The Austria pet food market is estimated to project a CAGR of 1.23% in terms of volume and 1.95% in terms of revenue during the forecast period, 2022-2028. The rising pet humanization, the growing disposable incomes, and the increasing demand for premium and high-quality pet food propel market growth.
In Austria, the shift towards privatization has benefited the economy over the years. There has been a rise in disposable income in the country. Also, as per the industry data, the net worth of Austrian households as a proportion of disposable income projected an increase of 441% between 2000 and 2018. As a result, with pets increasingly viewed as family members, pet owners opt to spend more on their pets. In addition, the number of pets like dogs and cats has considerably increased given the rising disposable incomes among the middle class, the surging nuclear families, and rapid urbanization.
Furthermore, pet humanization is a new trend in the pet market, with people seeking to offer human-like experiences and products for their pets. Besides, health & wellness trends have become common among pet items. Also, age-appropriate food is viewed differently and with serious consideration among pet owners. Moreover, providing needs-based food in accordance with specific requirements is increasingly prioritized. Such factors offer growth opportunities.
The increased market rivalry is attributed to the high level of market saturation. Some of the key companies in the market include Mars Incorporated, Aldi S?d, Nestle Purina PetCare, REWE Group, Vitakraft Pet Care GmbH & Co KG, etc.
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