Pet Food - Hong Kong

Hong Kong

Revenue in the Pet Food market amounts to €239.20m in 2024. The market is expected to grow annually by 4.90% (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 €31.91 are generated in 2024.
In the Pet Food market, volume is expected to amount to 96.60m kg by 2029. The Pet Food market is expected to show a volume growth of 2.9% in 2025.
The average volume per person in the Pet Food market is expected to amount to 11.5kg in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

In Hong Kong, the Pet Food market in The Food market is experiencing minimal growth due to factors such as limited availability of premium pet food options, high import costs, and a small pet population. Despite this, increasing disposable income and a trend towards premium pet care products are expected to drive growth in the future.

Customer preferences: As consumers become more health-conscious, there has been a shift towards premium and organic pet food products in Hong Kong's Pet Food Market. This trend is driven by the increasing awareness of the importance of proper nutrition for pets and the desire to provide them with high-quality food. Additionally, there is a growing preference for locally-sourced and sustainable pet food options, reflecting the overall trend towards sustainable and ethical consumption in Hong Kong. The demand for personalized and customized pet food options is also on the rise, as pet owners seek to cater to the specific dietary needs and preferences of their furry companions.

Trends in the market: In Hong Kong, the Pet Food Market is experiencing a surge in demand for organic and natural pet food products. This trend is driven by the increasing awareness of pet owners about the importance of providing their pets with high-quality and nutritious food. Furthermore, there is a growing concern among pet owners about the potential health risks associated with artificial ingredients and preservatives in pet food. As a result, there has been a rise in the availability and variety of organic and natural pet food options in the market. This trend is expected to continue, as more pet owners prioritize the health and well-being of their pets. Industry stakeholders, such as pet food manufacturers and retailers, should take note of this trend and capitalize on the growing demand for organic and natural pet food products. This could lead to increased competition in the market, as well as potential opportunities for innovation and expansion in the industry.

Local special circumstances: In Hong Kong, the Pet Food Market is heavily influenced by the city's small living spaces and high population density. This has led to a rise in demand for compact and convenient pet food products, such as single-serving pouches and freeze-dried options. Additionally, Hong Kong's cultural emphasis on health and wellness has translated into the pet food market, with a growing demand for organic and natural pet food options. Furthermore, the city's strict regulations on pet food imports have created opportunities for local producers to cater to the unique tastes and preferences of Hong Kong pet owners.

Underlying macroeconomic factors: The Pet Food Market within The Food market in Hong Kong is heavily influenced by macroeconomic factors such as the overall economic health of the country, consumer spending trends, and government policies. The steady growth of the pet food industry in Hong Kong can be attributed to the rise in pet ownership and the increasing demand for premium and natural pet food products. The country's strong economy and favorable business environment have also allowed for the expansion of international pet food brands into the market. Additionally, the growing trend of humanization of pets and the increasing awareness of pet health and wellness have also contributed to the growth of the pet food market in Hong Kong.

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.