Huge growth predicted for global pet care market
The global pet care market size is expected to reach USD 232.14 billion by 2030, according to a new report by Grand View Research. The year 2020 was not very promising for most industries, but it has been a boon to the pet care industries due to repeated lockdowns and the work from home culture, which led people to take better care of their pets. This has stipulated the demand for pet services and products a significant rise in the market.
Key Insights & Findings from the report:
- During the forecast period, the dog pet type segment is expected to account for the largest market share. The growth is attributed to an expected considerable rise in dog adoption in the future years as a result of changing lifestyles and growing knowledge of the benefits of dog companionship.
- The pet care services segment is projected to register growth at a 5.2% CAGR during the forecast period. Innovation in products such as moisturizers, creams & lotions is likely to propel the segment growth.
- North America contributed a majority of the revenue share of global revenue in 2021. During the forecast period, the rising demand for natural and premium goods is expected to drive the regional market growth.
Pet Care Market Growth & Trends
Moreover, the growing awareness about pet humanization, and increasing purchasing power of the consumers, coupled with a rise in the demand for premium pet care products, are driving the growth of the market. Due to urbanization people have been living in smaller residential spaces, this has, however, increased the adoption of smaller pets such as dogs, fish, hamsters, cats and so on. Consumers are looking to plug the familial gap with their pet companion.
Premium pet care products are natural and of higher quality, and safer than regular pet care products. With the increase in demand for premium pet grooming products globally, several companies are trying to occupy the majority of shares in this segment. For instance, in 2020, BASF Care Creations in North America launched three formulations for the dog grooming segment: Creamy Co-Wash for Dogs, Fresh Obsessed Dry Shampoo Mist and Micellar Dog Shampoo. Similarly, in 2021, Pure and Natural Pet, a U.S.-based pet care company, added new USDA-certified products to its line of pet grooming and health essentials.
According to Pet Biz Marketer, pet food makes up about 3/4s of all pet industry sales. There has been a noticeable increase in the trend of pet food brands gaining market share via niche pet foods. One of the fastest-growing niche food categories is freeze-dried dog food, it is a dog food that’s freeze-dried to extend shelf life. Petfoodindustry.com reports that sales for non-traditional pet food formats are growing faster than traditional pet food.
Pet Care Market Segmentation
Grand View Research has segmented the global pet care market based on pet type, type, and region:
Pet Care Pet Type Outlook (Revenue, USD Million, 2017 – 2030)
Pet Care Type Outlook (Revenue, USD Million, 2017 – 2030)
- Pet Litter
- Pet Grooming Products
- Fashion, Toys, and Accessories
- Pet Boarding
- Pet Training
- Veterinary Care/ Medical Care
- Pet Grooming Service
- Dry Food
- Wet/ Canned
Pet Care Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players in the Pet Care Market
- 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.
Check out more related studies published by Grand View Research:
- U.S. Surgical Pet Collar Market – The U.S. surgical pet collar market size is anticipated to reach USD 219.0 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.2% from 2021 to 2028. Rising healthcare expenditure on domestic animals, growing demand for insurance, and an increase in the rate of pet adoption are anticipated to propel the growth of the market.
- Inflatable Pet Collar Market – The global inflatable pet collars market size is expected to reach USD 107.2 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% from 2020 to 2027. Rising pet adoption, coupled with higher consumer spending on pets, is driving the demand for pet welfare products, thereby boosting the market growth. Negative impositions of e-collars on pet animals regarding self-trauma, discomfort, and misadventure are also paving the way for higher adoption of inflatable pet collars in case of injuries.
- Pet Sitting Market – The global pet sitting market size is anticipated to reach USD 5.0 billionby 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.7% from 2020 to 2027. A growing number of pet adoption across countries is helping boost the prominence of relative pet care services, such as pet sitting business. In addition, increasing spending of pet owners on various pet services owing to the high indulgence of millennial pet owners and high spending power has fueled the demand for pet sitting services.