Pet Food - Singapore

Singapore

Revenue in the Pet Food market amounts to €133.40m in 2024. The market is expected to grow annually by 3.59% (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 €22.03 are generated in 2024.
In the Pet Food market, volume is expected to amount to 49.28m kg by 2029. The Pet Food market is expected to show a volume growth of 2.5% in 2025.
The average volume per person in the Pet Food market is expected to amount to 7.5kg in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Pet Food Market in Singapore is facing negligible growth due to factors such as high competition, shifting consumer preferences towards natural and organic options, and the emergence of alternative pet diets. Despite this, the market is still expected to grow in the coming years, driven by the increasing pet ownership and humanization trend among consumers.

Customer preferences: With the rise of pet ownership in Singapore, there has been a notable shift in consumer preferences towards healthier and more natural pet food options. This trend is driven by a growing awareness of the importance of proper nutrition for pets, as well as a desire to provide the best care for their furry companions. In addition, there has been an increase in demand for personalized and customized pet food solutions, with pet owners seeking out specific ingredients and formulations tailored to their pets' needs. This shift towards more conscious and individualized pet food choices is indicative of the evolving lifestyle factors and cultural nuances in Singapore's pet food market.

Trends in the market: In Singapore, the pet food market is experiencing a surge in demand for premium and natural pet food products, as pet owners prioritize the health and wellness of their furry companions. This trend is expected to continue, driven by the increasing awareness of pet nutrition and the growing humanization of pets. As a result, industry players are expanding their product offerings and investing in innovative marketing strategies to cater to this trend. Additionally, there is a rising demand for online shopping of pet food, with the convenience and variety offered by e-commerce platforms. This trend is expected to have a significant impact on the distribution and retail channels in the pet food market, as more consumers turn to online shopping for their pet food needs. The growth of the pet food market is also fueled by the increasing pet ownership rate in Singapore, with more households choosing to have pets as companions. This trend is expected to continue, creating potential opportunities for industry stakeholders to expand their customer base and tap into the growing market potential.

Local special circumstances: In Singapore, the Pet Food Market is heavily influenced by the city-state's strict regulations on imported pet food products. This has led to a growing demand for locally sourced and produced pet food options. Additionally, the cultural preference for high-quality and premium pet food has also contributed to the market's growth. The small size of Singapore also makes it easier for pet owners to access specialty and niche pet food products, further driving market dynamics. Moreover, the country's high pet ownership rate and increasing awareness of pet health and nutrition have created a thriving market for organic and natural pet food products.

Underlying macroeconomic factors: The Pet Food Market within The Food market is also affected by macroeconomic factors such as consumer spending, economic growth, and government policies. In Singapore, the rising disposable income and changing consumer preferences towards premium and organic pet food products are driving the growth of the market. The country's stable economic growth and favorable business environment also make it an attractive market for pet food manufacturers. Additionally, government initiatives to promote pet ownership and increasing pet humanization are further propelling the demand for pet food products in Singapore.

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.