Columbian pet food market: singles are attractive target
The Columbian pet food market has grown ten-fold since 2000, and one-person households are increasing.
Why demographics matter in Latin America?
The most recent population census in Colombia revealed that households comprising one member rose to 18% in 2018 – a large increase compared to the previous share of 11% in the 2005 census. This information suggests there were approximately 15 million families in the country and more than 2.6 million one-person households in 2018.
Particularly, the latter group represents an appealing market to pet food producers as these consumers are possibly more inclined to acquire pets and to spend readily on them.
On the other hand, trade sources state that pet ownership in Colombia is not as high as it is in other markets, with just over 43% of families owning a pet. Of that universe of pet owners, 70% have a dog, 15% have cats, while the rest own other animal species. In fact, a rather low pet possession rate is an indicator of future growth opportunities.
Room for growth yet with region-specific challenges
In Latin American markets, the biggest trial for the local industries is increasing the amount of pet food consumption as opposed to homemade preparations. In this regard, one limitation to further development of the pet food market in the region is the ample differences among rural and urban cities, in both income and consumption habit trends.
People in larger cities are likely the largest pet food consumers due to their busier lifestyles and the limited time they usually have. Therefore, as one-person households are largely comprised of young professionals who can afford pet food products, it is expected that such favorable demographic conditions will stimulate the present and future demand for pet food in the country, putting Colombia in the eye of the global industry.
Autor: Iván Franco
Iván Franco is the founder of Triplethree International and has collaborated on hundreds of research projects for several consumer goods industries. He was granted the Global Consultant of the Year award by Euromonitor International and authored the book 17 Market Strategies for Growth (in Spanish).