The South America pet food market size is expected to register a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to pet humanization is on the rise, and pet owners are becoming more concerned about their pets' health. Customers' purchasing decisions are heavily influenced by these elements.
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Pet foods are commercially produced foods for pets that contain uncooked or refrigerated ingredients such as fresh vegetables, fruits, nutrients, bones, and meats. Fresh pet meals have a shorter shelf life than packaged pet foods, but they are a better source of energy and are easier to digest, so they require little cleaning in the garden.
Pet owners nowadays choose pet diets that contain high-quality nutrients that have significant health benefits. Freshness is often associated with human-grade pet treats designed with premium ingredients. Due to the absence of chemicals, human-grade pet meals improve digestion and help pets develop a robust immune system.
The modifications have resulted in pet ‘humanization,' in which human attributes are given to pets. Proprietors are becoming more attentive to pet health, nutritional requirements, and overall wellbeing as a result of this trend of humanization. Customers' search for natural compositions has prompted companies to diversify their product portfolio by introducing natural ingredients-based products. In the market, companies with formulations free of artificial additives and tastes are seen favorably. People are increasingly treating their pets as loved ones and are ready to spend more on higher-priced pet food.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing in dietary supplements of high quality has grown rapidly, owing to favorable economic conditions and increased consciousness of healthy pet food is anticipated to propel the market growth in the coming years.
- Rising sales of luxury pet meals are projected to spur the market expansion during the forecast period.
- Growing invention by pet food producers is positively changing the market, which is expected to boost the market growth during the forecast period.
- Rising obesity in pets with high obese content food, people getting sensitive from pets are estimated to impede the market expansion.
- Growing costs for feeding pets possess as a key factor that can hinder the market growth in the coming years.
Market Segment Insights
Dry pet food segment is projected to account for a key market share
Based on products, the South America pet food market is divided into veterinary diet, wet pet food, treats/snacks, dry pet food, and others. The dry pet food segment is expected to hold a key share of the market during the forecast period due to customers prefer dry pet food, and it is the most popular type of pet food. Dry pet food is also imported in big numbers from nations such as China.
Dogs segment is expected to register at a significant pace
On the basis of animal types, the market is segmented into cats, birds, dogs, fishes, and others. The dogs segment is expected to constitute a key share of the market in the coming years due to the growing inclination of small families and the rising inclination of customers towards dogs for company and safety. In addition, dogs require a variety of nutrients to live a healthy life.
Specialized pet shops segment is anticipated to expand at a rapid CAGR
In terms of sales channels, the South America pet food market is segregated into internet sales, specialized pet shops, hypermarkets, and others. The specialized pet shops segment is expected to represent a key share of the market during the forecast period owing to the tiny retailers' continuous pricing range, as opposed to the price volatility of large-scale outlets of big companies, as these retailers are frequently involved in the production of new, organically and sustainably sourced products, their specialized pet food product lines are gaining traction with customers.
Brazil is anticipated to dominate the market
On the basis of geography, the market is categorized as Argentina, Brazil, Chile, and the Rest of South America. Brazil is anticipated to dominate the market at an impressive CAGR during the forecast period. The market growth of the country can be attributed to the ingredients for Brazilian pet food formulas are sourced from American companies. With the growth of the Brazilian pet food market and increased demand for new pet products, ingredient providers must enroll with the MAPA's Department of Animal Production Inspection and Development (DFIP) as a condition of exporting to Brazil.
Competitive Landscape
Key players competing in the South America pet food market include Merrick Pet Care; Blue Buffalo; Diamond Pet Foods; J.M. Smucker (Big Heart); Mogiana Alimentos SA; Agrolimen SA; InVivo NSA; Nutriara Alimentos Ltda; Uni-Charm Corp.; Colgate Palmolive ( Hill's Pet Nutrition); Nestle SA (Purina); and Mars Inc. Some of these players are adopting several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.
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