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Middle East and Latin America Pet Food Market Driven by Increased Preference for Nutritious Food Products
Middle East Latin America Pet Food Market
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On the other hand, in 2013, the Latin America market for pet food was worth US$8.20 bn and is anticipated to reach a valuation of US$10.36 bn by the end of 2020. The Latin America market is projected to register a 3.40% CAGR between 2014 and 2020.By pet type, the pet food market in the Middle East and Latin America has been categorized into dog food, cat food, and others. In 2013, the dog food segment led the market. Furthermore, by food type, the Middle East and Latin America pet food market has been classified into nutritious, snacks/treats, wet/canned food, dry food, and others. In 2013, the dry pet food segment led the Middle East and Latin America pet food market, owing to the low pricing and ease of handling. In addition, dry pet food can be stored for a longer period in comparison with the other types, resulting in an increased demand for dry pet food throughout the forecast period.
On the other hand, the nutritious pet food segment is anticipated to grow at a fast pace in the next few years. In the Middle East pet food market, the nutritious segment is projected to register a 16.80% CAGR between 2014 and 2020. In the Latin America pet food market, the nutritious segment is estimated to log an 8% CAGR between 2014 and 2020. The rapid growth of this segment in both the regions can be attributed to the rising demand for food with fewer chemicals and synthetic ingredients and the growing pet health concerns of owners. Moreover, the growing prevalence of diseases including Lyme disease and canine parvovirus infection among pets is further expected to drive the nutritious food segment in the two regions.
By geography, the Middle East pet food market has been segmented into UAE, Israel, and others. On a similar note, the Latin America market for pet food has been segmented into Argentina, Brazil, and others. As per the report, the Middle East market for pet food is estimated to witness rapid growth due to the growing adoption of pets along with the increasing efforts of pet owners to offer quality food to their pets. On the other hand, the Latin America market for pet food is estimated to witness sluggish growth in the next few years.
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Furthermore, the research report talks about the competitive scenario of the pet food market in the Middle East and Latin America. Detailed company profiles, business strategies, financial overview, mergers and acquisitions, and SWOT analysis of the leading players have been included in the research study. The prominent players operating in the Middle East and Latin America pet food market include Nestle Purina PetCare, Royal Canin, Pedigree, Whiskas, Procter and Gamble, and Mars Petcare Inc.
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