The market for pet products in South-East Asia is growing: According to Euromonitor calculations, the market volume of USD 2.8 billion in 2023 will increase to USD 5 billion by 2028. According to the forecast, individual markets such as Thailand and Indonesia will even see double-digit annual growth rates. The main reason for the increase in the region, which also includes Malaysia, the Philippines, Vietnam and Singapore, is the growing pet food segment with a current market share of 90 per cent. Within the pet food segment, the growth is due to a projected increase in the segment of medium to high-priced dog and cat food.
Important factors influencing this development are a growing pet population and an increased professionalisation of pet nutrition combined with better access to high-quality, processed products. Specific trends such as the focus on premium food and wellness and care products for pets (e.g. grooming) can be observed in the Thai market in particular.
