The growing awareness of the substances used in pet food has made pet owners more cautious when choosing food for their pets. Natural and organic ingredients in pet care products provide health benefits that pet owners are aware of. The demand for organic and natural formulations has benefited from this. Pet owners prefer goods that are devoid of artificial colours and preservatives and provide a well-balanced nutritional profile for their animals.
According to the Association for Pet Obesity Prevention, 55 percent of dogs and cats in the United States are fat. This creates a great potential for producers to use high-quality ingredients and diet research to launch value-added products in response to rising customer demand for premium goods.
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.
Request Sample Report:-
https://www.futuremarketinsights.com/reports/sample/rep-gb-11841
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
- 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.
- 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.
“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
Due to disturbances in corporate activities in several verticals, the epidemic of the new coronavirus has resulted in an economic downturn. The retail business has been hammered particularly hard by the crisis. The players will face a temporary struggle in reducing overall discretionary spending.
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.
For any Queries Related with the Report, Ask to Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-11841
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.
Read Related Reports:
https://acatpg.mn.co/posts/24236194?utm_source=manual
https://globalsocials.mn.co/posts/24236197?utm_source=manual
https://faceblox.mn.co/posts/24236170?utm_source=manual
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights,
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs