BURNABY, Canada, September 11, 2014 /PRNewswire/ --
Rising Number of Separations, Growing per Capita Disposable Income, and Rising Affluent Class Population are Driving Growth in Australian Pet Food Market
According to a recently published report by TechSci Research "Australia Pet Food Market Forecast & Opportunities, 2019", the pet food market in Australia is projected to grow at a CAGR of around 2.94% during 2014-19 in value terms. Increasing number of old-age couples and DINK (Dual Income, No Kid) families, and rising disposable income are the major factors driving pet adoption in the country. Significant growth witnessed in separation rate among Australians is also a major factor driving the demand for pet food in the country. New South Wales and Australian Capital Territory account for significant share in pet food market due to higher pet population as well as disposable incomes of people living in the region. Leading pet food manufacturers operating in the Australian market include Mars International, Nestle Purina, Connex United Processors, The Great Australian Pet food Co., etc.
In Australia, pet food is offered in dry, wet and treat/snack form, and are even advised by vets to pet owners. In Australia, people prefer keeping dog as pet over cat and other animals. In 2013, around 61% of the pet owners in Australia had dogs, while the remaining had cats, fishes, birds, rabbits, etc. as pets. Cat, on the other hand, is a more popular pet among affluent class people in the country. The population of pet fish is also increasing as people are moving into smaller houses and high-rise apartments due to increasing urbanization.
"In Australia, pets are treated like family members by pet owners who are willing to spend more on their pet's health and wellbeing. With increasing pet ownership and rise in disposable income levels, the demand for pet food is increasing at a significant pace in the country. To address the rise in demand and attract pet owners, companies are planning to expand their production by setting up manufacturing units across the country," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Australia Pet Food Market forecast & Opportunities, 2019" has evaluated the future growth potential of Australia's pet food market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the pet food market in Australia.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research