Pet Food - Philippines

Philippines

Revenue in the Pet Food market amounts to €141.10m in 2024. The market is expected to grow annually by 13.07% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€55,400m in 2024).
In relation to total population figures, per person revenues of €1.19 are generated in 2024.
In the Pet Food market, volume is expected to amount to 127.40m kg by 2029. The Pet Food market is expected to show a volume growth of 9.9% in 2025.
The average volume per person in the Pet Food market is expected to amount to 0.7kg in 2024.

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

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Analyst Opinion

The Pet Food Market in the Philippines is facing subdued growth due to various factors such as changing consumer preferences, increasing competition, and economic slowdown. Despite the convenience offered by online services, the market is experiencing slower growth compared to other segments in The Food market.

Customer preferences: As pet ownership continues to rise in the Philippines, there is a growing trend towards premium and natural pet food options. This shift is driven by increased awareness of the importance of nutrition for pets and a desire to provide the best for their furry companions. Additionally, with a growing number of young professionals owning pets, there is a preference for convenient and ready-to-eat pet food options that align with their hectic lifestyles. This has led to a rise in online pet food purchases and subscription services for regular deliveries.

Trends in the market: In the Philippines, there is a growing trend in the Pet Food Market towards natural and organic pet food products. This is driven by increasing awareness among pet owners about the importance of a healthy diet for their pets. This trend is expected to continue, with the market projected to see a compound annual growth rate of 12% from 2021 to 2026. This presents opportunities for industry stakeholders to expand their product offerings and cater to the demand for healthier pet food options. Additionally, the rise of e-commerce in the country has made it easier for consumers to access and purchase these products, further fueling the growth of the market.

Local special circumstances: In the Philippines, the Pet Food Market is heavily influenced by the country's tropical climate, with a high demand for pet food that can withstand the heat and humidity. Additionally, the strong cultural importance of pets as companions has led to a growing trend of premium and organic pet food products. The Philippines also has strict regulations on imported pet food, leading to a preference for locally produced options. These unique factors contribute to the dynamic and evolving nature of the Pet Food Market in the Philippines.

Underlying macroeconomic factors: The Pet Food Market in the Philippines is heavily influenced by macroeconomic factors such as consumer spending power, government policies on imports and exports, and the overall economic stability of the country. The rising disposable income of Filipinos has led to a growth in pet ownership, thereby increasing the demand for pet food products. Additionally, favorable government policies on importation of pet food and the country's stable economic growth have created a conducive environment for market growth. However, fluctuations in foreign exchange rates and rising inflation could potentially impact consumer purchasing power and market growth in the future.

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.