Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Pet Care Market by Product Type (Brushes, Shower & Bath Accessories, Toothpaste, Grooming Wipes, Shampoos/Conditioners, Cat Litter, Pet Comb, Tick Repellent, Dry Food, Wet Food, Treats & Snacks, and Others), Animal Type (Dogs, Cats, Birds, and Others), and Distribution Channel (Supermarkets, E-Commerce, Specialized Pet Shops, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030". According to the report, the global pet care industry hit $138.2 billion in 2020, and is expected to garner $269.4 billion by 2030, registering a CAGR of 6.2% from 2021 to 2030.
Prime determinants of growth
The growth of the global pet care market is driven by surge in urbanization and shift toward nuclear families in emerging countries along with rapid growth of the pet shops. However, high death rate of pets and stringent government norms on the production of pet food hamper the market growth. On the other hand, the growing popularity of pet cafes creates lucrative opportunities in the coming years.
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The dogs segment to dominate during the forecast period
On the basis of animal type, the dogs segment generated the largest share in 2020, holding more than one-third of the global pet care market, and is anticipated to maintain its lead position during the forecast period. Factors such as increase in urbanization population, surge in population of dogs, rise in trend of pet adoption among the millennials and generation Z, shift towards nuclear families, and adoption of pets by geriatric people drive the segment. However, the birds segment is projected to show the largest CAGR of 7.0% from 2021 to 2030, owing to an increase in popularity of small companions.
The dry food segment to maintain its lead throughout the forecast period
On the basis of product type, the dry food segment contributed to the highest market share in 2020, holding nearly one-third of the global pet care market, and is expected to dominate throughout the forecast period, as it offers sufficient nutrition to the pets and is good for dental and oral health. On the other hand, the cat litter segment is registered to grow at the highest CAGR of 7.9% from 2021 to 2030, owing to surge in adoption of cats as pets across the globe.
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North America to lead the trail by 2030
On the basis of region, North America contributed to the largest market share in terms of revenue 2020, holding more than one-third of the global pet care market, attributed to rise in pet health awareness. However, the market across the Asia-Pacific region is anticipated to manifest the fastest CAGR of 7.0% during the forecast period, owing to trend of nuclear families, apartment-culture, and need of companionship.
Leading Market Players
- General Mills, Inc.
- Petlife International Ltd.
- Schell &Kampeter, Inc.
- Thai Union Group Plc
- The J.M. Smucker Company
- Unicharm Corporation
- Beaphar, B.V.
- Colgate Palmolive Company
- EBOS Group Limited
- Heristo AG
- Nestle SA
- Pet AG
- PetEdge
- Versele-Laga N.V.
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The report provides a detailed analysis of these key players of the global travel retail market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry:
• Pet Traction Ropes Market : Global Opportunity Analysis and Industry Forecast, 2023-2032
• U.S. Pet Travel Accessories Market : Opportunity Analysis and Industry Forecast, 2021-20311
• U.S. Pet Boarding Market : Opportunity Analysis and Industry Forecast, 2021-2031
• U.S. Pet Clothing Market : Opportunity Analysis and Industry Forecast, 2021-2031
• U.S. Functional Pet Treat Market: Global Opportunity Analysis and Industry Forecast, 2022-2032
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