By Holland House | 24 april, 2024 | News

In Colombia, the pet market has grown 84.9% in the last 5 years and ranks fourth in Latin America as the leader in the sector behind Brazil, Mexico, and Chile.

According to Forbes, Colombia is the fourth market in the region in terms of growth in the production and consumption of pet products, with a complete, varied, and top-quality portfolio. Bogotá (25%), Cali (18%), and Medellín (17%) are the cities that stand out the most in pet ownership, according to the National Administrative Department of Statistics (DANE). As for imports; in 2022, Colombia imported $134 million USD in cat and dog food; between dry and wet food. In the same year, Animal food was the 54th most imported product in Colombia, while for the accessories sector such as trails, muzzles, coats and similar items, USD 5.5 million was recorded for 2022 (Treid).

According to DANE, 67% of households in the country have at least one pet, which amounts to 4.4 million families. Around 60% of households in the country have a dog as a pet, while 22.3% of respondents have a cat.

Pets can also play important roles in the home, such as providing companionship and protection or even assisting in therapy for people with special needs. In general, pets are valued and loved in Colombian families, and they are considered an integral part of everyday life. That's why the number of households with pets has grown significantly in Colombia, and the expenditure that people allocate to this segment has greatly increased in recent years.

Spending on pets can vary considerably depending on the economic circumstances and individual preferences of Colombian families. Some families may spend a significant amount on premium food, veterinary care, toys, accessories, and other products for their pets, while others may opt for a more economical approach.

In general, spending on pets can include:

• Food: The cost of pet food can vary depending on the brand, quality, and the specific dietary needs of each pet.

• Veterinary care: This includes regular vet visits, vaccinations, parasite treatments, emergency medical care, and surgeries if necessary.

• Accessories and toys: These can range from collars, leashes, and beds to toys to keep pets entertained and comfortable.

• Coat care and hygiene: Products such as shampoos, brushes, nail clippers, and pet grooming services can be part of the total expense.

• Other miscellaneous expenses: This could include pet insurance, training, pet sitting services when the family is away, and other services related to the pet's well-being. For example, pet-friendly tourism, which allows people to travel with their pets, has given rise to a growing industry. Pet-friendly hotels, restaurants, and tourism services are seeing an increase in demand.

A survey conducted by the firm Kantar Ibope Media reveals that 28% of pet owners spend on average between $190,000 COP to $374,000 COP, while 17% of respondents indicated that they invest between $560,000 COP and $745,000 COP in a 30-day period.

Euromonitor predicts that the spending made by Colombian households on pets will reach $6.1 billion COP by the end of 2026.

The pet business in Colombia is considerable and continues to grow. In recent years, there has been an increase in demand for pet-related products and services in the country. This includes pet food, accessories, veterinary care, pet grooming services, hygiene, and beauty products, among others.

Regarding this issue of service offering, there are 308 commercial establishments registered under the ISIC code 9609 related to domestic animal care services, such as residences and hair salons for animals, grooming, training sessions, and training of pets (Economic Development Observatory, 2019). There is an important and varied presence of pet stores such as; Puppis, Laika, Kanu, Agrocampo; stores that despite any national context continue to rise, as well as entertainment centers such as Diverpool, and telemedicine companies such as Movet; without taking into account the great opportunity for insurers who provide advice for locating pets, theft or accidents.

Several factors contribute to the growth of the pet business in Colombia, including:

• Greater awareness of animal welfare: Colombians are increasingly aware of the well-being of their pets and are willing to invest in products and services that improve their quality of life.

• Lifestyle changes: With increasing urbanization and decreasing household size, pets are taking a more important place in the lives of many Colombian people and families.

• Influence of social networks and media: The presence of pets on social networks and media has contributed to greater visibility and popularity of products and services related to pets.

• Economic growth: Economic growth in Colombia has allowed more people to have the financial capacity to invest in the care of their pets.

"Accessories are the segment that presents the most possibilities for innovation and diversification; currently, you can find everything from clothing to toys for pets, including identification chips, collars, leashes, beds, and houses, among others" (“The Economy Around Pets in Bogotá”). This and other topics of innovation, health and beauty are concentrated in one of the most important fairs in the sector in Colombia, Expopet in Bogotá brings together a wide range of products and services, accompanied by activities designed for pet lovers.

In short, the pet business in Colombia is significant and continues to grow as more people value their pets as family members and are willing to invest in their well-being and happiness. At Holland House we welcome innovative Dutch exporters interested in untapping the potential!