Analysts predict that the United States will still be the largest market for pet food, treats and other products on Earth in 2027, but it won’t be the fastest growing in the long term. Emerging markets in Brazil, China and similar countries are growing rapidly and will continue to grow until 2027. Dog and cat food markets in Latin America could grow by 7-8% in the next five years. The Asia-Pacific region will also grow rapidly and by 2027 could almost catch up with Western Europe. Along with China, Indonesia, Taiwan and South Korea, it will rank among the top 10 pet food and treat markets in 2027.
Analysts at Euromonitor International predict which ten countries will be the largest pet food market from 2022 to 2027 and which will grow the fastest. Anissa Wolf, research manager for Euromonitor, presented the data at the Foro Mascotas forum in Guadalajara, Jalisco, Mexico.
Forecast of Top 10 Pet Food Markets 2022-2027
- United States. Between 2022 and 2027, the US pet food market is projected to grow at an absolute rate of $9 billion, but the compound annual growth (CAGR) could be less than 5%.
- China. During this time, China will grow by about 8 billion US dollars, but the average annual growth rate exceeds 10%.
- Brazil. Brazil’s absolute growth from 2022 to 2027 is projected to lag behind China and the United States at approximately $4 billion at a CAGR of around 10%.
- Canada. Canada and the following countries will have absolute growth of less than US$2 billion each, but with different levels of CAGR. From 2022 to 2027, the pet food market in Canada could grow by around 5% per year.
- Germany. Germany’s CAGR could average around 2.5% from 2022 to 2027.
- Mexico. Another emerging market. Euromonitor predicts an average annual growth rate of over 5%.
- France. The CAGR of the French pet food market could be around 2%.
- Indonesia. The pet food market in Indonesia had the highest projected CAGR from 2022 to 2027 at 20%.
- Taiwan – Taiwan may have a CAGR of around 7%.
- South Korea – South Korea’s growth forecast could exceed 5%.
Cat food is growing rapidly around the world
Among these top pet food markets and many more, cat food could become a larger market segment by 2027. Cat food is currently the fastest growing category in both the United States and China, as well as several European countries. The U.S. leads the cat food market, but Asia-Pacific is expected to grow more than 10% in the future, Wolf said.