Wilmington, Delaware, United States, June 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global pet care market is projected to flourish at a CAGR of 5.6 % from 2023 to 2031. As per the report published by TMR, a valuation of US$ 298.7 billion is anticipated for the market in 2031. In 2022, the market for pet care was valued at US$ 185.6 billion
The increased spending on pet care and well-being and increased rate of pet adoption and increased number of pet owners is the main driver for the pet care market. With the increasing adoption of pets in households’ demand for pet-related products and services is expected to increase.
Easy availability of various types of pet care products in online and offline distribution channels is expected to fuel market growth in the coming years. Increasing sales of pet food, pet apparel and accessories, and pet supplements are creating opportunities for pet care products
The increasing demand for various pet accessories and wellness products, owing to the increased number of pets and increased disposable income, is expected to drive the pet care market during the forecast period. The increasing advancements in pet healthcare and veterinary medicine are likely to boost the growth of the pet care market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 185.6 Bn | |
| Estimated Value | US$ 298.7 Bn | |
| Growth Rate - CAGR | 5.6% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | Animal Type, Product Type, Price, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Mars, Incorporated, Nestle S.A., Spectrum Brands Inc., Ancol Pet Products Limited, The J.M. Smucker Company, Unicharm Corporation, Hill's Pet Nutrition, Inc., Diamond Pet Company, Heristo AG, Doskocil Manufacturing Company, Inc., dba Petmate, Rolf C. Hagen, Inc., DOGGYFRIEND, Pet Care International | |
Key Takeaways from the Market Report
- As of 2023, the pet care market is forecast to reach US$ 195.6 billion
- By animal type, demand for dogs is rising significantly
- Pet Food segment to remain popular during the forecast period
- Based on the distribution channel, the e-commerce segment is expected to account for a significant market share as an increase in the availability of pet food items on various e-commerce sites.
- Supermarket & hypermarket segment is expected to generate high revenue during the forecast period.
Pet Care Market: Prominent Drivers and Trends
- Increased concern among pet owners about their pet’s health has led to a rise in spending on pet care products, this is expected to drive the pet care market growth during the forecast period.
- With Increased urbanization, changing lifestyles, and increased number of nuclear households the demand for pet care increases. The need for pet care facilities, grooming services, and pet accessories has increased.
- The rising demand for luxury pet care products and services and increased interest in pet humanization. Increasing demand for high-quality animal hygiene products boosting the pet care market growth
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Pet Care Market: Regional Analysis
- North America has been a prominent market for pet care, driven by high pet ownership rates and strong consumer spending on pet-related products and services. The increasing demand for premium and natural pet food, and increased consumer focus on high-quality ingredients and specialized diets for pets, drive the market demand.
- The availability of advanced veterinary services, and a rising trend of pet health insurance. Pet owners in North America also spend significantly on pet grooming services and accessories.
- The Asia-Pacific region is experiencing rapid growth in the pet care market, primarily driven by increasing disposable incomes, urbanization, and changing lifestyles. Increased rate of pet ownership particularly in countries like China and India, leading to increased demand for pet products and services. Pet grooming and training services are also gaining popularity in urban areas.
Competitive Landscape
Transparency Market Research has profiled the following players in its global pet care market report:
- Mars, Incorporated
- Nestle S.A.
- Spectrum Brands Inc.
- Ancol Pet Products Limited
- The J.M. Smucker Company
- Unicharm Corporation
- Hill's Pet Nutrition, Inc.
- Diamond Pet Company
- Heristo AG
- Doskocil Manufacturing Company, Inc.
- dba Petmate
- Rolf C. Hagen, Inc.
- DOGGYFRIEND
- Pet Care International
Key Market Developments
- Mars Petcare is one of the largest players in the pet care industry. In recent years, they have focused on expanding their portfolio of pet food brands and introducing innovative products. For example, they launched new lines of natural and grain-free pet food under brands like Nutro, Iams, and Royal Canin. They have also been investing in research and development to create personalized nutrition solutions for pets.
- Nestlé Purina PetCare, a division of Nestlé, has been active in the pet care market with various developments. They have introduced new pet food formulations with an emphasis on natural ingredients and functional benefits. Purina has also expanded its presence in the pet health segment by acquiring pet veterinary clinics and developing new services to provide comprehensive pet care.
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Pet Care Market: Key Segments
Animal Type
- Dogs
- Cats
- Birds
- Small Animals
- Aquatic Animals
- Others
Product Type
- Food
- Supplements
- Accessories
- Apparel
- Hygiene Products
Price
- Low
- Medium
- High
Distribution Channel
- Online
- Company-owned Websites
- E-commerce Websites
- Offline
- Hypermarkets & Supermarkets
- Specialty Stores
- Retail Stores
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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