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Transparency as well as innovations in the pet food products is expected to attract more consumers towards the pet food market in South America. - Actual Market Research
Jun, 07
2020

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Transparency as well as innovations in the pet food products is expected to attract more consumers towards the pet food market in South America. - Actual Market Research

 

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Among the developed and underdeveloped countries of South America, Brazil holds the largest market share in the pet care market. The pet food segment is leading the pet care market in the region. Homemade food lacks the nutrition that pets require and this is where the marketers make huge profit. Pet food comes in various forms like dry food, wet food, semi-moist food, canned food, snacks, and treats. Providing treats to pets apart from their regular meal is now becoming a trend as pet parent think that pets should be rewarded too. Even though, meat and beef are an excellent source of protein for pets, people now prefer to buy organic plant derived food due to rising concerns about various diseases due to unhygienic preservation of animal derived food.

According to the report, "South America Pet Food Market Research Report, 2022-2027," published by Actual Market Research, the market stood at around USD 13 billion in 2021. Further, the market is projected to grow at a more than 7% CAGR for the 2022–2027 period. The emergence of the e-commerce has substantially increased the market share of the pet food, as people can choose over many products; compare the ingredients and price before making their purchase without much time consumption. The introductions of hierarchical pet food products, which are designed considering the special requirements that change in accordance to age of the pets, have impacted the market considerably. With this, the manufacturers are positioning themselves successfully in a premium category and a competitive pricing. Consumers are now ready to pay more for a quality product with clearly defined ingredients labels. To attract such customers, many pet food companies claim transparency in the sourcing and processing of ingredients. The South American pet food market consists of few global players, like Nestle, Mars Incorporated, and Hill’s Pet Nutrition, but the local players hold the majority of the share.