Pet care products include food, treats and chews, toys, litters and waste management products, grooming and bath products, and other accessories meant for pets including dogs, cats and other domesticated animals. Pet care products ensure the wellbeing as well as healthy growth and development of pets. The growing trend of nuclear families and seniors living alone has boosted pet ownership over the years, thereby driving demand for various pet care products.
The global Pet Care Products Market is estimated to be valued at US$ 246.66 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing trend of pet ownership represents a key opportunity for pet care products market. According to various pet industry surveys, over 67% of the households in developed nations own a pet. Furthermore, many single and elderly people are increasingly adopting pets for companionship. This rising pet ownership has boosted demand for various pet foods, accessories and supplies. Pet parents are increasingly willing to spend more on premium pet care and wellness products to ensure health and happiness of their pets. Pet food and treats especially witness strong growth owing to growing humanization of pets. The market players can capitalize on this opportunity of growing pet ownerships by developing innovative and superior quality products focused on pets health as well as owners convenience. This will help drive the future growth of global pet care products market during the forecast period.
Porter’s Five Forces Analysis
Threat of new entrants: The pet care products market requires huge capital investment in R&D and manufacturing facilities which limits the threat of new entrants. However, large corporations can enter the market easily.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established brands providing similar pet care products. However, buyers can negotiate on price considering the availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers. However, proprietary formulations give suppliers an edge in pricing negotiations.
Threat of new substitutes: The threat of substitutes is medium as other pet care categories like pet food and accessories can be used as substitutes. However, pet owners develop strong loyalty toward certain brands.
Competitive rivalry: The competitive rivalry is high due to the strong presence of global and regional players offering similar products. Companies compete based on ingredient quality, product innovation, and reliability.
SWOT Analysis
Strengths: Established brands, diverse product portfolio, rising pet care expenditure, and economies of scale.
Weaknesses: High R&D costs, marketing new products, and supply chain disruptions.
Opportunities: Emergence of e-commerce, pet humanization trend, and expanding into new geographies.
Threats: Stringent regulations, raw material price volatility, and increasing competition.
Key Takeaways
The Global Pet Care Products Market Demand is expected to witness high growth during the forecast period due to rising pet adoption and humanization.
Regionally, North America dominates the market currently owing to high pet ownership and expenditure on pet care. However, Asia Pacific is expected to grow at the fastest rate due to rising incomes, nuclear families, and western influences in countries like India and China.
Key players operating in the pet care products market are Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO. These players are focusing on expanding their product portfolio through acquisitions and innovations to cater to the needs of pet owners and veterinarians.
For more details on the report, Read- https://www.ukwebwire.com/pet-care-products-market-size-and-share/
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