Pet Food - Bhutan

Bhutan

Revenue in the Pet Food market amounts to €0.90m in 2024. The market is expected to grow annually by 10.01% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€54,820m in 2024).
In relation to total population figures, per person revenues of €1.14 are generated in 2024.
In the Pet Food market, volume is expected to amount to 0.94m kg by 2029. The Pet Food market is expected to show a volume growth of 6.8% in 2025.
The average volume per person in the Pet Food market is expected to amount to 0.9kg in 2024.

Key regions: Russia, Spain, Philippines, United Kingdom, India

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Pet Food Market in Bhutan has shown subdued growth due to factors like limited disposable income and traditional pet feeding habits. Despite the convenience of online services, the market's growth rate remains low. This can be attributed to the country's small population and slow adoption of digital technologies.

Customer preferences: With the rise of conscious consumerism in Bhutan, pet owners are becoming more aware of the ingredients and sources of their pets' food. As a result, there is a growing demand for natural and organic pet food products. Furthermore, pet owners are also looking for options that cater to specific dietary needs of their pets, such as grain-free or hypoallergenic options. This trend is driven by the increasing importance placed on pet health and well-being, as well as the influence of Western pet care practices.

Trends in the market: In Bhutan, the Pet Food Market is experiencing a rise in demand for organic and natural pet food products. This trend is being driven by a growing awareness among pet owners about the health benefits of these products for their furry companions. In addition, there is a shift towards personalized and customized pet food options, with pet owners looking for products that cater to their pet's specific dietary needs and preferences. This trend is expected to continue in the coming years, with industry stakeholders focusing on developing and marketing innovative and high-quality pet food products to meet this demand. This trend also presents opportunities for small-scale and local pet food businesses to thrive in the market.

Local special circumstances: In Bhutan, the Pet Food Market is heavily influenced by the country's unique cultural and religious beliefs. As the majority of the population follows Buddhism, there is a strong emphasis on vegetarianism and animal welfare. This has resulted in a niche market for vegetarian pet food, which is not commonly found in other markets. Additionally, Bhutan's mountainous terrain and limited access to modern infrastructure make it challenging for traditional pet food brands to enter the market. As a result, there is a growing demand for locally sourced and organic pet food options. These factors play a significant role in shaping the dynamics of the Pet Food Market in Bhutan, making it distinct from other markets in The Food market industry.

Underlying macroeconomic factors: The Pet Food Market in Bhutan is influenced by macroeconomic factors such as the country's economic growth and stability, government policies, and consumer spending patterns. With the rise of disposable income and a growing middle class, there is a higher demand for premium pet food products, leading to market growth. Moreover, the increasing trend of pet humanization and awareness about the health benefits of high-quality pet food is also contributing to market growth. On the other hand, factors such as inflation, currency exchange rates, and trade policies can impact the cost of production and imported ingredients, affecting the market's profitability and pricing.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.