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.
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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.
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.
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.
Pet Care Market Sales in 2021-2031 to Gain Pace at a Higher Pace than in 2016-2020
Rise in demand for premium pet care products and services and growing interest in pet humanization are major factors driving sales of pet care products and services. Considering this, the pet care market is expected to rise at 6.0% CAGR between 2021 and 2031 in comparison above 4.2% CAGR registered during 2016-2020.
Growing rate of pet adoption coupled with increasing per-capita spending on pets are driving the demand for luxury pet products and services. Additionally, rapid urbanization is one of the key drivers behind the growth of the pet care market in developing economies.
Other factors such as changing perceptions regarding pets, improving lifestyles, high incomes, increasing population and nuclear families, and a rising number of millennials are contributing to the growth of pet care market.
According to the statistics of the AVMA (American Veterinary Medical Association), more than 45% of households in the U.S. today own a pet, wherein dogs and cats are very popular options. Thus, the increase in the pet adoption rate indicates growth in the pet care market.
Other aspects such as higher standards of living on the part of consumers and technological innovation in pet care industry are driving the demand for pet care products and services for the foreseeable future.
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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.
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.
Pet Care Market by Category
By 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
By Pet Type:
- Dogs
- Cats
- Birds
- Fish and Reptiles
- Small Pets
- Horses & Other Livestock
By Service Channel:
- Modern Trade
- Convenience Stores
- Care Services Centres
- Veterinary Clinics
- Online Retails
- Support Care Centres
- Pet Specialty Stores
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
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