The data on the pet industry in Malaysia evince unequivocally that different people have different preferences for animals and pet care.
However, regardless of whether you own a cat, dog, horse, bird, or snake, all of these creatures require healthy food, regular hygienic care, a place to sleep, etc.
“The bond between pet owners and animals is getting closer” - sifted
The Key Pet Industry Statistics in Review
1. 2/3 Malaysian own pets.
2. Forecast predicts the global pet care market will reach $358.62 billion by 2027.
3. Pet owners in Malaysia spend average RM250 per pet for pet supplies & services each month.
4. 31% of pet industry customers are Millennials & GenZ.
5. More pet service evolve based on market demand including cat hotel & pet cremation.
Read on to discover more about the latest statistics and trends in the pet industry!
How many pet owners are there in Malaysia?
It's more than 17 Million pet owner in Malaysia which is 2/3 population. - Rakuten Insight, Pet ownership in Malaysia 2021
In 2019, there are 6 million dogs and 5 million cats in Malaysia, however, the ownership of dogs are at 398,000 and cats are at 658,000, this shows that owning cats are more popular in the country.
In 2020, according to the Department of Statistics Malaysia, the number of Malaysia's working age (15-64 years) is about 69.7% of the total population have adopted pets, especially cats and dogs. According to a study in 2021, on the impact of pets on the mental health of the Malaysian working-class population, it was observed that in comparison with people without animals, pet owners had significantly higher levels of mental wellbeing, and they felt they could cope better with adverse situations and experienced significantly more positive emotions during the lockdown.
Supplements started as a human dietary supplement for joint health decade ago. But over the years, pet owners realized that it is beneficial for their pets' joint health throughout their lives.
Sure enough, a Google Trends search for “ubat kucing” shows a steady uptick in queries over the last fifteen years, as the supplements joined the ranks of leashes, beds, and bones as a normal thing to buy for your pets.
New Products Categories Emerge
From interactive balls that test your pup's smarts to durable ropes, all of these are pretty staples items for pet owners. Still, there has also been a wave of innovation to enhance pets living conditions such as pet toothpaste, pet wipes, smart litter box, and many more.
High-End Pet Products go Mainstream
Pet owners who want the best for their fur babies fancy luxury food. Overall, there's nothing wrong with it, as human nature, we always strive to provide the best to the ones we love.
Despite statistics shows the pet industry is multiplying, there are undoubtedly several setbacks due to the coronavirus pandemic.
Pet Care Services are the Fastest Growing Segment
Pet Care services are the fastest growing category. More pet owners are spoiling their pets and providing the finest care possible. Pet services also has evolved to include pet taxi, pet cremation, self-service dog bathing, and teeth cleaning. Pet boarding has evolved into high-end cat hotel and dog daycare camps, while dog walkers provide walks and behavioural training.
Pet Food Brings in the Most Revenue
Pet owners purchasing practices and changing attitudes made significant impact in the pet food industry.
Indeed, the increase in the pet humanization trend has made Malaysian pet owners more cautious in ensuring their pets receive the best pet nutrition.
Direct to Consumer Products
Direct to Consumer product (DTC) is a trend on its own. In other words, you are selling your products directly to your end customers without third party retailers, wholesalers or other middleman.
What is the most profitable pet business?
The several extremely profitable possibilities range from offering daycare to creating pet food. The most profitable ones are:
- Vet Clinic: RM50 - RM10,000/pet
- Dog Training: RM300 - RM2,000/pet
- Pet shop Retail: RM20 - RM500/pet
- Pet Hotel: RM20 - RM300/pet
- Pet Grooming: RM30 - RM300/pet
- Pet Taxi: RM30 - RM100/pet
- Pet Influencer: RM100 - RM5,000 per campaign
Vet Clinic in Demand
The Star reported in 2018 that Malaysia had a significant lack of veterinary doctors, with only 453 private clinics serving a population of roughly 30 million people.
However, in 2022 there is more than 1,200 vet clinic in Malaysia can be found in google map.
More Pet Shop Opening Up
Typically, a pet shop provides both pet products and services, including grooming and hotels for pets. In Malaysia, pet ownership is rising, as evidenced by the rise in pet retail during the pandemic.
Google Map indicates that there are more than 5,000 pet stores and services in Malaysia as of 2022.
*This is not including pet sitter & taxi service which running by individual.
The Rising of Pet Tech Startups
“This is not a niche market. This is a $90bn-a-year industry and technology has barely touched it” - Sifted
Pet tech, often known as pet technology, refers to the use of technology in the pet industry to improve pet care and living conditions. In layman's terms, it is the application of technology to improve the health, well-being, surveillance, and safety of pets.
The Pet Tech Market was worth USD 5.4 billion in 2019 and is predicted to be worth USD 31.9 billion by 2027, growing at a 24.7 percent CAGR between 2020 and 2027.
Pet Insurance Space Continues to Grow
Several insurers have been testing the water in this sector, which is expected to grow. In fact, searches for pet insurance are up 66% in 5 years.
Demand for pet care products is expected to surge from 2023 onwards as the population of cats and dogs in Malaysia is expected to continue to rise.
In Asia-Pacific, the pet care market’s CAGR is estimated to reach US$132 billion by 2027. Southeast Asia’s insurance ecosystem is also expected to rebound soon, with the life insurance sector projected to see a 30% CAGR to reach over US$15 billion by 2025, and a CAGR of over 14% to reach nearly US$20 billion by 2024 for the general insurance market.
In fact, insurance purchased online grew by at least 30% from 2019 to 2020 and is expected to grow by a CAGR of 31% until 2025, according to the e-Conomy SEA 2020 report by Google, Bain, and Temasek.
Hopefully, this collection of pet industry data has helped you better comprehend the ever-changing pet business market.
The pet industry demonstrated in 2008 that it was recession-proof. 2020's unprecedented growth demonstrated to us that it is also pandemic-proof.