Pet food sales volume growth in Latin America and Asia outpace larger markets
The pet food industry is rapidly growing, with sales volume reaching new heights across the globe. In 2022, Latin America experienced the highest pet food sales volume growth, thanks to rising standards of living and changing attitudes towards pets. A smaller scale but nonetheless significant demand for pet food in the region drives this growth. Likewise, those markets in size dwarf Asia despite its stronger growth.
The Role of Latin America and Asia in the Global Pet Food Industry
According to Andrea Binder, client director of the retail pet channel for NielsenIQ, in dog and cat food, North America and Europe are the biggest drivers of sales volume. However, growth has been pretty stable, if not declining in Europe over the last year. On the other hand, Latin America and Asia have shown promising growth rates, indicating that the region is becoming an increasingly significant player in the global pet food industry.
The Distribution of Global Pet Food Sales Volume by Region
Collectively, European nations accounted for the highest volume of pet food sold in 2022, followed closely by the United States and Canada. However, sales volume growth was slow in the United States and Canada, while Europe declined slightly.
In 2022, Latin American pet food sales volume increased by 4.8% to reach 866 million equivalent units. This significant growth rate highlights the region’s increasing demand for pet food, which is driven by a rising standard of living and changing attitudes towards pets. Similarly, Asian pet food sales volume hit 186 million equivalent units, growing 2.9%, demonstrating the region’s potential for future growth.
Pet food sales volume growth by region shows that the African pet food market was the smallest in the world at 114 million equivalent units, while also declining in volume by 4.5%.
Leading Pet Food Producers in Latin America
Latin America and the Caribbean region are home to a number of pet food producers, according to Petfood Industry’s Top Companies Current Data. Brazil-based pet food and treat companies topped the list, followed by Chilean and Argentinian businesses. Some of the leading pet food companies in Latin America include BRF Pet SA, Premier Pet, Total Alimentos SA, Empresas Carozzi, and Champion Pet Care.
Stay Informed About the Global Pet Food Industry
To learn more about the top pet food companies in the United States, you can purchase a downloadable spreadsheet that includes information about mailing address, type of products offered, brands, number of employees, number of facilities, and annual sales from 2017-2021. Additionally, the Petfood Industry Top Pet Food Companies project annually surveys pet food companies, aiming to expand the reach and scope of the companies within the rankings. If you want to be included in the yearly rankings, contact [email protected].
Conclusion: Keep an Eye on Emerging Markets
In conclusion, the Latin American and Asian pet food markets are driving significant growth in the industry, indicating that the region is becoming an increasingly important player in the global pet food industry. As pet ownership continues to rise worldwide, it is essential to keep an eye on these emerging markets and their potential for future growth.
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