Pet Care Market Influenced by Humanization Sentiment, Future Market Insights

Future Market Insights (FMI) in its latest study has forecast the global pet care market to rise at a CAGR of ~6.0% between 2021 and 2031. The increasing awareness about ingredients used in pet food products has made pet owners conscious while selecting food options for their pets.

Pet owners are aware about health benefits of natural and organic ingredients in pet care products. This has been giving tailwinds to the demand for organic and natural formulations. Pet owners prefer products that are free from artificial colors and preservatives, while providing a balanced nutritional profile for pets.

Pet Care Market

As per a report by the Association for Pet Obesity Prevention, it is estimated that 55% of dogs and cats in the U.S. are obese. This presents a huge opportunity for manufacturers to add quality ingredients and diet research to launch value added products to meet growing consumer interest towards premium products.

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Product launches with value-added quality ingredients supports the demand for pet care products contributing to long term growth prospects. Taking advantage of this prevailing trend, companies in the market are expanding their offerings to include natural and organic options.

For instance, the Kroger Co. offers natural food products for pets with proteins and essential nutrients. Besides, GMO (genetically organism free) food products are also available for pets in the market.

The rise in the number of pet owners and the growing awareness of veterinary health and investments into animal health organizations are swiftly boosting the prospects of manufacturers through the upcoming decade.

Key Takeaways from the Pet Care Market Study

  • Pet food is expected to hold a noteworthy revenue share of over 65% of all product sales. The growth is attributed to the demand for premium, natural, and organic ingredients.
  • Pet care for dogs is expected to contribute revenue share of 35.1% in 2021. The role of dogs as companions and the resulting humanization drives associated sales.
  • The U.S. leads the North America market accounting for 90% value share by 2031 owing to higher purchasing power.
  • The U.K. accounts for more than 25% of the Europe market with concerns over pet health and investments into product innovation.
  • China and South Korea are considered high growth markets for pet care in East Asia, reflecting a CAGR of over 14% with the penetration of key players with premium products.

Growing acceptance of technologically advanced automated pet care products, and increasing expenditure driven by trends of pet humanization will influence the revenue generation opportunities in the pet care market through 2031,” says an FMI analyst.

Impact of COVID-19 on the Market

The outbreak of the novel coronavirus has resulted in an economic downswing owing to disruptions in business operations in various verticals. The retail industry is one of the hardest hit sectors in this crisis. Reduction in the overall discretionary spending, is a temporary challenge for the players.

Many daycare centers and pet hotels were made temporarily non-operational, which has further caused a temporary decrease in the overall revenue of the pet care market. In light of this situation, players are now focused on improving online penetration, as this provides an opportunity to access a wider consumer base at once within minimum costs.

Who is Winning?

Major players present in the pet care market are focusing on aggressive promotional strategies, advertisements, and new product launches have driven sales growth of pet care products and services globally.

Some of the leading players in the industry are Procter & Gamble Co., JM Smucker Co, Nestlé Purina Pet Care Co, Monge & C. Spa, Hill’s Pet Nutrition SNC, Royal Canin SAS, Affinity Petcare France SA, Champion Pet Foods LP, Cargill, C & D Foods, Aller Petfood, Bob Martin, Blue Buffalo Co. Ltd., Cambrian Pet Foods Ltd., Crosswind Industries Inc., and Crown Pet Foods Ltd., among others.

Get Valuable Insights into Pet Care Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global pet care market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the pet care market based on the service (product{ pet food, pet healthcare, fashion, toys, and accessories}, professional service {day care, grooming boarding, pet breeding and training} value added services {insurance, veterinary care, pharmacy, adoption and charity, crisis relief service}) pet type (dogs, cats, birds, fish and reptiles, small pets, and horses & other livestock), service channel (modern trade, convenience stores, care services centres, veterinary clinics, online retailers, support care centres and pet specialty stores across seven major regions.

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Scope of Report

AttributeDetails
Forecast Period2021-2031
Historical Data Available for2016-2020
Market AnalysisUSD Million for Value
Key Regions CoveredNorth America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa
Key Countries CoveredUS, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments CoveredService, Pet Type, Service Channel, Country
Key Companies ProfiledProcter & Gamble Co. JM Smucker Co Nestlé Purina Pet Care Co Monge & C. Spa Hill’s Pet Nutrition SNC Royal Canin SAS Affinity Petcare France SA Champion Pet Foods LP Cargill C & D Foods Aller Petfood Bob Martin Blue Buffalo Co. Ltd. Cambrian Pet Foods Ltd. Crosswind Industries Inc. Crown Pet Foods Ltd.
Report CoverageMarket Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & PricingAvailable upon Request

Key Questions Answered in the Report

  • What is the current valuation of the pet care market? The pet care market is estimated to be valued at over US$ 189 Billion in 2021.
  • Which is the most lucrative market for pet care? North America currently leads the global pet care market. Sales of pet care in North America account for more than 57% of the global value share in 2021.
  • Which are the top countries driving demand for pet care? The U.S., the U.K., Germany, and India are leading countries reflecting consistently high demand for pet care products and services.

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