Argentina Pet Food Market - Growth, Trends and Forecasts (2017 - 2022)
Argentina is an important part of the South American markets with a pet population of over 9 million dogs and 3 million cats. The market was valued at around $1,055.3 Million in 2014 and is expected to grow into a $1,162 Million industry by 2020 growing at a CAGR of 1.6%. The market is stable at present due to the recent upheaval in the economy, but is projected for high growth once past the recovery phase. The rapid economic and social changes in these countries are leading to increased urbanization, high income growth, and a strong aesthetic sense among the consumers. Pet â€˜humanizationâ€™ wherein human characteristics are ascribed to pets is a direct consequence of these changes. Because of the rise in this trend of humanization, owners are becoming increasing aware regarding pet health, nutrient uptake, and overall wellness. Manufacturers are increasingly capitalizing on this situation and differentiating their products on these lines; natural and ethically sourced products are a major hit in this regard. The other important drivers of the market are the increasing number of nuclear families, which is a direct consequence of the high economic growth, due to which many families are adopting more and more pets for both security and companionship. As with all developing regions, Argentinian market is dependent on government intervention in the form of restrictions, foreign investments and tax policies. Pet food is taxed at a higher rate compared to human or agricultural food and this is causing to a significant price rise making consumers depend on leftovers for their pets. A uniform and market sensitive governmental policy is essential to counter this constrain and to push the market even further. The increasing complexity of commercial foods is also leading to the presence of allergens in many pet foods; this is a major constrain for the market and is forcing many manufacturers to focus on the ingredient content of their products. The rapid modernization of these countries, less market penetration and increasing interest in pet ownership are providing various opportunities for the industry. The market is segmented based on product type, animal type, pricing, sales channel. In the product type differentiation, dry pet foods hold the largest share mainly due to their low cost and ease of handling. Nutritious and healthy pet food is also on the rise due to the increased awareness about these factors among consumers. The free-from products such as grain free, soy free, and low grain products are also gaining a major foothold in this regard. In terms of animal type, dogs occupy the major share followed by cats, and other small pets. Due to the present economic situations consumers here are shifting away from premium products towards standard, economic goods. The growth of e-commerce sector is enabling more flexible and comfortable shopping for the consumers and also helping both upcoming and established players with ease of access. The demand for high end premium foods, and pet foods with natural or ethically sourced materials is also on the rise, is proving to be a major opportunity for emerging players. Major Players in the Argentina Pet Food Market include Mars Inc., Nestle, P&G Petcare, and Grupo Pilar. In this report we offer, Market Definition for the specified topic along with identification of key drivers and restraints for the market. Market analysis for the Argentina Pet Food Market, with region specific assessments and competition analysis on a global and regional scale. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies, which can influence the market on a global and regional scale. Extensively researched competitive landscape section with profiles of major companies along with their share of markets. Identification and analysis of the Macro and Micro factors that affect the Argentina Pet Food Market on both global and regional scale. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information. Why should you buy this report? For getting a comprehensive overview of the Argentina Pet Food Market To gain wide-ranging information about the major players in this industry and the strategies adopted by them. To gain an insight about the major countries/regions in which this industry is blooming and also identify the regions, which are untapped.