NEWARK, Del: , Oct. 24, 2022 (GLOBE NEWSWIRE) -- The global pet care market is worth US$ 199 Bn as of now and expected to reach US$ 338.5 Bn by the year 2031 at a CAGR of 6.1% from 2022 to 2031.
Gone are the days when pets used to be looked upon as ‘commodities’ or ‘liabilities’. In the present scenario, they are, in fact, treated at par with the family members. Also, auxiliary markets like pet care products market are expected to substantiate going forward with growing awareness about animals’ mental well-being. The key players providing animal foodstuff like Mars Inc., Nestle S.A., and likewise are looking pressing on provision of products having calorific and nutritional value. Plus, they are going for flavored foodstuff for attracting pet owners.
The pet owners are also getting extra-cautious regarding the immunity of their pets. On these grounds, Fox News has reported that use of face masks has increased tenfold between December 1, 2019 and February 1, 2020.
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Also, the fact that pet dogs are contracting obesity these days can’t be put on the backburner. As per the American Animal Hospital Association, the year 2019 alone recorded more than 50% of the adult pet dogs as being ‘overweight’ amongst 1K hospitals in Benfield (US).
At the same time, it needs to be noted that low-income countries won’t be all that comfortable regarding pet care due to the overheads involved. On the top of that, rearing livestock like horses is likely to cost a fortune. There are end-consumers having snakes and the other reptiles, fish, small animals like rabbits as pets. They need specific surroundings to thrive. Proper financial planning needs to be chalked out to make rearing them successful. Future Market Insights has walked through these findings with future prospects in its latest market study entitled ‘Pet Care Market’.
Key Takeaways from Pet Care Market
- North America holds more than 40% of the market share. This could be credited to the fact that 70% of the US households do own a pet as of the year 2020. This data pertains to 2021-2022 National Pet Owners Survey (Courtesy: American Pet Products Association (APPA)).
- Europe holds the second-largest market share due to increasing investment on pet care by the Europeans.
- The Asia-Pacific is expected to witness the fastest growth in pet care market. This could be reasoned with speedy economic expansion.
“With pet humanization on an exponential spree, the global pet care market to keep the cash registers ringing in the forecast period”, says an analyst from Future Market Insights.
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Competitive Care
- Paws Inc., in January 2021, completed acquisition of Ocado Group’s Fetch, so as to make a mark in the market of Europe.
- SigmaTron International Inc., in January 2020, underwent merger with Wagz, Inc. with the objective of implementing several types of modern technology measures for improving wellness of pets owned by the US millennials.
- Nestle S.A., in February 2020, came up with ‘Unleashed’, which comes across as a worldwide pet care vertical’s international innovation program. The objective is provision of total funding amounting to ~US$ 51 to start-up companies placed in Europe, Middle East, North America by the end of March 2020.
- Spectrum brands Holdings, Inc., in October 2020, acquired Armitage Pet Care Ltd., so as to expand the capabilities and customer base of the former.
- Wahl Animal, in December 2021, offered grooming accessories such as Double-Sided Bath Pin Brush, Medium Slicker Head Brush, and Double-Sided Flex Slicker Brush.
- Pure and Natural Pet came up with enhanced and novel products to its line of USDA-certified organic 2-in-1 fragrance-free hypoallergenic shampoo as well as conditioner with no odor or scent. It’s actually suitable for dogs at the higher risk of allergy and, in turn, their owners as well.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the pet care market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2031.
- The research study is based on service (pet care products (pet food, pet healthcare, and fashion, toys and accessories), pet care professional services (day care, grooming boarding, and pet breeding and training), pet care value added services (insurance, veterinary care, pharmacies, and adoption and charity), and pet care crisis relief services), by pet type (dogs, cats, birds, fish and reptiles, small pets, and horses & other livestock), and by service channel (modern trade, convenience stores, care services centres, veterinary clinics, online retails, support care centers, and pet specialty stores).
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Key Segments of Pet Care Industry Survey
Pet Care Market by Service:
- Pet Care Products
- Pet Food
- Pet Healthcare
- Fashion, Toys, and Accessories
- Pet Care Professional Services
- Day Care
- Grooming Boarding
- Pet Breeding and Training
- Pet Care Value Added Services
- Insurance
- Veterinary Care
- Pharmacies
- Adoption and Charity
- Pet Care Crisis Relief Services
Pet Care Market by Pet Type:
- Dogs
- Cats
- Birds
- Fish and Reptiles
- Small Pets
- Horses & Other Livestock
Pet Care Market by Service Channel:
- Modern Trade
- Convenience Stores
- Care Services Centres
- Veterinary Clinics
- Online Retails
- Support Care Centres
- Pet Specialty Stores
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Findings
1.3. Summary of Key Statistics
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Market Introduction
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
3.3. Global spending on Pet Care
3.4. Pet Food by Launch Type (%)
3.5. Claims on Demand (%)
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
TOC continued..!
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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