The urban middle class in Egypt is increasingly adopting pets, leading to major changes in the pet industry. These changes are driven by economic challenges and shifts in what consumers want. This sector, which encompasses pet food and veterinary care, is evolving into a structured market shaped by rising costs, shifting lifestyles, and limited regulation in Egypt. The economic downturn in the country has notably impacted the pet food industry, with the Egyptian pound currency depreciation in 2022 and import restrictions in February 2022, making imported pet food less accessible. According to recent reports, the global pet food market was valued at USD 118.9 billion (EGP 5 trillion) in 2022, and expects the market to reach USD 161.6 billion (EGP 7 trillion) by 2028, growing at a compound annual growth rate (CAGR) of 5.35 percent during 2023–2028. With banks increasingly reluctant to provide foreign currency for non-essential imports—including pet food—the market has seen a surge in locally manufactured products. The rising costs of pet care are not limited to food. Veterinary services have also become more expensive, with significant increases in the prices of medicines which have surged by 50Continue reading "Navigating Change: The Transformation of Egypt’s Pet Industry Amid Economic Challenges and Shifting Consumer Preferences"
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