Photo: Sales of pet food and products in Latin America increase
Latin Americans seem to really love their pets. In fact, sales of pet care products and food are seeing a surge, especially in Brazil.
Between 2005 and 2010, according to Euromonitor International data, value sales of pet food and pet care products jumped from $4.8 billion to $8.3 billion, showing an annual growth of 11.9 percent.
Leading the way in these sales is Brazil, which had $5.2 billion of pet care value sales on 2010. Next was Mexico with $1 billion, followed by Argentina with $645 million.
Though the price of pet products has increased, pet owners in Latin America did not seem to mind enough to stop buying them. According to the National Association of Pet Food Manufacturers (ANFALPET), the average unit price of food for dogs and cats in Latin America increased by 5 to 7 percent, in 2009. Those that did take issue with the price say they just fed their pets table scraps.
The increase in price coincides with a surge in household incomes for Brazilian families. The Euromonitor data shows that the average number of households with disposable income of at least $25, climbed from 21.7 percent to 30.1 percent over the 5-year period. In Argentina, it jumped from 33.5 percent to 44.8 percent of households with that amount of disposable income. Chile, Peru, and Venezuela also saw increases, and the data is indicative of a growing middle-class in Latin America.