The pet food consumption in Latin America is around 7 million tons. During the Covid-19 pandemic in 2020, many people across the region used Work-from-Home as an opportunity to get themselves a pet, especially in the first quarter. The burgeoning premiumization and use of natural ingredients in pet food is the prime reason behind the booming pet food consumption across Latin America.
According to MarkNtel Advisors, the Latin America Pet Food Market is projected to grow at a CAGR of around 7.43% during the forecast period, i.e., 2022-27. With the swiftly increasing number of pet owners, the demand for pet food has witnessed a substantial rise across Latin America, principally due to the expanding knowledge about pet nutrition. Hence, pet owners are increasingly soaring the demand for high-quality products that meet the nutritional requirements of their pets. In fact, various pet food associations & federations are actively laying out stringent regulations for manufacturers to produce safe & quality pet food.
Moreover, manufacturers are also producing food specified with breeds, pet size, age, measured serving containers, and other products for the convenience of both owners & pets. Additionally, organic food variants produced without pesticides, synthetic fertilizers, antibiotics, or hormones are also gaining traction, thereby gaining consumer interest in natural formations & enabling manufacturers to diversify their products and, in turn, driving the market.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Country Covered||Mexico, Brazil, Argentina, Chile, Rest of Latin America|
|Key Companies Profiled||Mars Petcare, Nestle Purina, Hill’s Pet Foods, Natural Dog Food Company, Diamond Pet Foods, Sera, Spectrum Brands Holdings, Whiskas, ADM Animal Nutrition™, Empresas Carozzi, Grupo Pilar (Gepsa Pet Foods), Malta Texo de Mexico (maltaCleyton), Nicoluzzi Rações, NutriPro, Premier Pet, Total Alimentos SA, Others (GEPSA, Total Alimentos, etc.)|
|Unit Denominations||USD Million/Billion|
Two-Fold Impact of Covid-19 on the Latin America Pet Food Market
With the Covid-19 pandemic in 2020, the Latin America Pet Food Market underwent a two-fold effect. During the initial phase, the sudden imposition of lockdown & stringent movement restrictions severely hampered the supply chain & affected the production, distribution, & logistics of pet food manufacturers across the region.
However, soon after, manufacturers began looking for alternate ways to ensure no disruptions in the pet food supply. Besides, since people started working from home, Latin America witnessed a significant increase in the pet adoption rate. Many studies indicated that pets help reduce issues like depression & loneliness due to the companionship that comes with them. Hence, people took the pandemic as an opportunity to get a pet in their family.
With this rise in the number of pets and the uncertainty of the pandemic, many consumers began stockpiling pet foods, which also resulted in short-term market growth amidst the crisis. Gradually, the demand for pet food supplies soared extensively, resulting in hiking production & sales through different distribution channels, including online platforms, and higher year-on-year growth for many manufacturers in 2020 than in 2019.