Published on : May 25, 2016
The global market for pet food market is worth billions of dollars and is expanding at a favorable pace. Though North America is currently the leader in the industry, owing to the rising urbanization and high purchasing power of the population, Europe is rapidly making its mark in the global pet food market and is projected to overtake North America soon.
Millions of households in Europe already own a pet and the number is rapidly rising. The European Pet Food Industry stated in a report in 2012 that the number of households in Europe that owned at least one pet animal was nearly as large as 72 mn. The figure is rising at a great pace and by the next decade, Europe will be the leading pet food consumer of the globe.
The rising preference for pet companionship in the region is expected to have a great impact on the overall pet care industry in the region. Pet owners spend a lot of money on pet’s needs against medical, food, grooming, and other expenses. The sense of responsibility and care that pet owners have for their pets make them spend increasingly more on high quality products.
Dogs and cats are the most preferred pets in the region and thus the market for dog and cat food is the leading determinant of the development of the pet food market in Europe. In 2012, there were around 75 mn dogs and nearly 90 mn cats in the region. The population of pet reptiles, aquatic creatures, birds, and other small mammal pets was relatively very low and form a smaller share of the Europe pet food market.
One of the most prominent trends in the pet food market of the region is the rising demand for organic pet food products. The high awareness among pet owners regarding the benefits of organic food products on the health of their pets is prompting the increased sales of these relatively expensive products in the region. The rising prevalence of obesity in pets is also fueling the demand for organic and healthier options of pet foods in the region.