The nations of jap and southern Asia maintain among the fastest-growing markets for pet meals. A Euromonitor Worldwide report paperwork how Hong Kong’s pet meals market stands out from different Asia-Pacific areas, together with the remainder of China. The report covers the pet meals markets of Hong Kong, Taiwan, Japan, South Korea, Singapore, Thailand, Malaysia, China, Philippines, Indonesia, Vietnam and India.
The Asia-Pacific area homes extra pet canines and cats than another. An estimated almost 300 million pet canines and cats reside in Asia-Pacific households, roughly 100 million greater than in North America. That pet inhabitants grew at an 11.8% compound annual progress price from 2016 to 2021.
That huge pet inhabitants resulted in a pet care market worth of US$27.1 billion in 2021 for the mixed pet care markets of Taiwan, Japan, South Korea, Hong Kong, Singapore, Thailand, Malaysia, China, Philippines, Indonesia, Vietnam and India.
The Asia-Pacific area can be the quickest rising with a compound annual progress price of 11.8% between 2016 and 2021.
Hong Kong in comparison with different Asia-Pacific pet meals markets
Whereas Hong Kong’s pet care gross sales have been dwarfed by the remainder of the Folks’s Republic of China, Hong Kong had the very best per capita spending on pets amongst all nations within the Euromonitor report. Hong Kong’s pet house owners additionally spent greater than these in nations with related socio-economic elements and pet cultures, equivalent to Taiwan, Japan and Singapore. Pet house owners in Hong Kong spent roughly US$140 per capita in 2021, distantly adopted by Taiwan’s pet house owners at greater than US$60 per capita.
“Pet care in Hong Kong is now transferring in the direction of an ultra-premium positioning in comparison with different markets in Asia Pacific,” Euromonitor Worldwide analysts Nozomi Hariya and Prudence Lai wrote within the report.
Though Singapore and Hong Kong have related numbers of pets per family, pet house owners in Hong Kong spent almost six instances as a lot on their pets. Different nations, together with Japan and South Korea, had increased per capita pet populations than Hong Kong, however spent half as a lot on pet care per capita.
One purpose for this discrepancy is the upper proportion of canines and cats in Hong Kong, in comparison with fish and small mammals in Singapore’s market. However, Japan and South Korea have equal ranges of canine and cat possession to Hong Kong and bigger total pet canine and cat populations, however decrease spending on pet meals and care. The premiumization of canine and cat meals fuels the expansion of Hong Kong’s market relative to others. Premium canine and cat meals make up almost 75% of Hong Kong’s market, in comparison with between 55% and 60% in Japan, Taiwan and Singapore.
Finally, pet house owners’ earnings could also be a significant deciding consider pet meals spending. Whereas Japan and Taiwan have related median family incomes, Hong Kong’s median family revenue is 50% increased.
Hong Kong could function a mannequin for the rising pet meals markets of Taiwan, Japan, South Korea, Singapore, Thailand, Malaysia, China, Philippines, Indonesia, Vietnam and India.
