Pet Care Market Growth and Insights by 2024
The growing trend of responsible pet ownership has made the pet care market scale new heights. The strides have been stridently underpinned by the deluge of pet care products over the past few years. A sizable chunk of demand has come also from the mushrooming pet care centers in some emerging and developed nations. The growing numbers of veterinary hospitals has raised the awareness about the medical science behind proper care for domesticated animals. Dogs and cats are two of the domesticated animals who have attracted considerable interest among industry players and pet care centers. Particularly, pet lovers are increasingly visiting pet care centers to seek professional care. Furthermore, they are showing a deep proclivity toward educating themselves about pet health problems. They are emphasizing on preventive care for companion animals. As a result, the trend of responsible pet ownership has caught on momentum in recent years. This is also a key trend bolstering sales of pet care products, thereby boosting the pet care market.
Advances made in veterinary care notably in vaccine development for companion animals are opening new rooms of growth in the pet care market. Pet owners are become aware about how to manage the side effects of vaccines. Rise in demand for care in wellness centers has further enriched the landscape.
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Pet Care Market: Introduction
- Pet care is the foundation of responsible pet ownership and refers to taking care of pets. Pet care includes taking care of food & safety, exercise, nourishment, and medical attention of a pet. It is a lifetime commitment toward a pet that depends on the pet parent for health and wellbeing.
Key Drivers of the Global Pet Care Market
- Increasing consumer spending in the household and pet care categories is anticipated to be the rising trend of pet humanization. Consumers see their pets as family members; this encourages pet humanization, which influences the rapid growth of the global pet care market. People are adopting small pets (cats, dogs etc.) as they are more likely to humanize and indulge compared to larger pets. Hence, consumers are spending heavily to ensure that the best quality life is given to their pets. This leads to increasing adoption of pet care products such as feeders, bowls, and waterers. Consumers are treating their pets as family members and providing them quality life, which is a factor driving the increasing demand for pet care products. Additionally, pet humanization is influencing the market growth with rising number of companies coming up with interesting and premium pet care products.
Factor Restraining the Global Pet Care Market
- Lack of awareness about pet care products among consumers of developing countries can impede the growth of the pet care market. Per capita income of middle and lower middle class population in developing countries is less compared to developed countries. Hence, people with lower income do not consider pet care as a priority that may restrict the spending on pet care products, subsequently hindering the growth of the pet care market.
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global pet care market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the pet care market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the pet care market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America pet care market is segmented into Brazil, and Rest of South America.
- North America accounted for largest share of the global pet care market due to premiumization that leads to the increasing demand for premium pet care products. Manufacturers in this region have greater opportunity to launch high quality products due to growing consumer interest toward premium products and high consumption habits of consumers in the U.S., which are the driving factors of the pet care market in North America.
- The pet care market in Asia Pacific is projected to expand rapidly during the forecast period due to rapid growth and growing disposable income that are expected to increase consumer spending on pet care products. Moreover, increasing awareness about veterinary health, growing government animal healthcare organizations, increasing pet ownership, and rising spending on pet care products are factors which help in boosting the growth of the pet care market in this region.
Key Players Operating in the Global Market
A few of the key players operating in the global pet care market are:
- Mars, Incorporated
- Ancol Pet Products Limited
- Doskocil Manufacturing Company, Inc. dba Petmate
- Rolf C. Hagen, Inc.
- DOGGYFRIEND.COM
- K&H Pet Products
- Coastal Pet Products
- Torus Water Bowl
- K&H Pet Products
- PioneerPet
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