NEWARK, Del, July 06, 2023 (GLOBE NEWSWIRE) -- The pet market is predicted to be valued at US$ 18 billion in 2023 and US$ 39 billion by 2033. Over the projection period, sales in the pet market are expected to increase at a CAGR of 8%. A growing trend is the growing demand for sustainable and eco-friendly pet products.
Pet owners are becoming increasingly conscious of the environmental impact of their choices and are seeking out products made from recycled materials or renewable resources. This opens up avenues for businesses to develop innovative, eco-friendly pet accessories, toys, and food options.
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An emerging opportunity lies in the digital realm, with the rise of pet technology. From smart collars that monitor pet activity and health to automated feeding systems and interactive toys, pet tech is gaining popularity. Entrepreneurs can tap into this trend by developing innovative and user-friendly pet tech products that enhance the well-being of pets and simplify pet ownership.
The pet market is witnessing a surge in premium and specialized pet services. Pet owners are willing to invest in luxurious grooming, spa treatments, pet daycare, hotels and facilities for their furry companions. This creates opportunities for entrepreneurs to establish unique and upscale pet service businesses to cater to this demand.
With the growing focus on pet health and wellness, there is a rising interest in alternative therapies and natural remedies for pets. This includes products such as CBD-based treats and supplements, holistic pet care, and specialized diets. Entrepreneurs who can tap into this niche by offering high-quality, natural pet products can capitalize on the evolving trends in the pet market.
Key Takeaways from this Market:
- As per FMI, the United States is spearheading the growth across North America, with a CAGR of 7.3% in 2023.
- As per Future Market Insights, cats are expected to dominate the pet type with a CAGR of 7.9% in 2023.
- As per FMI, the economy segment is poised to expand at over 7.5% CAGR in 2023.
“The pet market is experiencing ongoing growth, fueled by a rise in pet ownership, a heightened focus on pet health and well-being, and a strong desire for top-notch, tailor-made pet merchandise. It presents promising opportunities for both established and emerging players”, - remarks an analyst at FMI.
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Market Competition:
Key players in the pet market are revolutionizing manufacturing by embracing innovative technologies and sustainable practices. They prioritize the use of high-quality, safe materials to create durable and pet-friendly products. With advanced manufacturing techniques like 3D printing and automation, they are able to produce customized and precise products quickly and efficiently.
These companies also focus on sustainability by using eco-friendly materials, reducing waste, and implementing energy-efficient processes. Moreover, they actively engage with pet owners, gather feedback, and continuously improve their products to meet the evolving needs of pets and their owners. Through their commitment to innovation and sustainability, key players are shaping the future of the pet market.
Major Players in this Market are:
- PetSmart
- Petco
- Petland
- Petmate
- Petfinder
- The Shelter Pet Project
- Best Friends Animal Society
- Petco Foundation
- Petango
Product Portfolio:
- PetSmart offers a diverse product portfolio for pet owners, including high-quality food, toys, grooming essentials, and comfortable bedding. With a focus on catering to all types of pets, PetSmart is a one-stop shop for your furry friends’ needs.
- Petco boasts an extensive product portfolio, providing pet owners with a wide range of options for their beloved companions. From premium pet food and treats to innovative toys, grooming supplies, and healthcare products, Petco ensures that every pet receives the best care and attention they deserve.
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More Insights Available:
Future Market Insights offers an unbiased analysis of the pet market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the pet market, the report is segmented on the basis of Pets Type (Dogs, Cats and Others), Price Range (Premium and Economy), Gender (Male and Female), Sales Channels (Online Retailers, Offline and Other Sales Channel), across 7 major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East & Africa).
Market Segmentation:
By Pets Type:
- Dogs
- Cats
- Others
By Price Range:
- Premium
- Economy
By Gender:
- Male
- Female
By Sales Channel:
- Online Retailers
- Offline
- Other Sales Channel
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
About the Consumer Product at Future Market Insights (FMI):
The consumer product team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Explore FMI’s Extensive Ongoing Coverage in Consumer Product domain:
Pet Toys Market Size: According to FMI projection, the pet toys market could reach a value of US$ 5.90 billion. The market is growing, with a projected value of US$ 2.89 billion in 2023.
Pet Furniture Market Share: The pet furniture market is estimated to be valued at US$ 2 billion in 2023 and is expected to reach a valuation of US$ 3.7 billion by 2033.
Pet Bathing Supplies Market Trends: The global pet bathing supplies market is projected to have an average-paced CAGR of 6.2% during the forecast period
Pet Lodging Market Demand: The pet lodging market is estimated to be valued at US$ 4 billion in 2023 and is expected to total US$ 7 billion by 2033. The adoption of pet lodging likely to advance at a CAGR of 5.7% during the forecast period.
Pet Care Market Values: The global pet care market is set to enjoy a valuation of US$ 199 Billion in 2022, and further expand at a high CAGR of 6.1% to reach US$ 338.5 Billion by the year 2031.
Pet Oral Care Market Outlook: The overall pet oral care market share is projected to reach US$ 16,711 Million by 2032, following a moderate CAGR of 3.5% from 2022 to 2032.
Pet OTC Medication Market Growth: The global pet OTC medication market is estimated to reach US$ 8.5 Billion in 2022 and is projected to reach US$ 13.2 Billion by 2032.
Pet Treats and Chews Market Sales: The pet treats and chews market is estimated to be valued at US$ 9 billion in 2023 and is expected to reach US$ 15 billion by 2033.
Pet Insurance Market: Worldwide pet insurance sales are currently valued at around US$ 7.8 Billion, and are anticipated to surge at a CAGR of 11% to reach a market valuation of US$ 38.8 Billion by 2030.
Pet Hotels Market: A CAGR of 8.4% is expected of the global pet hotels market, due to the growing demand during the forecast period. It is anticipated to be appraised at US$ 9,679.1 Million by 2032, up from US$ 4,320.6 Million in 2022
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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