The pet market (purchasing of pets) to be worth US$ 16,607.2 Mn in 2022. Sales are anticipated to grow at a 7.5% CAGR from 2022 to 2032, valuing the entire market at US$ 34,140.7 Mn by that year.
In recent years, rising trend of humanization has played a crucial role in propelling the growth of pet market and the trend is likely to continue during the forecast period.
For many pet owners, their pets are part of the family. They refer to them as their ‘children’ or ‘fur babies’. They spend large amounts on purchasing companion pets and numerous pet-related products.
Similarly, increasing popularity of premiumization along with rapid expansion of pet-food industry is supporting the pet market growth. Natural pet products are a key target for premiumization, and pet owners are continuously looking for these natural products.
Rapid urbanisation, rising disposable income, and health concerns are driving an increase in pet adoption and ownership, which is driving pet sales globally. Currently, houses with pets account for 70% to 8% of all households.
Similar to this, the expansion of the pet grooming and pet care industries, together with the rising trend of humanization, would likely fuel market growth throughout the projection period.
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A rising number of individuals regard their dogs like part of their families, providing them with food and treats based on the nutritional requirements of their pets or their own beliefs and eating habits, such as veganism.
Key Takeaways from the Pet Market (Purchasing of Pets) Study:
- By pets’ type, dogs and cats’ segments currently form the largest share of the global pet market and the trend is likely to continue during the forecast period.
- Based on gender, male segment is likely to be most remunerative in the global pet market over the assessment period.
- Argentina holds a significant share of the global pet market (purchasing of pets).
- Demand for pets in Australia is anticipated to rise at a robust pace during the next decade.
- With rising consumer inclination towards adopting pets, the U.S, will continue to dominate North American pet market (purchasing of pets) during the forecast period.
“Rapid urbanization and rise of pet humanization have boosted triggered pet adoption and ownership, thereby creating chances to improve profitability in the market”– says the FMI Analyst
Who is Winning?
Leading suppliers in pet market (purchasing of pets) are focused on promotional policies, online services, advertisements, and new launches and offers that have driven sales growth of the pet market (purchasing of pets).
Major players present in the pet market (Purchasing of Pets) are Petco, Pet finder, PetSmart, Pet mate, Petco Foundation, Adoptapet, Best Friends Animal Society, The Shelter Pet Project, Petango, Petland, and others.
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Market By Category
By Pets Type:
- Dogs
- Cats
- Others
By Price Range:
- Premium
- Economy
By Gender:
- Male
- Female
By Sales Channels:
- Online Retailers
- Offline
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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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.
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