Asia Pacific Pet Treats Market to show Impressive Growth During the Forecast Period
Increasing disposable income among the population is driving the Asia Pacific Pet Treats Market growth in the forecast period, 2022-2026.
According to TechSci Research report, “Asia Pacific Pet Treats Market By Product (Dry Treats, Wet Treats, Veterinary Diet, Snacks, Others) By Animal (Dogs, Cats, Birds, Fishes, Others) By Distribution Channel (Specialized Pet Shop, Online, Supermarket/Hypermarket, Others) By Ingredients (Animal Derivatives, Fish Derivatives, Fruits & Vegetables, Fats & Oils, Vitamins & Minerals) By Country, Competition Forecast & Opportunities, 2026”, the Asia Pacific pet treats market is projected to grow on the backbone of increasing number of companion animals and their adoptions. The Asia Pacific pet treats industryis expected to show an impressive CAGR rate in the forecast period, 2022-2026. Pet humanization is a rising trend that is primarily focused on betterment of living standards of the companion animals. Pet owners are inclined toward the pet humanization, demanding a better lifestyle and providing humans like living standards to their pets. Rising number of pet grooming centers, pet spas, and other pet products, are proof that pet owners are actively supporting pet humanization process and are even interested in spending over these services. Middle-class families in the developing countries like China, India are adopting pets at a rapid rate. With their affordability, the market for Asia Pacific pet treat is growing exponentially in the forecast period.
Moreover, government and pet wellness organizations like PETA are promoting the ideation of adopting more pet animals and creating an emotional drive to motivate people for pet adoptions, these factors are also aiding the Asia Pacific pet treats market growth in next five years. Latest launches of high nutritious value snacks and treats is attracting pet owners attention thereby supporting the growth of the Asia Pacific pet treats market growth, positively.
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The Asia Pacific pet Treats market is segmented by product, animal, distribution channel, ingredients, country distribution, and competitional analysis. Based on distribution channel the market is further bifurcated into specialized pet shop, online, supermarket/hypermarket, and others. Supermarket/hypermarket is the leading sub-segment of the distribution channel segment, owing its growth to the availability of the wide range of the products. Pet owners can shop for the favorite treat for their pets at single sales point. Moreover, specialized pet shops are the fastest growing segment of the market. New pet owners are often completely dependent of these specialized pet shops to supply with the nutritional, and exclusive pet treats. The rising number of new adoptions of the pets is increasing the number of new pet owners, thereby driving the market growth of the specialized pet shops in the Asia Pacific pet treats market.
Based on ingredients, the market is fragmented into animal derivatives, fish derivatives, fruits & vegetables, fats & oils, and vitamins & minerals. A complete nutritional valued pet treat was not available in the market until last decade. Animal derivatives were the largest segment in the market, owing to the highest nutrition content in the source. Moreover, animal derivative treats are often preferred by the pet animals, there by driving the market growth. Vitamins & minerals are often supplied as supplements for the dogs that are to be mixed with other sources like animal, or fish derivatives so that they are taken by the pet animals.
Some of the major competitors in the market are Mars Incorporation, Filipino Multinational Food and Beverage Company (Del Monte Foods), Hill’s Pet Nutrition Incorporation, Unicharam Corporation, Nippon Formula Feed Manufacturing Company Ltd., Pet Center Incorporated (PCI), Nestle Purina Pet Care, Nisshin Saifun Group Incorporation Inc., Natural Dog Food Company Ltd., Marukan Co. Ltd., Spectrum Brands Inc., The JM Smucker Co. LLC, Colgate-Palmolive Co. Ltd., Wagg Foods Ltd., Shanghai Bridge Petcare Ltd., among others. Tope players are actively involved in the research and development of better, more nutritious treats, that satisfies the amount of nutrition along with the flavor of the treats thereby making it preferrable by the pets as well as their owners.
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“China is anticipated to be the fastest growing country in the Asia Pacific regional market. The increasing number of the companion animal is driving the growth which is followed by Australia, India, and South Korea. Dogs and cat population in South Korea is exceeding 5Millions already making it a perfect market for the upcoming players. Introducing new products with complete nutritional value would provide the edge over existing players in the market to the new players trying to penetrate the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Asia Pacific management consulting firm.
“Asia Pacific Pet Treats Market By Product (Dry Treats, Wet Treats, Veterinary Diet, Snacks, Others) By Animal (Dogs, Cats, Birds, Fishes, Others) By Distribution Channel (Specialized Pet Shop, Online, Supermarket/Hypermarket, Others) By Ingredients (Animal Derivatives, Fish Derivatives, Fruits & Vegetables, Fats & Oils, Vitamins & Minerals) By Country, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Asia Pacific Pet Treats and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Asia Pacific Pet Treats.
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