Mexico Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Mexico Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Mexico pet food market is projected to register a CAGR of 5.4% during the forecast period(2020-2025). The changing economic and social situation in Mexico is the most important driver for the market. Additionally, Mexico’s strong income growth, shrinking household size, and an aging population are also responsible for the rise of pet food sales in the country. With the changing lifestyles, the appeal of owning a pet is increasing leading to the growth of the pet food market. Growth in the Mexican pet food market is expected to continue as pet owners increasingly feed their pets prepared food instead of unprepared food (table scraps). The highest potential for growth is in dog food, followed by cat food. In 2017, Industrias Bachoco S.A.B. de C.V. a poultry firm acquired the La Perla pet food company that manufactures pet food including pet treats. In addition to increasing production capacity this acquisition will also allow the former to enter into the pet food treats market which is a growing segment in pet food.

Key Market TrendsDog Segment Dominates the Market

The rapid rise in middle-class income coupled with an increasingly aging population is pushing the market further. Additionally, the pet humanization trend led to an increase in health consciousness and has generated demand for pet food. According to Pet Survey, in 2016, the dog population was 27,468.2 thousand which increased to 28,719.6 thousand in 2017. Also, in 2016, the retail sales of dog pet food were valued at USD 1,567 million that increased to USD 1,679.9 million in 2017. Furthermore, the sales increased to USD 1,963.8 million in 2019, whereas the sales of cat food accounted for USD 448.2 million during the same year. Among the dog food, the dry food segment accounted for the highest sale with a value of USD 1,406.5 million in 2016 to USD 1,753.6 million in 2019. Thus indicating the growth of the segment.

Growing Import of Pet Food is Driving the Market

The market is driven by heavy influences from human nutrition, which is driving research to better and safer food for pets that have high nutritional and dietary benefits. Additionally, organic products and ethically-sourced products are propelling the market. Mexico's import of pet food is growing steadily due to the growing pet adoption and health awareness. According to ITC Trade, in 2019, Mexico imported pet food of 49,490 tons which was valued at USD 104,628 Thousand compared to USD 90,024 thousand in 2016and is expected to grow further during the forecast period. The United States and France are the major exporter to Mexico in which the share of imports from the USA was 99.4 % in 2019.

Competitive Landscape

The Mexico pet market is consolidated with the top players occupying a major share in the market. The competition in the market is driven by consumer loyalty. Since pets would crave for the same kind of food every time during any particular growth stage, gaining a market share of competitors is very tough in the market. Some of the dominating players are MarsMars, Incorporated, NESTLÉ SA, Hill's Pet Nutrition, Inc., United Petfood, and Diamond Pet Foods. These players are product launch and merger & acquisition as their market strategy to strengthen their position in the market. The major players in the Mexico pet food market are Mars, Inc., Nestle Purina Petcare Company, Hill's Pet Nutrition, Inc., LUPUS Alimentos, The J.M. Smucker Company (Big Heart Pet Brands, Inc.), and Blue Buffalo Pet Products, Inc., among others.

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1.1 Study Assumptions & Market definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 Pet Type
5.1.1 Dog
5.1.2 Cat
5.1.3 Others
5.2 Product Type
5.2.1 Dry Pet Foods
5.2.2 Wet Pet Foods
5.2.3 Veterinary Diets
5.2.4 Treats & Snacks
5.2.5 Other Products
5.3 Distribution Channel
5.3.1 Supermarket/Hypermarket
5.3.2 Specialty Stores
5.3.3 Online Retail Stores
5.3.4 Other Distribution Channels
6.1 Most Adopted Competitor Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Inc
6.3.2 Nestle SA (Purina)
6.3.3 Hill's Pet Nutrition, Inc.
6.3.4 United Petfood
6.3.5 Diamond Pet Foods
6.3.6 Diana Group
6.3.7 Wellpet
6.3.8 InVivo NSA
6.3.9 The J.M. Smucker Company (Big Heart Pet Brands, Inc.)
6.3.10 LUPUS Alimentos

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