Future Market Insights’ global pet care market research report concludes that a CAGR of 6% is projected for the 2020-2030 assessment period.
Pet ownership has been increasingly amongst the millennial generation across all continents. Shifting cultural landscapes combined with increasing incidences of loneliness is prompting the younger generation to purchase pets as a source of companionship. Consequently, the pet care market has surged as they require constant monitoring.
A significant portion of expenses is directed towards pet food. Since the past few years, the demand for organic pet foods has surged as consumers become more aware about the adverse effects of feeding synthetic foods on pet health. Moreover, expenses on luxury goods such as pet cosmetics and clothes has also increased.
Going by these trends, the global pet care market is set to experience healthy growth in the aforementioned forecast period.
“Manufacturers are highlighting key ingredients while marketing pet care products, with the objective of making customers aware and enable them to make informed purchase decisions,” concludes an FMI analyst.
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Key Takeaways from FMI’s Pet Care Market Report
- Global pet care market shall surpass a value of US$ 343 Bn by 2030
- Professional pet care services shall gain substantial ground as owners emphasize on grooming, boarding and daycare
- Dogs are the most common pets, thereby augmenting revenue in the dog care products segment over two-fold
- Online retailing is the most extensive marketing channel adopted by leading vendors to enhance market penetration
- East Asia shall emerge as the most lucrative pet care market from 2020-2030
Pet Care Market- Key Trends
- Technological advancements such as GPS-equipped smart collars enables pet owners to monitor physical activity with ease, thereby enhancing revenue prospects
- Customization of pet food solutions through the launch of various applications are making it easier for owners to monitor feeding cycles
- Use of natural ingredients is bolstering the pet food segment due to a large customer base
- Therapeutic product offerings are surging in the light of rising awareness about pet health
Pet Care Market- Region-wise Analysis:
- North America is the kingpin of the pet care market, followed by Europe
- Willingness of consumers to spend more on advanced products stimulates the North American growth
- Asia-Pacific shows massive growth opportunities, mostly from East Asia. Most demand is being stimulated from pet health products
- India and Southeast Asia are witnessing a flooding of pet care products attributed to increasing pet ownership
Pet Care Market: Competitive Landscape
The global pet care market is characterized by the presence of a plethora of vendors, rendering it quite competitive in nature. Their core strategies include forging effective distribution networks, introducing technological advancements, product launches and collaborations among others.
A number of private labelled brands are penetrating the pet care market. For instance, in 2018, Amazon launched the Wag-a-Pet platform through which it sells dry pet food. Similarly, Walmart has doled out the Ol’ Roy pet food series.
Also, Mars Petcare collaborated with Terra Cycle to introduce a sustainability and recycling program for pet food and packages in the U.K. Such developments are rapidly bolstering the global pet care market.
Pet Care Market Taxonomy:
- Pet Food
- Pet Healthcare
- Fashion, Toys and Accessories
- Professional Services
- Day Care
- Pet Breeding and Training
- Value Added Services
- Veterinary Care
- Adoption and Charity
- Crisis Relief Service
- Fish and Reptiles
- Small Pets
- Horses & Other Livestock
- Modern Trade
- Convenience Stores
- Care Service Centers
- Veterinary Clinics
- Online Retail
- Support Care Centers
- Pet Specialty Stores
- Rest of LATAM
- Czech Republic
- Rest of South Asia
- Hong Kong
- South Korea
- New Zealand
Middle East & Africa
- South Africa
- Northern Africa
- Rest of MEA
Get Valuable Insights into Pet Care Market
Future Market Insights, provides an unbiased analysis of the global pet care market in its new offering, giving historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the Pet Care market based on service [product (pet food, pet healthcare, and pet breeding and training), professional service (day care, grooming/ boarding, and pet breeding and training), and value added service (insurance, veterinary care, pharmacy, adoption and charity, crisis relief service)], pet type (dog, cat, birds, fish & reptiles, and small pets), service channel (modern trade, convenience stores, care service centers, veterinary clinics, online retail and support care centers), across seven major regions.