Pet care products include pet food, treats & chews, pet care, and pet accessories. Pet food accounted for the largest share of the global pet care products market in 2021. Pet food provides complete and balanced nutrition to pets. Growing humanization of pets and rising spending on pet nutrition are driving the demand for pet food. The global pet care market is driven by factors such as rising pet ownership, increasing disposable income, growing pet humanization, and health benefits of pet ownership. The ongoing trend of pet humanization among pet owners is prompting them to view their pets as family members and avoid any compromise in their health and wellness. This is fueling the demand for high-quality pet food and accessories.
Key players: 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. Cargill and Evonik Industries are known for their high-quality pet food ingredients.
Growing demand: Pet humanization is fueling greater spending on pet health, nutrition, and well-being. This has increased demand for premium and organic pet food and snacks. Rising interest in all-natural, clean-label, and sustainably sourced pet products is a major trend.
Technological advancement: Advancements in pet food formulation technology have allowed manufacturers to offer pet food products with specific nutritional ingredients tailored to address pets' age, breed size, allergies, or health conditions. This is driving the customization of pet food and the development of varied product ranges.
Market trends
There is a rising demand for gluten-free and grain-free pet food owing to pets' intolerances and allergies. Manufacturers are offering alternative protein sources to address this demand. The adoption of premium and specialized pet food is increasing for pets with specific nutritional needs.
Global Pet Care Products Market Size witnesses increased adoption of single-serve, on-the-go packaging formats for pet snacks. Stand-up and re-sealable pouches are gain popularity among pet owners.
Market Opportunities
Pet nutrition startups focused on natural, custom-formulated foods and supplements present lucrative opportunities. Niche segments like raw, fresh, or freeze-dried pet food present high growth potential.
Adoption of innovative packaging that guarantees freshness and extends the shelf-life of pet snacks provides opportunities. Developing nations offer massive untapped opportunities as more pet owners transiting to premium and specialized pet food.
Impact of COVID-19 on Pet Care Products Market Growth
The COVID-19 pandemic has significantly impacted the growth of the pet care products market. During the initial lockdown phases in 2020, people spent more time at home with their pets which increased the consumption of pet food and other care products. However, supply chain disruptions affected the availability of certain products in the market. With restrictions on transportation and factories operating at low capacities, manufacturers faced difficulties in meeting the rising demand. This led to shortages and price increases of some popular brands in the market. As the pandemic prolonged, several pet parents lost their source of income, affecting their ability to afford premium pet food and care items. Some owners were also not able to take their pets to veterinary clinics or grooming parlors due to mobility restrictions, negatively impacting the related services sector. However, with vaccination drives ramping up in 2021, the market is recovering gradually. Manufacturers are focusing on expanding their distribution networks and production capacities. The demand for affordable pet nutrition and basic care products is growing again as economies reopen and people's discretionary spending increases.
Geographical Regions with High Concentration of Pet Care Products Market
In terms of value, North America accounts for the largest share of the pet care products market globally. The USA has the highest pet spending levels driven by high pet ownership rates as well as premiumization trend where owners spend more on pet wellness, nutrition, services and other goods. Western Europe is another major regional market led by countries such as the UK, Germany, France and Italy. However, Asia Pacific is emerging as the fastest growing region for pet care products with China, Japan and India contributing significantly to sales growth. Rising pet adoption in urban areas and increasing disposable incomes are driving higher per capita spending on pet supplies in Asia. Latin America and Middle East & Africa still have untapped market potential with scope for further awareness building regarding pet health and wellness.
Fastest Growing Region for Pet Care Products Market
Asia Pacific is currently the fastest growing region for the global pet care products market and is expected to maintain its momentum during the forecast period as well. Factors such as rising nuclear families, expanding middle-class population and growth in disposable incomes are positively influencing pet ownership patterns in Asian countries. China, followed by Japan and India have the largest pet populations and burgeoning pet care industries in the region. Developed markets like Australia and South Korea are also displaying healthy growth rates. Asia offers immense growth opportunities for international brands as well as local manufacturers to introduce more innovative and affordable products catering to various pet and owner needs. Expanding e-commerce channels, innovations in product formats and marketing campaigns aimed at pet health are aiding greater market penetration across Asia Pacific.
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