NEW
YORK, May 13, 2024 /PRNewswire/ -- The
global pet care market size is estimated to
grow by USD 72.82 bn from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of 6% during the forecast period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Download
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Application (Dogs,
Cats, and Others), Product (Food, Accessories, and Grooming), and
Geography (North America, Europe, APAC, Middle East and Africa, and
South America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
ABP Food Group Ltd.,
Agrolimen SA, Aller Petfood Group AS, Ancol Pet Products Ltd.,
Beaphar Beheer BV, Champion Petfoods Holding Inc., Colgate
Palmolive Co., Doskocil Manufacturing Co. Inc., General Mills Inc.,
heristo aktiengesellschaft, Mars Inc., Monge and C Spa, Nestle SA,
Pets Choice Ltd., saturn petcare gmbh, Schell and Kampeter Inc.,
Tail Blazers, The J.M Smucker Co., Unicharm Corp., and United
Petfood Producers NV
|
Key Market Trends Fueling Growth
- Market growth is significantly propelled by the upward trend in
pet ownership, reflecting a notable surge in the number of
individuals opting to keep pets for various purposes.
- The escalating demand for pet-care goods and services is
intricately linked to the burgeoning population of pet owners, who
increasingly view their pets as integral members of their families
and prioritize their well-being accordingly.
- With pets being accorded the same level of care and
consideration as human counterparts, owners exhibit a willingness
to allocate greater financial resources towards ensuring the
optimal health and happiness of their animal companions.
- This prevailing trend of heightened pet ownership is
anticipated to persist, thereby sustaining the expansion of the
market as owners continue to invest in pet-care products and
services.
- Facilitating this trend is the evolving landscape of societal
attitudes towards pet ownership, characterized by a growing
acceptance and accommodation of pets within residential and
occupational settings.
- Key drivers contributing to the rise in pet ownership encompass
the phenomenon of humanization, the proliferation of pet-friendly
accommodations, and the transformative impacts of the COVID-19
pandemic.
- As a consequence of these multifaceted influences, the demand
for pet care products and services is forecasted to exhibit a
corresponding uptrend, serving as a pivotal catalyst for driving
market growth and shaping industry dynamics in the foreseeable
future.
Market Challenges
- The pet care market experiences intense competition due to the
proliferation of e-commerce platforms, enabling new players to
enter and challenge established brands. A significant impediment to
market growth is the intensifying competition for products on a
global scale.
- The global market landscape is characterized by fierce
competition, encompassing a multitude of players offering a wide
array of goods and services.
- The proliferation of e-commerce platforms emerges as the
primary driver behind the escalation of competition within the
global market.
- E-commerce platforms have democratized market entry, enabling
new entrants to vie for market share alongside established
brands.
- The advent of e-commerce has been instrumental in market
expansion, facilitating convenient online purchases for
owners.
- Businesses are now compelled to navigate competition not only
from local retailers but also from formidable international
players, bolstered by robust resources and economies of scale
inherent in online marketplaces' growth.
Research report provides comprehensive data on impact of trend,
driver and challenges - Buy Report
Segment Overview
This pet care market report extensively covers market
segmentation by
- Application
- 1.1 Dogs
- 1.2 Cats
- 1.3 Others
- Product
- 2.1 Food
- 2.2 Accessories
- 2.3 Grooming
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Dogs- In developed countries, the pet care
market caters to diverse segments, including single-person
households in flats and apartments. Dogs and cats are the most
popular companion animals, with dogs holding the top spot. These
pets offer companionship, alleviate loneliness, and promote mental
and physical well-being. As climate change influences living
conditions, eco-friendly pet products gain traction. Pet owners
prioritize quality pet food, ensuring their pets receive essential
nutrients from meat, meat byproducts, grains, cereals, vitamins,
and minerals. Home delivery services and online stores facilitate
convenient access to pet supplies, offering clean labeling for
transparency. Grooming products are essential for maintaining pet
hygiene, with veterinary care available for health concerns.
Location tracker devices provide peace of mind for pet owners,
especially those with busy schedules. The Pet Advocacy Network
advocates for animal welfare, addressing restraining factors such
as animal-borne diseases, abdominal pain, and diarrhea. Reptiles,
turtles, freshwater and saltwater fishes, birds, horses, and small
animals also require specialized care. Pet stores and supermarkets
cater to various pet needs, ensuring a wide range of options for
pet owners.
For more information on market segmentation with
geographical analysis including forecast (2023-2027) and historic
data (2017 - 2021) - Download a Sample Report
Research Analysis
The pet care market is a thriving sector that caters to the
needs of various little pets, including cats and dogs. This market
encompasses a wide range of products such as feeders, bowls,
waterers, and pet health-focused items like anxiety relievers for
pets suffering from stress, depression, or loneliness. Responsible
pet ownership is a priority for many, leading to lifestyle upgrades
that include pet furniture made from sustainable and recyclable
materials, reducing the ecological footprint. Neo Bites, a pet
health brand, offers solutions for cardiovascular health and
exercise needs. Pet shelters, adoptions, and fostering programs
contribute significantly to the market, ensuring the well-being of
pets while promoting ethical practices. Internet purchases have
made it more convenient for pet owners to access these essential
products and services.
Market Research Overview
The pet care market is a significant and growing industry,
encompassing various products and services. Pet owners seek to
provide their companions with the best care possible, leading to
the demand for high-quality pet food, veterinary services, pet
supplies, and training. Pet technology is a burgeoning sector, with
innovative gadgets like automatic feeders, GPS trackers, and smart
collars enhancing pet care. Sustainable pet care is also gaining
traction, with eco-friendly pet food and biodegradable pet supplies
becoming increasingly popular. The pet care market is a diverse and
dynamic sector, catering to the unique needs of pets and their
owners.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Product
-
- Food
- Accessories
- Grooming
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio