The pet care market size is estimated to be valued at US$ 211.1 billion in 2023 and is expected to total US$ 430 billion by 2033. The adoption of pet care is likely to advance at a CAGR of 7.4% during the forecast period. As pets ascend from mere companions to cherished family members, the pet care landscape is evolving.
Gone are the bygone days when pets were considered as mere commodities or liabilities. In the current landscape, they have gracefully ascended to the status of cherished family members. This transformation is evidenced by the shift in perception – pets are no longer merely pets but integral parts of the household.
Get the Sample Report Now to Boost Your Industry Knowledge: Access a Comprehensive Summary and Valuable Insights! https://www.futuremarketinsights.com/reports/sample/rep-gb-11841
An interesting parallel development is observed in auxiliary markets such as the pet care products segment. This sector is anticipated to witness substantial growth in the wake of a burgeoning awareness concerning the mental well-being of animals. Major industry players, including prominent names like Mars Inc. and Nestle S.A., are steering their efforts towards providing animal food products with enhanced nutritional and caloric values. Furthermore, they are exploring innovative avenues, such as introducing flavored food items to captivate the attention of pet owners.
A notable trend emerges as pet owners manifest a heightened concern for the immunity and well-being of their beloved companions. This has led to a noteworthy observation reported by Fox News: the usage of face masks for pets has surged significantly, experiencing a tenfold increase between December 1, 2019, and February 1, 2020.
Also, the fact that pet dogs are contracting obesity these days can’t be put on the backburner. As per the American Animal Hospital Association, the year 2019 alone recorded more than 50% of the adult pet dogs as being ‘overweight’ amongst 1K hospitals in Benfield (US).
Get More Information on this Report @
https://www.futuremarketinsights.com/reports/global-pet-care-market
At the same time, it needs to be noted that low-income countries won’t be all that comfortable regarding pet care due to the overheads involved. On the top of that, rearing livestock like horses is likely to cost a fortune. There are end-consumers having snakes and the other reptiles, fish, small animals like rabbits as pets. They need specific surroundings to thrive. Proper financial planning needs to be chalked out to make rearing them successful. Future Market Insights has walked through these findings with future prospects in its latest market study entitled ‘Pet Care Market’.
Key Takeaways from Pet Care Market
- North America holds more than 40% of the market share. This could be credited to the fact that 70% of the US households do own a pet as of the year 2020. This data pertains to 2021-2022 National Pet Owners Survey (Courtesy: American Pet Products Association (APPA)).
- Europe holds the second-largest market share due to increasing investment on pet care by the Europeans.
- The Asia-Pacific is expected to witness the fastest growth in pet care market. This could be reasoned with speedy economic expansion.
“With pet humanization on an exponential spree, the global pet care market to keep the cash registers ringing in the forecast period”, says an analyst from Future Market Insights.
Competitive Care
- Paws Inc., in January 2021, completed acquisition of Ocado Group’s Fetch, so as to make a mark in the market of Europe.
- SigmaTron International Inc., in January 2020, underwent merger with Wagz, Inc. with the objective of implementing several types of modern technology measures for improving wellness of pets owned by the US millennials.
- Nestle S.A., in February 2020, came up with ‘Unleashed’, which comes across as a worldwide pet care vertical’s international innovation program. The objective is provision of total funding amounting to ~US$ 51 to start-up companies placed in Europe, Middle East, North America by the end of March 2020.
- Spectrum brands Holdings, Inc., in October 2020, acquired Armitage Pet Care Ltd., so as to expand the capabilities and customer base of the former.
- Wahl Animal, in December 2021, offered grooming accessories such as Double-Sided Bath Pin Brush, Medium Slicker Head Brush, and Double-Sided Flex Slicker Brush.
- Pure and Natural Pet came up with enhanced and novel products to its line of USDA-certified organic 2-in-1 fragrance-free hypoallergenic shampoo as well as conditioner with no odor or scent. It’s actually suitable for dogs at the higher risk of allergy and, in turn, their owners as well.
Customize your report according to your preferences and benefit from potential savings of up to 30% by selecting the countries or regions that matter most to you! https://www.futuremarketinsights.com/customization-available/rep-gb-11841
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the pet care market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2031.
- The research study is based on service (pet care products (pet food, pet healthcare, and fashion, toys and accessories), pet care professional services (day care, grooming boarding, and pet breeding and training), pet care value added services (insurance, veterinary care, pharmacies, and adoption and charity), and pet care crisis relief services), by pet type (dogs, cats, birds, fish and reptiles, small pets, and horses & other livestock), and by service channel (modern trade, convenience stores, care services centres, veterinary clinics, online retails, support care centers, and pet specialty stores).
