Pune, India, Aug. 24, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global pet care market size is expected to reach USD 325.74 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period. The growing shift towards plant-based and nutritious food among animal owners will foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Pet Care Market Size, 2021-2028.” The market size stood at USD 207.90 billion in 2020.
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Pet Care Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.6% |
| 2028 Value Projection | USD 325.74 Billion |
| Base Year | 2020 |
| Pet Care Market Size in 2020 | USD 207.90 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 170 |
| Segments Covered | By Product Type, By Pet Type, By Distribution Channel, By Region |
| Pet Care Market Growth Drivers | High Spending on Pet Care to Favor Enormous Growth |
| Initiatives for Advanced Pet Care Products to Support the Market Growth |
Fortune Business Insights™ lists out all the pet care market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Mars Incorporated (Virginia, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- Spectrum Brands Inc. (Wisconsin, U.S.)
- Diana Group (Bang Krachao, Thailand)
- The J.M. Smucker Company (Ohio, U.S.)
- Unicharm Corporation (Tokyo, Japan)
- Hill’s Pet Nutrition, Inc. (Kansas, U.S.)
- SCHELL & KAMPETER, INC (Missouri, U.S.)
- Tiernahrung Deuerer GmbH (Bretten, Germany)
- Heristo AG (Bad Rothenfelde, Germany
The report on the pet care market highlights:
- Wide-ranging analysis of the market
- Noteworthy information about prominent players
- Grand data about the segments
- New developments in the market
- Thorough analysis of COVID-19
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Market Driver:
Introduction of Advanced Pet Care Products to Favor Growth
The development of innovative animal care products by prominent companies such as location tracker devices, cardboard pet feeder devices, smart laser cat toys, and others will have a tremendous impact on the market. For instance, in February 2020, Nestle S.A. launched ‘Unleashed’ a global pet care industry's global innovation program. This program was aimed to provide total funding of USD 51,922.4 to the start-up companies associated with the manufacturing of the various pet care items from Europe, North America, Middle East by the end of 31st March 2020. Moreover, the heavy demand for premium quality animal products is expected to spur the pet care market growth opportunities in the forthcoming years.
Prevalence of Coronavirus in Animals to Uplift Market during Pandemic
The increasing concerns regarding the spread of coronavirus in dogs have accelerated demand for dog healthcare products among dog owners. For instance, from 1st December 2019 to 1st February 2020, Fox News reported a tenfold increase in the sales of the total number of dog face masks in China. Moreover, the surging pet ownership will consequently favor the growth of the market amid coronavirus. According to a survey ‘2019-2020 APPA National Pet Ownership’ conducted by American Pet Products Organization, as of 2020, 67% of the U.S. households owned a pet over 56% in 1988.
Regional Analysis:
High Spending on Animal Care to Boost Market in North America
North America's market is expected to expand radically during the forecast period due to the high-spending on-animal care products and services by the Canadian and U.S. population. According to the Statistical Department's data, the Government of Canada, in 2019, Canadian household expenditure on pet insurance, veterinary, and other related services reached USD 2,720 million, up from USD 2,550 million in 2018. Asia Pacific is expected to hold a significant pet care market share during the forecast period due to prominent companies such as Mars Incorporated, Nestle S.A., and others. Besides, the expansion plans of companies can have an excellent effect on the market in the region. For instance, in May 2020, Nestle S.A. invested USD 103.2 million to inaugurate two manufacturing facilities of pet supplies in China.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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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
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Pet Care Market Analysis, Insights, and Forecast, 2017-2028
- 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…!
KEY INDUSTRY DEVELOPMENTS:
- January 2021 – Paws Inc., a New York, U.S. based cat wellness products company, acquired Ocado Group’s Fetch, a U.K.-based online pet food store, to expand its business in the European market.
- January 2020 – SigmaTron International Inc., a U.S.-based electronics manufacturing company, merged with Wagz, Inc., a privately held pet technology company, to implement various kinds of modern technology measures to improve the health wellbeing of U.S. millennials’ pets.
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Frequently Asked Questions (FAQs):
1. How much is the pet care market worth?
Answer: Fortune Business Insights says that the global market size was USD 207.90 billion in 2020 and is projected to reach USD 325.74 billion by 2028.
2. What was the value of the market in North America in 2020?
Answer: In 2020, the North American market size stood at USD 70.66 billion.
3. At what CAGR is the market projected to grow in the forecast period (2021-2028)?
Answer: Registering a CAGR of 5.6%, the market will exhibit steady growth during the forecast period (2021-2028).
4. Which is the leading segment based on product type?
Answer: Based on product type, the pet food products segment is set to lead the market.
5. What is the key factor driving the market?
Answer: The rising spending of the owners on their pets is a crucial driver for the market's growth.
6. Who are the major players in this market?
Answer: Mars Incorporated, Nestle S.A., and Spectrum Brands Inc. are some of the global market players.
7. Which factor is expected to drive the adoption of these products?
Answer: The shift towards dietary supplements is expected to drive the adoption of these products.
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