The South American pet food market is projected to witness a CAGR of 4.4% during the forecast period 2022-2031.
– The rapid economic and social changes in these countries are leading to increased urbanization, high-income growth, and a strong aesthetic sense among the consumers.
– Pet ‘humanization’, wherein human characteristics are ascribed to pets, is a direct consequence of these changes.
– Due to a rise in this trend of humanization, owners are becoming increasingly aware of pet health, nutrient uptake, and overall wellness.
– Manufacturers are capitalizing on this situation and differentiating their products on these lines, with natural and ethically sourced products being a major hit in this regard.
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Key Market Trends
Dry Pet Food Dominate the Market
The dry pet food market in the South American region occupied the largest market share in 2019, and it is projected to witness a high CAGR over the forecast period. Dry pet food is the most demanded pet food segment by type among the customers. The region also imports large quantities of dry pet food from countries, such as China. To ensure good quality imports, countries in the region have placed many food import restrictions on importing countries.
Brazil Dominates the Market
Brazil overtook Japan as the second-largest market for pet food worldwide in 2012, and it is behind only the United States. Brazilian pet food companies rely on US companies for the ingredients for their formulations. With the Brazilian pet food market growing and a rise in the demand for innovative pet products, the ingredient suppliers are required to be registered at the MAPA’s Department of Animal Production Inspection and Development (DFIP) as a prerequisite for exporting to Brazil. Specialized pet stores are gaining popularity in the country, due to the consistent price range offered by these small outlets, unlike the price volatilities of large-scale outlets of major brands. These stores are often involved in producing innovative and naturally and ethically sourced materials, and hence, their dedicated pet food product lines are capturing consumer interest.
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