The prepared pet foods market in Spain has seen a substantial increase over the past decade. In 2023, the market size stood at 1,691.4 million Euros, marking a significant growth from 898.84 million Euros in 2013. The year-on-year growth percentages reflect notable fluctuations, with a peak of 12.63% in 2020 and a dip to 1.59% in 2015. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 is calculated at 7.22%, emphasizing a strong upward trend.
Looking ahead from 2024, the forecasted 5-year CAGR stands at 3.19%, indicating steady, albeit slower, growth. By 2028, the market is expected to reach 2,069.7 million Euros, representing a 17.03% overall increase from 2023.
Future trends to watch for include shifts in consumer preferences towards premium and organic pet foods, an increase in pet ownership, and technological advancements in pet food production and distribution. Additionally, economic factors and market competition will play crucial roles in shaping the industry's trajectory.
- 2013-2023 growth: From 898.84M€ to 1,691.4M€
- Peak year-on-year growth in 2020: 12.63%
- 2024-2028 forecasted: CAGR 3.19%, reaching 2,069.7M€