Pet Care: Increasing trend of pet humanization will boost the growth of pet care market at a CAGR of 5.8% during forecasted period 2022-2030

August 2022, Market Research Future has published a Report on the Global Pet Care Market

Considering the global trend, pet care industry is one of the emerging markets as majority of pet owners are often willing to spend extra money on their pet’s healthcare and other requirements.

In the recent years, a tremendous technological advancements has been observed in pet care. By taking pet’s healthcare and their requirements in mind, few technologies have been introduced, such as, computerized feeders, pedometers, etc. A number of factors such as, increasing power of e-commerce, rising trend of bringing pets, increase in pet population, and increasing disposable incomes in middle income groups are propelling the growth of pet care market. Furthermore, choosing prime healthcare and food products for pets by their owners is another key factor driving the pet care market to a great extent.

Despite the growth of global pet care market, a number of factors like increasing prices of pet care products, strict regulations imposed by government, and chances of allergy from animal-associated allergens may hamper the growth of the market over the assessment period.

Segmentation

The pet care market is classified on the basis of type, and product & services

On the basis of type, the market is segmented into dog, cat, and others.

On the basis of product & services, the market is segmented into pet food, pet healthcare products, and others. Pet healthcare products is further segmented into medicines, vaccines, and others.

Figure 1 – Pet Care Market, by type

Sources: Annual Reports, Press Release, White Paper, Company Presentation

Regional analysis

Geographically, the global pet care market is classified into the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas accounts for the largest share of pet care market due to rising trend of pet humanization and increasing expenditure on pet’s food and healthcare by their owners. According to the American Pet Products Association (APPA), the actual U.S. Pet Industry Expenditures for the year 2020 is $66.75 billion and the number has increased by 4.2% from the previous year.

Owing to the increasing disposable income, Asia Pacific is the fastest growing market and among Asia Pacific region, India commands the highest market share in the market.

Increasing awareness about healthy pet foods and altering socioeconomic status may intensify the growth of the pet care market in the Middle East also.

Key Players

Some of the key player in the market are Aller Petfood Llc, Ancol Pet Products Limited, Beaphar, BHJ, Martin & Martin (Pty) Ltd., earthbath, J.M. Smucker Company, Nestlé, PetLife LLC and PLATINUM PETS.

In the last few years, pet care market has been experiencing a significant growth in terms of technological advancements and innovation, for instance, PetLife LLC introduced a high-tech pet motion, activity and consumption tracker. This high-tech product is operated via Bluetooth and Wi-Fi.