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Shibuya-ku, Tokyo, Japan, Japan, Feb 10, 2022, 03:20 /Comserve / -- Taiwan Pet Food market With Top Countries Data, industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Taiwan pet food market is expected to witness a CAGR of 4.0% over the forecast period (2021-2026). COVID-19 has impacted the animal and pet food market as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments in the country resulted in a decline in the sales of pet food companies. The market is characterized by high-quality awareness and preference, and the willingness of the consumer to pay for such products. Pets are increasingly seen as a symbol of affluence, and this notion is a key driver in the eastern markets. This applies particularly in the case of large pets, as this also signals an ample living space and maintenance capability. The market growth is mainly dependent on the thinking shift toward commercial products from the leftovers and table scraps. The traditional trends of late marriages and rising single households also apply to the Taiwan market and are major drivers for the market. Pet ownership is region-specific in Taiwan and is mostly centered in the capital city of Taipei. The highly-populated central and southern cities of Taichung, Tainan, and Kaohsiung are the next major destinations with developing economies and consumer capabilities. The Taiwanese markets are heavily leveraged over the marketing capability of manufacturers, with well-planned promotional campaigning giving consistent results.
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Key Market Trends
Dry Pet Food Dominate the Market
The dry pet food segment of the market studied is expected to register a CAGR of 4.0%, during the forecast period. The growth of the segment can be attributed to the fact that these are pocket- and user-friendly options that are also easy to store, as they can be left out in the open without worries amidst the busy schedules of owners. Along with providing nutrition, some of the specially formulated dry pet foods are used for cleaning teeth. This feature helps dry pet food capture more market share than liquid pet food. Dry pet food is majorly used for dogs and cats, as dogs are becoming symbols of affluence, in Taiwan. By product, the dry pet food segment accounts for about 80% of the market share. The major players of the dry pet food segment are - Vegepet, Benefit, and Taiwan DoggyMan Trading Co. Ltd.
Demand for High-quality and Natural Pet Food
Growth in the pet food industry in Taiwan represents a change from culture to animals as pets. Despite rising sales and heavy western influences, dogs are now a sign of Taiwan's affluence. Taiwan's pet food imports are expected to continue to rise steadily in the coming years as pet ownership also rises, with the growth of cat owners exceeding dog owners. This shows that more and more pet owners are buying pet food manufactured commercially, rather than using table scraps. The long-term prospects for U.S. pet food exports to Taiwan point to further competition, but a one-third market share of U.S. goods is expected to remain. U.S. pet food products are commonly considered as being of considerably higher quality, which is the primary reason which pet owners in Taiwan are able to pay higher prices.
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Competitive Landscape
The Taiwan pet food market is fragmeneted during the study period. Colgate Palmolive (Hill's Pet Nutrition), Mars Inc., Nestle Purina, etc., are some of the global players opearating in the market. In the market studies, companies are investing heavily in developing new products and collaborating and acquiring other multinationals companies. This factor is expected to increase their market shares and strengthen R&D activities.
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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