The global pet care market size was valued at USD 246.66 billion in 2023 and is projected to grow to USD 368.88 billion by 2030, exhibiting a CAGR of 5.92% during the forecast period. North America dominated the global market with a share of 33.80% in 2022.
Fortune Business Insights™ cites this information in its research report, titled “Pet Care Market, 2024-2030”.
Information Source: https://www.fortunebusinessinsights.com/pet-care-market-104749
List of Key Players Profiled in the Pet Care Market:
- Mars Incorporated (U.S.)
- Nestle S.A. (Switzerland)
- Spectrum Brands Inc. (U.S.)
- Diana Group (Thailand)
- The J.M. Smucker Company (U.S.)
- Unicharm Corporation (Japan)
- Hill’s Pet Nutrition, Inc. (U.S.)
- SCHELL & KAMPETER, INC (U.S.)
- Tiernahrung Deuerer GmbH (Germany)
- Heristo AG (Germany)
Report Coverage:
The report provides an account of the vital factors boosting the global business landscape throughout the forecast period. It further gives an analysis of the major trends propelling the overall business scenario over the projected period. Additional aspects include merger agreements, acquisitions, and the launch of numerous solutions.
Drivers and Restraints:
Market Expansion Favored by Increasing Government Spending
Pet care market growth is being impelled by an escalation in spending on pet products such as grooming, healthcare, food, and others. The rise is due to increasing infrastructural facilities in several stores which are likely to support the consumption rate of products.
However, the business growth could be restrained by the high cost associated with high-quality products.
What are the factors driving applications of the Pet Care Market?
- Increasing pet humanization and the growing trend of pet adoption, leading to higher demand for premium and specialized pet care products and services.
- Rising awareness about pet health and well-being, resulting in a surge in the demand for veterinary services, nutritious pet food, and advanced pet care solutions.
- Shift in consumer preferences towards natural and organic pet products, driven by concerns over the quality and safety of pet consumables and accessories.
- Technological advancements in the pet care industry, such as the development of smart pet products and advanced healthcare devices, facilitate better monitoring and management of pet health.
- Expansion of e-commerce platforms, providing convenient access to a wide range of pet care products, contributing to the market growth globally.
- Increasing disposable income in emerging economies, leads to higher spending on pet care products and services, and drives market expansion in these regions.
Segmentation:
Pet Food Segment to Record Substantial Growth Impelled by Rising Demand for Nutritious Items
By product type, the market is segmented into veterinary care, pet food products, and others. The pet food segment is expected to expand at an appreciable pace throughout the study period. The surge can be attributed to the increasing demand for nutritious and tasty food items for meeting the daily feeding requirements of pets.
Dog Segment to Register Considerable Expansion Owing to the Healthy Nature of Products
Based on pet type, the market is categorized into cat, dog, and others. The dog segment is estimated to register substantial growth over the projected period. The growth is driven by the healthy nature of products and the happier nature of dogs.
Offline Segment to Gain Traction Driven by Extensive Availability of Products at Various Stores
On the basis of distribution channels, the market is fragmented into online and offline segments. The offline segment is estimated to record considerable expansion over the study period. The escalation is propelled by the growing availability of pet supplies and rising infrastructural settings associated with pet stores.
Based on geography, the market has been analyzed across North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Regional Insights:
North America to Lead Driven by Increasing Pet Care Expenditure in U.S. and Canada
North American pet care market share is set to exhibit remarkable expansion throughout the study period. The rise is propelled by the enormous expenditure in Canada and the U.S.
The Asia Pacific market is anticipated to record substantial growth over the forecast period. The surge is driven by the increasing presence of major players and manufacturing facilities in countries such as China and India.
Drivers and Restraints:
Market Expansion Favored by Increasing Government Spending
Pet care market growth is being impelled by an escalation in spending on pet products such as grooming, healthcare, food, and others. The rise is due to increasing infrastructural facilities in several stores which are likely to support the consumption rate of products.
However, the business growth could be restrained by the high cost associated with high-quality products.
Competitive Landscape:
Key Companies Enter Collaborations to Propel Business Landscape
Major companies are centered on the adoption of an array of initiatives for the consolidation of their market positions. These steps comprise merger agreements, acquisitions, and the rollout of new products. Additional initiatives include a rise in research activities and the development of new solutions.
Key Industry Development:
- September 2021 – Petmate acquired Platinum Equity. The acquisition would help the company in enhancing investment with regards to manufacturing capabilities and product launches.
Comments
0 comment