that in 2021, Google search exposure about pets in Southeast Asia grew 88% YoY and exposure to ads about pet products grew 158% YoY. A survey in 2021 showed that in Vietnam, only about 27% of the population did not own a pet. The increase in the number and variety of pets is driving the pet food market size.
According to CRI's analysis, the younger generation has become the main force of pet ownership in Southeast Asia, with a more refined and humane approach to pet feeding. In addition to the main food that occupies a major position in pet food, the demand for pet snacks such as teething snacks, freeze-dried and cat strips is also gradually growing, and the market recognition has increased significantly.
Southeast Asia in this report includes 10 countries: Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, Brunei, Laos and Cambodia. With a total population of over 600 million by the end of 2021, Southeast Asia has an overall economic growth rate higher than the global average and is one of the key drivers of future global economic growth.
According to CRI's analysis, the economic levels of the 10 Southeast Asian countries vary greatly, with Singapore being the only developed country with a per capita GDP of about US$73,000 in 2021. While Myanmar and Cambodia will have a GDP per capita of less than US$2,000 in 2021. The population and minimum wage levels of each country also vary greatly. Brunei, which has the smallest population, will have a total population of less than 500,000 people in 2021, while Indonesia, which has the largest population, will have a population of about 275 million people in 2021. The most economically advanced countries in Southeast Asia do not have a set minimum wage, with the actual minimum wage exceeding US$400/month (for foreign maids), while the lowest minimum wage level in Myanmar is only about US$93/month.
The low production cost in Southeast Asia has also attracted many pet foods brands to invest and build factories in Southeast Asia. Petpal has built three production bases in Vietnam, namely Happy Chews, Balala and DEXIN, and the Vietnam factory has become the core overseas Petpal factory.
CRI expects the pet food industry in Southeast Asia to maintain growth from 2023-2032.
Topics covered:
Southeast Asia Pet Food Industry Status and Major Sources in 2018-2022
What is the Impact of COVID-19 on Southeast Asia Pet Food Industry?
Which Companies are the Major Players in Southeast Asia Pet Food Industry Market and What are their Competitive Benchmarks?
Key Drivers and Market Opportunities in Southeast Asia Pet Food Industry
What are the Key Drivers, Challenges, and Opportunities for Southeast Asia Pet Food Industry during 2023-2032?
What is the Expected Revenue of Southeast Asia Pet Food Industry during 2023-2032?
What are the Strategies Adopted by the Key Players in the Market to Increase Their Market Share in the Industry?
What are the Competitive Advantages of the Major Players in Southeast Asia Pet Food Industry Market?
Which Segment of Southeast Asia Pet Food Industry is Expected to Dominate the Market in 2032?
What are the Major Adverse Factors Facing Southeast Asia Pet Food Industry?