According to the latest report by IMARC Group, titled “GCC Pet Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the GCC pet food market size reached US$ 130.3 Million in 2018. Pet food refers to a highly nutritious and energy-dense food product which is manufactured to meet the nutritional requirements of pets. It is prepared using several ingredients such as meat, feed grain, seafood and poultry. Owing to the increasing owners’ awareness and rising pet humanization trend, pet parents are now treating their pets as a part of their family. This has improved the relationship between the owners and their pets, in turn, spurring the demand for pet food products across the region.
Market Trends:
Owning a pet is considered as a status symbol in different countries of the GCC region like the UAE, especially among the high-income earners. This, coupled with factors like urbanization and the emerging trend of nuclear families, has resulted in the increasing sales of pets in the region. Apart from this, the demand for pet food is also being influenced by the altering perceptions of citizens towards pet ownership. Further, manufacturers are adopting improved production techniques to retain the essential nutrients that are lost while processing. They are also launching premium product varieties, such as multigrain, grain-free, gluten-free and protein-specific pet food, to cater to the individual requirements of various pets. Looking forward, the market value is projected to reach US$ 190.7 Million by 2024, expanding at a CAGR of 9.9% during 2019-2024.
Market Summary:
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