2014-01-09 12:27:01 - Other Pet Food in Vietnam - a new market research report on companiesandmarkets.com
Towards the end of the review period, pet ownership of fish, birds and small mammals such as rabbits, hedgehogs and hamsters continues to increase in line with the rising demand for companionship as a result of increasingly busy and stressful modern lifestyles. This is due to the fact that owners can keep their houses cleaner, as birds, fish and small mammals can be kept in cages or tanks. Moreover, fish, birds and small mammals are regarded as more interesting compared with popular pets such as dogs and cats in Vietnam, as pets such as fish and birds also have feng shui and artistic values. Hence, manufacturers leverage this opportunity to introduce fish, bird and small mammal food in the category
to respond to the rising demand from Vietnamese consumers for other pet food.
In 2012, Grobest & I-mei Industrial (Vietnam) remained the leader of other pet food with a value share of 36% with its brand Aquafish. The rising fish population was the main driver of the company´s value growth in the context of the review period. The fish population in Vietnam increased, with particularly high value growth rates recorded from some expensive fish such as Arowana and Flower Horn in 2012. These species not only have high cash value and are expensive to buy, but they also have a lot of spiritual significance to the people of Vietnam. This is because these fishes are believed to bring good fortune to their owners. With an improvement in living standards, Vietnam buyers spent money more on premium other pet food products for super high-end fish to ensure that their individual pets remain healthy.
Other pet ownership is expected to increase strongly in Vietnam over the forecast period due to ongoing urbanisation and rising consumer disposable income levels. Unlike dogs and cats, which require considerable space and time to take care of, other pets such as birds, fish and small mammals require only limited space and much less attention, and are therefore more suitable for those living in small flats and apartments as well as those who live alone.
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