Latin America Pet Food Market Outlook
According to a new report by Expert Market Research titled, “Latin America pet food market Size, Share, Trends, Growth, Key Players, Report and Forecast 2024-2032, the Latin America pet food market reached a value of approximately USD 12.38 billion in 2023. Aided by the escalating pet ownership and the burgeoning demand for high-quality pet food, the market is projected to further grow at a CAGR of 3.7% between 2024 and 2032 to reach a value of USD 15.42 billion by 2032.
Pet food, an essential part of pet care, provides nutritional benefits necessary for the overall health and well-being of domestic pets, including dogs, cats, and birds. The increasing pet humanisation trend and the growing awareness regarding pet health are leading to a surge in demand for pet food. Pet owners are moving away from generic, mass-produced pet food and are leaning towards premium, specialised, and nutritionally balanced pet food products.
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The escalating pet ownership in Latin America is a significant driver of the Latin America pet food market growth. The pet adoption rates are on the rise, driven by factors such as urbanisation, nuclear family structures, and the increasing awareness about the mental health benefits associated with pet ownership. Additionally, with higher disposable incomes, pet owners are more capable and willing to spend on high-quality pet food products, thus driving the market expansion.
The growing applications of specialised pet food in addressing health issues in pets also play a substantial role in propelling the Latin America pet food market development. Pet food manufacturers are developing products that cater to specific dietary requirements and health concerns such as obesity, digestive issues, and food allergies in pets. This focus on health-specific pet food products, combined with increased pet health consciousness among owners, fuels the market growth.
The rise of e-commerce in the pet care industry is another noteworthy trend contributing to the Latin America pet food market expansion. The convenience of online shopping, combined with the wide variety of pet food options available on online platforms, has boosted the sales of pet food through e-commerce channels.
Moreover, the pet food market is experiencing a significant shift towards organic and natural pet food products. With the increasing humanisation of pets, pet owners are seeking healthier, more natural food options for their pets. This trend has led to a growth in the demand for organic and natural pet food products, further driving the Latin America pet food market expansion.
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Latin America Pet Food Market Segmentation
The market can be divided based on pet type, product type, ingredient type, price category, distribution channel, and country.
Market Breakup by Pet Type
- Dog Food
- Cat Food
Market Breakup by Product Type
- Dry Pet Food
- Wet and Canned Pet Food
- Snacks and Treats
Market Breakup by Ingredient Type
- Plant Derived
- Animal Derived
Market Breakup by Price Category
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Speciality Stores
- Online Stores
Market Breakup by Country
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the Latin America pet food companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Mars Inc.
- Nestlé SA
- Archer Daniels Midland Company
- BRF SA
- Metrive S.A.
- Petfood Saladillo S.A.
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