Pet care continued to record healthy growth rates throughout the pandemic in Asia Pacific, helped by some consumers adopting pets for company during lockdowns as well as a further shift to the e-commerce channel. Moving into the forecast period, the future also looks bright for pet care in this region, with all the main markets expected to register positive value growth rates, driven by, among other things, expanding pet populatios and the ongoing premiumisation and pet humanisation trends.
This report comes in PPT.
Pet care in Asia Pacific has continued to see positive growth in both volume and value terms in 2023. It has remained stronger in the latter as the premiumisation and pet humanisation trends continue to drive sales in the bigger markets of China, Japan and South Korea. With the high inflation in the latter market, increasing polarisation is being seen as consumers favour premium brands, with their higher quality, or economy brands, with their lower prices.
In addition to products with health functions, natural claims are gaining momentum in Japan. Local consumers are becoming more particular about the source of the ingredients used in pet food. Pet owners are therefore increasingly seeking out nutritious food with no artificial colourings, flavours or preservatives for their pets.
E-commerce has continued to gain share in 2023, reaching almost 42% of retail value sales in Asia Pacific. South Korea (66%) and China (56%) boast the highest online sales shares in pet care. In addition to traditional e-commerce platforms, emerging interest-based e-commerce platforms such as Douyin are gaining popularity among younger Chinese pet owners with their wider variety of products and rapid product renewal cycles.
Growth in the cat population is expected to continue being stronger in China in the coming years than for the dog population. Cats are usually considered to be cute, quiet, calm, more hygienic than dogs, to have fewer social needs and less space requirement. These features are particularly popular among Millennial and Gen Z pet owners.
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