The companion animal health market is set to grow as millennials embrace pet parenting. E-commerce and pet care advancements drive this trend.
The upcoming report by Fairfield Market Research states that the global companion animal health market is poised to see a stellar rise during the forecast period of 2021 and 2026. The steady rise of this market will be driven by growing adoption of pets and the changing landscape of pet care. According to analysts, the demand for better pet care improved diagnostics and increased interest in spending for pets have all culminated into swelling companion animal health market. According to the American Pet Products Association’s (APPA) National Pet Owners Survey 2019 – 2020, about 85 million households in the U.S. alone have pets. Petpedia states that the U.S. pet industry was worth US$99 Bn in 2020 and about 12% of adults sought pet adoption for their children during the 2020 lockdown. This spike in pet ownership and a keen interest in ensuring the best health of pets will underpin the growth of the global companion animal health market.
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Animal Nutrition to Remain Important Pet to Owners
The preliminary reports suggest that nutrition of pets will remain critical to pet owners. This trend is expected to boost the sales of functional food products within the pet food category. Dietary supplements and nutritional feed additives are also expected to reach newer heights as companion animal health market offers holistic solutions. The growing number of animal health issues is expected to create lucrative medicinal feed additives in the global companion animal health market. Vaccines too are expected to remain high revenue-generating category as a large number of consumers are prioritising companion animal vaccination at regular intervals.
E-Commerce to Boost Sales of Companion Animal Health Products
The rise of e-commerce has definitely improved the access to companion animal health products. Increasing purchasing power and willingness to spend on pet health is expected to positively impact sales of animal health products between the forecast years of 2020 and 2026. Not only online pet stores such as Petsmart, Petco, and Chewy but also giants such as Walmart+ and Amazon have been enjoying incredible profits as online sales pick up pace. Furthermore, proliferation of online pharmaceies such as VetRXDirect and 1-800-PetMeds is also adding to the flourishing market.
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North America Emerges as Key Leader in Global Companion Animal Health Market
The upcoming report states that the North America companion animal health market is expected to lead the way between the forecast years of 2021 and 2026. The U.S. is expected to be the key consumer in the regional market as awareness availability of pet products remains high. Asia Pacific is also expected to be an emerging market as the number of pet parents continue to be on the rise amongst the Millennials and Generation Z. Europe too is expected to be critical to the growth of companion animal health market as governments offer incentives towards pet adoption.
Some of the key players operating in the global companion animal health market are Merck & Co, Bayer AG, Ceva Sante Animale, IDEXX Laboratories Inc, Agrolabo S.p.A, Zoetis, Elanco Animal Health Incorporated, Nutreco N.V. Inc, Virbac, Perrigo Company Plc., C.H. Boehringer Sohn AG & Co. KG, and DRE Veterinary
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The article discusses the growth of the global companion animal health market driven by increased pet adoption and care.
E-commerce is boosting sales of companion animal health products by improving access and increasing consumer spending.
North America is leading the market, with significant growth expected in Asia Pacific and Europe.
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