Pet Care Industry Overview
The global pet care market size was valued at USD 148.10 billion in 2021 and is expected to reach USD 232.14 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030.
The rising trend of pet humanization is expected to increase consumer spending in the household and pet care categories. People are also adopting cats, dogs, and other pets as they are easier to humanize and indulge than larger pets. They are willing to spend a lot of money to ensure that their pets have the best possible living experience. As a result, pet care products such as feeders, bowls, and waterers have also become prominent.
Gather more insights about the market drivers, restrains and growth of the Global Pet Care Market
Many people were forced to stay at home for an extended amount of time as a result of COVID-19’s impacts, whether owing to shelter-in-place orders or work-from-home advice. As a result, pet shelters recorded an increase in adoptions and fostering. The pet sector has been exploding in recent years. According to the American Pet Products Association, about 85 million households own a pet, with pet ownership increasing from 56 % to 68 % in the last 30 years. Technology and the introduction of internet purchases have contributed to some of the changes in pet ownership.
However, the majority of the expansion of the market is due to cultural shifts. As millennial and Generation Z consumers have grown into adulthood, they have embraced their pet-owning and pet-loving lives significantly more than their predecessors. In 2020, households headed by the younger generation accounted for over 60% of pet ownership, whilst households headed by baby boomers accounted for about 30% of pet ownership.
Furthermore, pet owners are demonstrating a strong desire to learn more about pet health issues. They are promoting companion animal preventive care. As a result, responsible pet ownership has been increasingly popular in recent years. This is also a crucial trend that is driving pet care product sales and, as a result, the pet care industry.
Moreover, people are making lifestyle upgrades to mark their share in reducing the ecological footprint in daily lives which includes pet products too. A significant share of pet accessories is made with more sustainable and recyclable materials instead of plastics. For instance, in February 2022, Neo Bites became the first Carbon-negative dog food company in the US.
Pet Care Market Segmentation
Based on the Pet Type Insights, the market is segmented into Dog, Cat, Fish, Bird, Others
- The dogs segment accounted for about 40% of the market share in 2021.
- The cat pet type segment is projected to register a faster CAGR of 5.2% from 2022 to 2030. Pet furniture is often preferred by people who live in flats and apartments and do not have a lawn or porch where their pets can live.
Based on the Type Insights, the market is segmented into Product, Services and Food
- The rising appeal of pet fashion among pet owners has a favorable impact on the industry and is likely to contribute to significant growth of the market during the forecast period.
- The pet care services segment is expected to register the fastest CAGR from 2022 to 2030.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America
- Asia Pacific is estimated to witness the fastest CAGR of 5.3% during the forecast period. The regional market is expected to witness decent growth owing to the rapid economic expansion and rising disposable income, which are expected to boost consumer spending on pet care products.
- North America accounted for the largest revenue share of 40%in 2021. In terms of users and accessible products, the pet care market in North America is well developed. Premiumization is a crucial factor driving pet care product sales in North America. Due to obesity hazards in pets such as dogs and cats, there is a growing desire for natural pet food, which is gaining popularity among U.S. based customers.
Market Share Insights
- In December 2021: The Medium Slicker Head Brush, Double-Sided Bath Pin Brush, and Double-Sided Flex Slicker Brush are among the new premium dog grooming accessories offered by Wahl Animal
- In October 2020: Armitage Pet Care Ltd., a company that specializes in premium pet treats and toys, has been acquired by Spectrum Brands Holdings, Inc. By adding pet items to the company’s client base, capabilities, and reach, this acquisition expanded the company’s customer base, capabilities, and reach
Key Companies Profile
The market is characterized by the presence of a few established players and new entrants. Companies have been expanding their product portfolios by incorporating new and innovative pet care products to widen their consumer base.
Some prominent players in the global pet care market include:
- Ancol Pet Products Limited
- Blue Buffalo Co., Ltd.
- Champion Petfoods LP
- Hill`s Pet Nutrition, Inc.
- Mars, Incorporated
- Nestle Purina PetCare
- Petmate Holdings Co
- Saturn Petcare GmbH
- Tail Blazers
- The Hartz Mountain Corporation
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