The New Zealand pet food market is anticipated to rise with a CAGR of 0.73% in terms of revenue and 0.05% in terms of volume across the forecasting period of 2022 to 2028. The market growth of the country is primarily attributed to the trends of pet humanization as well as premiumization in pet food. However, the market is likely to be inhibited by raw material prices and stringent rules and regulations associated with pet food.
Pet humanization, also scientifically termed anthropomorphism, is becoming a fairly common phrase within the pet industry since pet owners are inclined towards providing their pets with human-like experiences or products. The pet humanization trend is mainly bolstered by the experiences of lockdowns, as more time spent indoors and at home has reinforced bonds between owners and their pets.
Moreover, the fact that international travel remains unlikely over the upcoming years will encourage millennials to own pets and indulge in premium pet foods and products in order to pamper them. This factor also plays an integral role in making the New Zealand pet food market relatively resistant to recession. Furthermore, the increasing awareness of pets’ health requirements reflects how the pet humanization trend introduces broader developments, including the surge in consumer health-consciousness within the avenue of pet care. As a result, these aspects are anticipated to fuel the market growth in New Zealand during the forecasting years.
The degree of industrial rivalry among existing firms is intense. Besides, smaller firms must compete for market share among other small firms, in addition to going up against leading companies with larger revenue shares.
Some of the key companies operating in the market are Mars Incorporated, Butch Pet Foods Ltd & Co, Real Pet Food Company, etc.
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