Pet Supplies Market to Grow with a CAGR of 7.7% Globally through 2028
Global Pet Supplies Market continues to thrive due to
factors such as increasing number of pet owners, the humanization of pets, and
the convenience of e-commerce.
According to TechSci Research report, “Global Pet
Supplies Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Pet Supplies Market stood at USD 319.5
billion in 2022 and is anticipated to grow with a CAGR of 7.7% in the forecast
period, 2024-2028. The global pet supplies market, a multi-billion-dollar
industry, is a testament to the unwavering love and care that people around the
world have for their furry, feathered, and scaly companions. As pets become
integral members of our families, the demand for products that enhance their
lives, health, and well-being has skyrocketed. This market encompasses an
extensive array of items, ranging from the basics like pet food and grooming
supplies to high-end, luxury products such as designer pet clothing and
tech-savvy gadgets for pet monitoring and entertainment. The ever-evolving
dynamics of the global pet supplies market can be explored through various
lenses, including the factors driving its growth, the regional variations,
emerging trends, and the implications for both pet owners and industry
stakeholders.
One of the driving forces behind the steady growth of
the global pet supplies market is the expanding pet population. Pets, be they
dogs, cats, birds, reptiles, or small mammals, offer companionship, emotional
support, and often, an increased quality of life for their owners. As a result,
the number of pet-owning households continues to rise worldwide. In countries
like the United States, where pet ownership has reached near-ubiquity, the
demand for pet supplies remains consistently high. Beyond just food and basic
care items, pet owners are increasingly seeking specialized and premium
products to enhance the lives of their pets.
With the growing awareness of pet health and
nutrition, the global pet food segment is a significant driver of this market.
Pet owners are increasingly educated about the importance of providing their
pets with well-balanced diets to ensure long and healthy lives. This trend has
led to a surge in the production and consumption of high-quality pet food,
including organic, grain-free, and natural options. In recent years, there has
also been a shift toward personalized and customized pet diets, driven by factors
like breed, age, and specific dietary requirements. As a result, the pet food
industry is evolving rapidly to cater to these demands.
Moreover, the concept of pet humanization is
transforming the pet supplies market. Pet owners now consider their pets to be
part of the family, and this shift in mindset has led to increased spending on
pet products and services. The willingness to pamper and provide the best for
pets is driving the demand for luxury and specialty pet items. From high-end
pet fashion to gourmet pet treats and organic pet spa products, there's a
burgeoning market for pet supplies that cater to the pet-as-family-member mindset.
The global pet supplies market exhibits regional
variations driven by cultural, economic, and social factors. For instance,
North America, as previously discussed, is a major player in the industry, with
the United States being one of the world's largest markets. The European pet
supplies market is also robust, with countries like Germany and the United
Kingdom leading the way. In Asia, emerging economies like China and India have
seen rapid growth in pet ownership and, subsequently, the pet supplies market.
In Latin America, countries like Brazil and Mexico are witnessing increased
spending on pet products as pet ownership becomes more popular.
Furthermore, pet supplies extend far beyond the
traditional boundaries of pet stores. E-commerce has significantly impacted the
industry's landscape, allowing pet owners to conveniently shop for their pets
from the comfort of their homes. The rise of online retail giants and specialty
pet product websites has made it easier than ever to access a wide variety of
pet supplies, including hard-to-find or specialty items. Additionally,
subscription services for pet food and supplies have gained popularity, offering
convenience and cost savings for pet owners.
Browse over 26 market data Figures spread
through 189 Pages and an in-depth TOC on "Global Pet Supplies Market”
Pet technology, or "pet tech," is another
trend that is reshaping the global pet supplies market. This category includes
products like smart pet feeders, pet activity trackers, and pet cameras that
allow owners to monitor and interact with their pets remotely. With the
increasing use of smartphones and other smart devices, the pet tech sector is
expected to continue growing as pet owners seek innovative ways to care for and
connect with their pets.
The global pet supplies market is not only driven by
consumer demand but also by the continuous innovation and creativity of
manufacturers and retailers. Product development is a dynamic aspect of the
industry, with companies constantly introducing new and improved pet supplies
to meet changing consumer preferences and evolving pet health trends. For
instance, pet toys have become more than just playthings; they're now designed
to stimulate pets mentally and physically. The demand for eco-friendly and sustainable
pet products is also on the rise as environmental consciousness extends to pet
care.
The global pet supplies market is segmented into type,
pet type, sales channel, regional, and company.
Based on the sales channel, the online segment emerged
as the dominant player in the global pet supplies market. Online shopping offers unparalleled convenience for
pet owners. With a few clicks, they can browse, compare, and purchase pet
supplies from the comfort of their homes. This 24/7 accessibility has made it
easy for consumers to find and buy pet products, eliminating the need to
physically visit brick-and-mortar stores.
Based on region, North America has a significant share
of the global pet supplies market. North America, particularly the United
States and Canada, boasts a remarkable prevalence of pet ownership. A
significant portion of households in these countries welcomes pets, be it dogs,
cats, birds, or small mammals, into their homes. This robust pet ownership
culture fuels steady demand for a wide array of pet supplies, ranging from
essential pet food and healthcare products to specialized pet accessories and luxury
items.
Major companies operating in Global Pet
Supplies Market are:
- Blue Buffalo Co., Ltd.
- Champion Petfoods
- Colgate-Palmolive Company
- Doskocil Manufacturing Company, Inc.
(Pet Mate)
- General Mills Inc.
- Greenies
- KONG Company
- Mars, Incorporated
- Nestle
- Pet Care Inc.
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“The global pet supplies market is a dynamic and
rapidly growing industry, fueled by a variety of factors. The global pet
population continues to increase, and pet owners are increasingly willing to
invest in premium and specialized products to enhance the lives of their pets.
The concept of pet humanization drives the demand for luxury and specialty
items, while regional variations exist due to cultural and economic factors.
The rise of e-commerce and pet tech, along with ongoing product innovation, further
contribute to the market's growth and evolution. The future of the pet supplies
market is exciting and promising, with an ever-expanding array of products and
services to cater to the diverse needs of pet owners around the world.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Pet Supplies Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented, By Type (Food Supplies, Grooming
Supplies, Apparel, Health & Wellness Supplies, Flea & Ticks Products,
Cleanup & bathing Supplies, Accessories, and Others), By Pet Type (Dog,
Cat, Fish, Horse, and Others), By Sales Channel (Supermarkets/Hypermarkets,
Specialty Stores, Online, and Others), By Region, By Competition, 2018-2028, has evaluated
the future growth potential of global pet supplies 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 supplies market.
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