The pet travel services market size is projected to expand to a valuation of US$ 2.09 billion in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 10% from 2023 to 2033 and reach US$ 5.42 billion in 2033.
Most people owing pets treat them as their companion and they love to travel with their pets and explore various destinations worldwide. Nowadays, pet travel services are growing at a rapid pace as there has been an increase in pet adoption rates across the globe.
Thus, it’s a great option for those people who want to travel and experience new destinations with their pets. Moreover, with the increase in the number of travelers with their pets, there has been a growing number of pet-friendly hotels and travel destinations across the globe.
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Global Pet Travel Services Market: Market Dynamics
While adopting a pet the responsibilities towards their pet owner surges and whatever pet owners consider important for living comfortably, they also want it for their pets. This is a major reason why they do not hesitate in spending for the well-being of their pets and are willing to spend more on luxuries and various activities like traveling, grooming, and many others.
Millennials, who account for a majority of pet owners, also think that pets deserve the same treatment as small children and many millennials, summertime means a time to kick back and relax on vacation and pamper their pets. This is one of the primary factors driving the demand for pet travel services market worldwide.
Trends for Pet Travel Services Market
With the increase in the number of pet travelers the pet travel services had become a vital part of and have a significant contribution in the travel industry. Further, to avoid the uncertainties with their pet’s people are increasingly opting for pet insurance too. The concept of pet insurance is quite famous in western countries, but it is new for the developing and emerging economies.
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Opportunities for Pet Travel Services Market
The opportunities for pet hotels are growing with the increase in the number of travellers with their pets. According to the American Pet Products Association, approximately US$ 50 billion is spent by Americans per annum on their pets and 27% of American pet owners admit to having had professional photographs taken of their pets.
Moreover, many luxury hotels also provide pet day-care services and playtime which helps the pet hotels to attract pet lovers by providing services like pet minibars, pet walking services dedicated to pet parks which would help to boom the pet travel service market.
Challenges for Pet Travel Services Market
Current Covid-19 outbreak resulting in challenges of growth of pet travel services. As it has been seen that many countries like China, The United Arab Emirates, India, Sri Lanka, and many others have taken steps regarding pet travel services to stop the spread of the virus.
For instance, pets traveling from or into the United Arab Emirates must have annex signed by a veterinarian stating that the pet had not been in contact with any humans or animals infected with COVID-19. Thus the market is facing growth challenges in the present scenario.
Global Pet Travel Services Market: Key Players
Some of the key players operating in the global pet travel services market are
- International Pet and Animal Transportation Association (IPATA)
- PetSino Happy Tails Travel Inc.
- Fly Pets PetRelocation Inc.
- Pet Travel Inc.
- Air Animal Inc.
- World Pet Travel
- Pet Air Carrier LLC
- Pacific Pet Transporters
- Animal Motel
- Animal Airways
- RoyalPaws
- Animal Travel
- Global Paws
- PETport
- Airvets.com
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Pet Travel Services Market: Regional Outlook
The pet travel services market classified into seven key areas: Europe, Latin America, North America, East Asia, Oceania, South Asia, and the Middle East & Africa. North America is leading the market followed by Europe and the Asia Pacific in the pet travel services market with an increase in the luxury facilities across the globe is expected to propel the pet travel services market.
Global Pet Travel Services Market: Market Segmentation
On the Basis of Travel Type
- Domestic Travel
- International Travel
On the Basis of the Pet Type
- Dogs
- Cats
- Fish and Reptiles
- Small Pets
- Birds
- Horses & Other Livestock
On the Basis of the Application
- Mover
- Traveler
- Others