Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The global pet care market size was valued at USD 235.32 billion in 2022 and is projected to grow from USD 246.66 billion in 2023 to USD 368.88 billion by 2030, exhibiting a CAGR of 5.92% during the forecast period.
Fortune Business Insights™ cites this information in its research report, titled “Pet Care Market, 2023-2030”.
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List of Key Players Profiled in the Pet Care Market:
- Mars Incorporated (U.S.)
- Nestle S.A. (Switzerland)
- Spectrum Brands Inc. (U.S.)
- Diana Group (Thailand)
- The J.M. Smucker Company (U.S.)
- Unicharm Corporation (Japan)
- Hill’s Pet Nutrition, Inc. (U.S.)
- SCHELL & KAMPETER, INC (U.S.)
- Tiernahrung Deuerer GmbH (Germany)
- Heristo AG (Germany)
Report Coverage:
The report provides an account of the vital factors boosting the global business landscape throughout the forecast period. It further gives an analysis of the major trends propelling the overall business scenario over the projected period. Additional aspects include merger agreements, acquisitions, and the launch of numerous solutions.
Drivers and Restraints:
Market Expansion Favored by Increasing Government Spending
Pet care market growth is being impelled by an escalation in spending on pet products such as grooming, healthcare, food, and others. The rise is due to increasing infrastructural facilities in several stores which are likely to support the consumption rate of products.
However, the business growth could be restrained by the high cost associated with high-quality products.
Browse Summary of this Research Report:
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COVID-19 Impact:
Rise in Market Share Driven by Increasing Social Isolation Amid the Pandemic Period
The COVID-19 pandemic led to an escalation in social isolation amid lockdown restrictions. This elevated the demand for pet ownership across various regions. Furthermore, dog owners were extremely conscious regarding the prevention of dogs from infections. However, the pandemic led to the shutdown of pet food stores in several countries.
What are the factors driving applications of the Pet Care Market?
- Increasing pet humanization and the growing trend of pet adoption, leading to higher demand for premium and specialized pet care products and services.
- Rising awareness about pet health and well-being, resulting in a surge in the demand for veterinary services, nutritious pet food, and advanced pet care solutions.
- Shift in consumer preferences towards natural and organic pet products, driven by concerns over the quality and safety of pet consumables and accessories.
- Technological advancements in the pet care industry, such as the development of smart pet products and advanced healthcare devices, facilitating better monitoring and management of pet health.
- Expansion of e-commerce platforms, providing convenient access to a wide range of pet care products, contributing to the market growth globally.
- Increasing disposable income in emerging economies, leading to higher spending on pet care products and services, and driving market expansion in these regions.
Segmentation:
By Product Type
- Pet Food Products
- Veterinary Care
- Others
By Pet Type
- Dog
- Cat
- Others
By Distribution Channel
- Online
- Offline
By Geography
- North America
- Europe
- Asia Pacific
- the Middle East & Africa
- South America
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Regional Insights:
North America to Lead Driven by Increasing Pet Care Expenditure in U.S. and Canada
North America pet care market share is set to exhibit remarkable expansion throughout the study period. The rise is propelled by the enormous expenditure in Canada and the U.S.
The Asia Pacific market is anticipated to record substantial growth over the forecast period. The surge is driven by the increasing presence of major players and manufacturing facilities in countries such as China and India.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market during the Global Crisis
- Global Pet Care Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Pet Food Products
- Veterinary Care
- Others
- By Pet Type (Value)
- Dog
- Cat
- Others
- By Distribution Channel (Value)
- Online
- Offline
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued...!
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Competitive Landscape:
Key Companies Enter Collaborations to Propel Business Landscape
Major companies are centered on the adoption of an array of initiatives for the consolidation of their market positions. These steps comprise merger agreements, acquisitions, and the rollout of new products. Additional initiatives include a rise in research activities and the development of new solutions.
Key Industry Development:
- September 2021 – Petmate acquired Platinum Equity. The acquisition would help the company in enhancing investment with regards to manufacturing capabilities and product launches.
Read Related Insights:
Pet Grooming and Accessories Market to Worth USD 116.23 Billion by 2030 | At a CAGR of 6.98%
Pet Clothing Industry to Worth USD 7.0 Billion by 2028 | With a 4.4% CAGR
Pet Toys Market Size to Hit $12.63 Billion by 2029 | At 6.73% CAGR
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