According to a recent article in Forbes magazine (Oct / 11) the first and second largest Pet Food and Care markets, globally, are the USA, and Japan (estimated to be worth $48.3 and $18 US billion, respectively. 2009). Pet ownership in Asia (including Australia and New Zealand) is increasing dramatically, according to the marketing research agency EuroMonitor International (2009), this amounts to over 488 million households owning pets. China alone has seen a rising pet ownership of over 6.6% per home ownership in 2010. S. Korea and Taiwan also have well developed Pet Food and Care consumer markets. In 2007, India created their first Pet Care Magazine, called Creature Companions, which has helped develop the entire pet Industry sector in India.
In Southeast Asia, in 2011, there was the first-ever printed publication in the Philippines (Good Dog), produced as a supplement (insert) to a woman’s magazine called Better Housekeeping. In Singapore, there is large ownership of pets and a vibrant and mature market of goods and services to cater to pet ownership. In other ASEAN nations with strong Muslim heritages (Malaysia and Indonesia), dogs are considered unclean and are not desirable, however cats are generally regarded as clean and acceptable, so there strong presence of goods and service for feline companionship. In Thailand the consumer markets are growing and a little more developed than Vietnam’s consumer markets for pet food and care goods and services.
Lots of Opportunity in Vietnam
In Vietnam, there is very little market research gathered and made public, to date. However, there is an annual report from the EuroMonitor, entitled ‘Pet Care Industry in Vietnam’, first published in 2009. The report has been updated every year. There summary outlook is positive, as pet care will enjoy strong growth in Vietnam in the coming years, due to the trend of moving away from feeding pets ‘table scraps’ to mid-priced commercial produced pet food, rising disposable incomes and the growing trend of pet humanization(responsible pet ownership).