When it comes to the pet economy, people may think of the European and American markets, but in fact, the pet market in Southeast Asia is also rapidly emerging, especially in the Philippines. You may not have expected that the size of the pet food market in the Philippines is projected to reach $292.2 million in 2024, and it is still growing rapidly. In the coming years, this market is expected to continue expanding at a compound annual growth rate of 18.45%, and by 2029, the market size is expected to exceed $681.32 million, which is a considerable growth rate.

This pet economy boom is not just about rising numbers, but also reflects changes in consumer demand. Pets are no longer just a part of the family; they are becoming important roles in the lives of more Filipinos.

Image source: Mordor Intelligence

The Current Situation and Demand of the Philippine Pet Market

In the Philippines, the main types of pets are dogs and cats. Data shows that about 67% of households own pet dogs, while more than 40% of households have cats. The proportion of aquatic pets is relatively low, only 10%. Although other small pets (such as birds, rabbits, etc.) have a small market share, the demand for dogs and cats already accounts for the vast majority.

Image source: GLobaLPETS

The booming pet market in the Philippines is inseparable from consumers’ emphasis on the quality of life for pets. The demand for pet food, care products, and cleaning products has increased year by year. For example, a pet shampoo called “Vunguard Madre de Cacao” has recently become a hit in the Philippine market, with total sales on TikTok Shopk reaching 33,500 bottles, making it the best-selling product in the pet cleaning category.

Image source: Dida Dog

The Global Pet Economy Boom: The Philippine Market Becomes a New Highlight

The rapid growth of the Philippine pet market is closely related to the expansion of the global pet economy. According to a report by Grand View Research, the global pet care market reached $150.67 billion in 2021 and is expected to continue expanding at an annual growth rate of 5.1% by 2030. As one of the important markets in Southeast Asia, the Philippines is gradually becoming an important part of the global pet industry.

Image source: Grand View Research

This growth trend has attracted a large number of cross-border e-commerce sellers, especially Chinese sellers, to accelerate their entry into the Philippine market. Brands like “Yuanfei Pet” expanded their business to the United States as early as 2014, and by continuously expanding their market, have achieved significant results globally. In 2023, Yuanfei Pet’s overseas sales accounted for as much as 90%, with total revenue exceeding 991 million yuan and net profit reaching 146 million yuan. In 2024, it continued to grow substantially, with revenue in the first three quarters reaching 931 million yuan.

Yuanfei Pet performance Image source: Tianyancha

E-commerce and Social Platforms Accelerate Pet Product Sales

E-commerce and social media have played an important role in promoting the development of the Philippine pet market. Especially on platforms such as TikTok, short videos and live streaming have provided new marketing channels for pet products. For example, products like pet earmuffs and shampoos have quickly gained a large number of consumers’ attention and surged in sales through recommendations and sharing on social platforms.

Local e-commerce platforms in the Philippines, such as Shopee and Lazada, have also become the main channels for consumers to purchase pet supplies. The convenience of online shopping and the wide selection of products have led more consumers to choose to buy pet food, cleaning products, toys, etc. through e-commerce platforms. The popularity of e-commerce has accelerated the growth of the pet market, enabling brands to quickly expand their market share.

Yuanfei Pet performance Image source: Internet

Future Prospects and Challenges

The prospects for the Philippine pet market remain broad, and it will continue to maintain its growth momentum in the coming years. However, as competition intensifies, sellers need to continuously innovate and provide higher quality products and better services to meet the increasingly diverse needs of consumers.

Overall, the rapid growth of the Philippine pet market has brought new opportunities to the global pet industry. Whether local brands or Chinese cross-border e-commerce sellers, they can find huge business opportunities in this market. With continuous innovation and development in the pet industry, the Philippine market will continue to show great commercial potential in the future.