Pet Care Market to Grow with a CAGR of 5.2% Globally through 2028
Rising pet ownership and growing awareness of pet
health and well-being are driving the Global Pet Care Market in the forecast
period 2024-2028.
According to TechSci Research report, “Global Pet
Care Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Pet Care Market stood at USD 153.25 Billion
in 2022 and is anticipated to grow with a CAGR of 5.2% in the forecast period,
2024-2028. The global pet care market is a dynamic and rapidly growing sector
driven by the evolving relationship between humans and their pets.
One of the foundational factors contributing to the
growth of the global pet care market is the trend of pet humanization. Pets are
increasingly seen as integral family members, and this shift in mindset has led
to a surge in the demand for high-quality pet care products and services. Pet
owners are willing to invest in premium food, grooming, healthcare, and
accessories for their furry or feathered companions, mirroring the way they
invest in the well-being of their human family members.
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Care Market”
The pet care industry encompasses a wide range of
products and services, including pet food, grooming, veterinary care, pet
insurance, and pet accessories. This market is highly competitive, with
numerous global and regional players vying for market share. A significant
trend is the increasing preference for natural and organic pet products,
reflecting a broader shift towards healthier lifestyles for pets, like the
organic and natural food trends in the human food industry. Furthermore, the
market is increasingly driven by technological innovations, with the advent of
smart pet products, such as connected pet feeders, pet activity trackers, and
telemedicine services for pets.
The global pet care market's future appears promising
as the demand for pet products and services continues to rise. As pet ownership
increases worldwide, particularly in emerging markets, the industry is set to
witness sustained expansion. However, pet care businesses must remain adaptable
to changing consumer preferences, regulatory developments, and emerging
sustainability concerns, particularly in areas related to animal welfare and
environmental responsibility.
Furthermore, the COVID-19 pandemic has influenced pet
care trends. The pandemic has brought about a heightened focus on pet adoption
and fostering, as people sought companionship during lockdowns. The increased
time spent at home also emphasized the importance of pet health and well-being,
driving demand for premium pet products. Additionally, e-commerce has surged as
a prominent distribution channel due to its convenience and safety during the
pandemic, and this trend is expected to continue to impact the market
positively.
In conclusion, the global pet care market is an
ever-evolving industry, shaped by the humanization of pets, increased pet
ownership, a growing emphasis on pet well-being, the convenience of e-commerce,
and technological innovations. While these drivers have been instrumental in
the market's growth, businesses operating in the pet care industry should
remain agile and adapt to changing consumer preferences, regulatory
requirements, and sustainability concerns to thrive in this dynamic landscape.
The Global Pet Care Market is segmented into pet type,
type, distribution channel, regional distribution, and company.
Based on pet type the market is segmented into dog,
cat, fish, and others. The dog segment
in the global pet care market has experienced a significant upsurge in demand
driven by a deepening connection between humans and their canine companions.
This demand is propelled by pet owners' commitment to ensuring the well-being
of their dogs, treating them as integral family members. Premium dog foods,
natural and organic pet products, innovative grooming tools, and healthcare
services cater to the evolving needs and preferences of dog owners, reflecting
the thriving market for canine-related goods and services.
Based on type the market is segmented into product and
food.
Based on distribution channel the market is segmented
into offline, online.
Based on region the market is segmented into five
regions, North America, Europe, Asia Pacific, Middle East & Africa, and
South America.
Major companies operating in Global Pet Care
Market are:
- Ancol Pet Products Limited
- Champion Petfoods LP
- Hill`s Pet Nutrition, Inc.
- Blue Buffalo Co., Ltd.
- Mars, Incorporated
- Petmate Holdings Co
- Nestle Purina PetCare
- Saturn Petcare GmbH
- The Hartz Mountain Corporation
- Tail Blazers
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“Integration of technology into pet care is a
significant trend that is expected to have an impact on growth over the
forecasted period. Rising pet ownership, growing awareness of pet health and
well-being and premiumization of pet products will positively impact the Global
Pet Care Market. Due to the wide range of products available to meet specific
needs of, as well as the growing popularity of the online distribution channel,
the market is growing at impressive rate through projected period,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Pet Care
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Pet Type (Dog, Cat, Fish, Others), By Type (Product, Food), By
Distribution Channel (Offline, Online), By Region, By Competition, 2018-2028”,
has evaluated the future growth potential of Global Pet Care Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Pet Care Market.
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