Meticulous Research®, a leading global market research firm, has released an in-depth report titled ‘Pet Care Market Size, Share, Forecast, & Trends Analysis by Offering (Pet Food & Nutrition [Dry Food, Treats, Vitamins, Supplements] Pet Products [Grooming {Shampoo, Conditioner, Brushes}, Oral Care] Pet Services) Sales Channel—Global Forecast to 2031.’ According to this report, the global pet care market is anticipated to reach $287.96 billion by 2031, growing at a CAGR of 5.9% during the forecast period.
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Market Overview and Key Drivers
The pet care market encompasses a wide range of products and services aimed at ensuring the health and well-being of pets. This includes pet food, nutritional supplements, grooming products, and various pet services such as veterinary care and pet walking. The increasing trend of pet humanization, where pets are seen as integral family members, has significantly driven the demand for premium pet products. This shift has prompted manufacturers to develop high-quality, human-grade pet food and other premium products to cater to discerning pet owners.
Segments and Market Dynamics
The market is segmented based on offering, animal type, sales channel, and end-user. The primary segments include:
Offering:
o Pet Food & Nutrition: This segment includes dry food, wet food, treats, and nutritional supplements. In 2024, pet food is expected to account for 62.3% of the market share due to the growing awareness of pet nutrition and the availability of various dietary options.
o Pet Products: This includes grooming products like shampoos, conditioners, and oral care items.
o Pet Services: Encompassing grooming, veterinary care, and pet walking services.
Animal Type:
o Dogs: Expected to hold the largest market share due to their popularity as pets.
o Cats, Fish, Birds, and Other Animals: These segments also contribute significantly to the market.
Sales Channel:
o Offline: Comprising supermarkets, pet stores, and pharmacies.
o Online: Expected to register a higher CAGR due to the increasing number of smartphone users and the convenience of online shopping.
End User:
o Pet Owners: Projected to witness the highest growth rate due to rising expenditures on pet health and a preference for premium products.
o Pet Breeders & Groomers
o Veterinary Professionals
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Regional Insights: Geographically, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is anticipated to hold the largest market share in 2024. However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period. This growth is driven by rising pet adoption rates and increasing disposable incomes in countries like China and India.
Key Players: Prominent players in the pet care market include Mars, Incorporated, Hill’s Pet Nutrition, Inc., Blue Buffalo Company, Ltd., Ancol Pet Products Limited, Saturn Petcare GmbH, Nestlé S.A., Doskocil Manufacturing Company, Inc., The Hartz Mountain Corporation, Tail Blazers, J.M. Smucker Company, Petco Animal Supplies, Inc., A Place for Rover, Inc., American Pet Resort, LLC, Wag Labs, Inc., Pooch Dog SPA, AirPets International, Groomer’s Choice, Coastal Pet Products Inc., World 4 Pets Pty Ltd, SynergyLabs, and 4-Legger, LLC.
Future Outlook: The pet care market is poised for robust growth, driven by rising pet health expenditures, increased pet adoption rates, and higher disposable incomes. The market is also benefiting from the introduction of new pet product categories and a shift towards premium products. As pet owners continue to prioritize the health and well-being of their pets, the demand for high-quality pet care products and services is expected to remain strong.
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