London, April 19, 2024 (GLOBE NEWSWIRE) -- Global pet care market is projected for substantial growth in the coming years, reaching US$220.3 Bn by 2030, up from US$151.5 Bn in 2022. This impressive trajectory is driven by increasing demand for advanced pet technology, the rise in pet adoption, and a shift towards online retailing for pet supplies.
The recently published report by Fairfield Market Research indicates the dog category’s dominance, market leadership of pet food, and the exploding growth of online retail. Innovation in pet care technology, pet adoption, and online retail will collectively drive market expansion in the long run.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$151.5 Bn | |
| Estimated Market Size in 2030 | US$220.3 Bn | |
| CAGR | 5.5% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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As far as regional examination is concerned, the report reveals that North America currently leads the pet care market, driven by high rates of pet ownership and a focus on premiumisation and pet health. North America is expected to maintain its market leadership, with Asia Pacific region surging as the fastest-growing market.
The company’s analyst explains, “Pet care companies are innovating to meet the growing expectations of pet owners who see their animals as part of the family. From personalised products to preventive care, the industry is embracing a holistic approach to cater to the diverse needs of pets and their owners."
"Online retail channels are reshaping the pet care market, offering a convenient and tailored shopping experience. The surge in subscription services and the availability of customised pet products are key trends that will drive market growth in the coming years,” adds a senior analyst.
The pet care market's growth trajectory is bolstered by shifting consumer attitudes towards pets, which are becoming increasingly integrated into family life. As pet owners continue to prioritise their pets' wellbeing, the industry is expected to benefit from a surge in demand for premium, personalised, and sustainable pet care solutions.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/pet-care-market
Key Research Insights
- Dogs remain the top choice for pet ownership, with their companionship and loyalty leading to strong demand for related pet products.
- The pet food segment continues to lead the industry, with dry food being the most popular choice due to its affordability and convenience.
- The online stores segment is poised for significant expansion, offering pet owners unparalleled convenience and personalised shopping experiences.
Insights into Segmentation Analysis
Dog Segment Dominates While Cat Segment Experiences Fastest Growth
The global pet care market saw significant growth in 2022, with the dog segment continuing to dominate the industry.
Dogs are highly popular pets due to their positive impact on reducing anxiety, stress, and depression, as well as encouraging exercise and boosting cardiovascular health.
However, the cat segment is expected to experience the fastest market growth in the coming years. This is due to the increasing number of cat owners worldwide, which is anticipated to drive the market forward.
Additionally, the rise in one-person households globally and the desire to own at least one pet also contribute to market growth.
Pet Food Retains Top Spot as Revenue Generator
The pet food segment remains the top revenue generator in the market, thanks to strong demand from pet owners for tasty and nutritious food products for their pets.
According to the European Pet Food Industry Association (FEDIAF), pet food sales in Europe reached 10.2 million tonnes and $27.7 billion in 2021.
The veterinary care segment is also expected to grow significantly due to the increase in awareness of health and hygiene among pet owners around the world.
The growth of pet veterinary practices in countries such as the US has also contributed to this expansion.
Offline Retail Stores Drive Revenue Generation
Offline retail stores remain the dominant force in revenue generation, offering a wide variety of pet essentials to consumers.
The expansion of infrastructure surrounding pet stores is expected to drive category growth and increase the consumption rate of pet products.
Meanwhile, the online stores segment is anticipated to see substantial growth during the projected period.
The rising demand for online subscription services for pet feeding products globally is expected to boost online product sales and contribute to segmental growth.
Key Report Highlights
- The pet care market is fuelled by a rising number of people adopting pets, leading to increased demand for a range of pet products, and services.
- As pets become integral family members, there is a greater demand for high-end pet care products, services, and specialised insurance.
- Pet owners are increasingly prioritising preventive care for their pets, investing in regular check-ups, early detection, and tailored diets.
- Consumer preference for organic and sustainably sourced pet food is on the rise, driving transparency and ethical sourcing in the market.
Insights into Regional Analysis
North America Holds the Lion’s Share
North America continues to lead the pet care market due to its mature market and well-informed consumers.
Millennial adults in their early to mid-20s, now making up one-third of pet owners in the US, have a strong understanding of pet supplies and their benefits.
Premiumisation is a key driver of the North American market, as consumers seek high-quality, natural pet food products.
Concerns about obesity in pets open opportunities for manufacturers to introduce premium products with quality ingredients to cater to consumer demand.
Asia Pacific to be the Fastest-Growing Pet Care Market
The Asia Pacific region is expected to be the fastest-growing market for pet care due to rising disposable income, and economic growth. These factors contribute to increased consumer spending on pet care items.
The regional market is also driven by increasing pet ownership and higher expenditure on pet care products.
The rapid expansion of the pet services market in Asia Pacific has led to a surge in pet hotels, grooming salons, daycare centres, and training facilities.
Furthermore, there is a growing demand for high-end and specialised pet food products in the region, including organic, natural, and grain-free options, reflecting changing consumer preferences and a focus on pet health and wellbeing.
Key Players in Global Pet Care Market
- General Mills Inc. (Blue Buffalo)
- Ancol Pet Products Limited
- Hill`s Pet Nutrition, Inc.
- Champion Petfoods L.P.
- Nestle Purina PetCare
- Mars, Incorporated
- Saturn Petcare GmbH
- Petmate Holdings Co
- The Hartz Mountain Corporation
- Tail Blazers
- The J.M. Smucker Company
- WellPet LLC
- Heristo Aktiengesellschaft
- Diamond Pet Foods
Global Pet Care Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Pet Type Coverage, By Product Type Coverage, By Distribution Channel Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/pet-care-market
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