Manufacturers eyeball three key markets for pet food manufacturing: the US, Europe and China.
Each market is unique on its own terms of pet ownership, regulations, and market potentials for pet-related products and services, such as premium pet food.
Pet Ownership
The US has around 85 million households that own a pet, which equates to around 86 million cats and 78 million dogs. Meanwhile, there are approximately 80 million households across the EU that own pets, 21% of which own dogs and 24% own cats. And in China, as of Q4 2018, there are more than 73 million pet owners in China, of which 46.1% own dogs and 30.7% have cats.
Regulation
The Association of American Feed Control Officials (AAFCO) is the voluntary membership association of local, state and federal agencies, which set the standards for the sale and distribution of animal feeds and animal drug remedies in the US.
Meanwhile, in the EU, FEDIAF is the trade body representing the European pet food industry, which provides nutritional guidelines that detail the nutritional needs for different species of varying life stages.
In China, pet food standards are governed by laws and announcements from the Ministry of Agriculture and Rural Affairs (MARA). The Ministry issued new regulations on pet food manufacturing in mid-2018, which included new policies on pet compound feed, pet feed additive premix and other pet feed.
Market Potentials
The US pet food market is projected to be worth more than USD 34 billion, growing at around 4% annually since 2017. Meanwhile, estimated at a value of around USD 25.56 billion in 2017, the European pet food industry is forecasted to grow by close to 5% between 2018 to 2023. China’s growth is pegged at USD 1.92 billion, with an estimated annual growth rate of more than 9% between 2018 to 2023.
Knowing where your brand stands, how you can align them, and how to access these markets in the best way possible is half the hurdle. Looking for a partner to help you? Start your journey with Addiction Foods Private Label.
Learn more about these key markets. Read here.
