A recent report published by Infinium Global Research on pet care market provides in-depth analysis of segments and sub-segments in the global as well as regional pet care market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional pet care market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global pet care market. According to the report, the global pet care market is projected to grow at a CAGR of 5.4% over the forecast period of 2019-2025.
The pet care market comprises of the products and services such that keep pets healthy and happy. These include food, toys, daycare, beds, cages, medical services and a lot more. These products are usually specific to the type of animal and are typically sold in pet stores and supermarkets. Apart from food and medical health, grooming, training and providing complete wellness to the pet is also a part of pet care.
The pet industry is booming and is anticipated to rise continuously. The major reason for the growth of the pet care industry is the humanization of pets. The growing trend among pet owners to treat their cats, dogs and even small mammals like members of their family and growing demand among pet owners to provide their pets with human-like products or experiences are highly contributing to the growth of the pet care industry. In addition, the growing adoption of pets in nuclear families has resulted in substantial development of the pet care industry. On an average 600,000 pets are adopted every year.
Furthermore, growing disposable income, increasing spending power, easy availability of pet care products and increased acceptance of pets among the millennials are some factors that are promoting the growth of the pet care industry. However, the high cost of pet care products and services are likely to restrain the growth of the pet care market in some low-income regions. Besides, the growing migration of pet owner towards online channels is encouraging e-commerce giants such as Amazon, Walmart, Chewy.com, and PetCo into pet care industry that is anticipated to facilitate the growth of the pet care market over the forecast period. Moreover, the emergence of pet care services and natural pet care products catering to the wellness and health of pets are creating fruitful opportunities for the market growth.
Among the regions, the North America region holds the largest share in the total addressable market. In the U.S., according to the National Pet Owners A survey conducted by the American Pet Products Association, 68% of U.S. households or about 85 million families own a pet. The increasing disposable income, the high spending capacity of the people in this region drives the growth of the North America pet care market. In 2017, $69.51 billion was spent on pets in the U.S. Additionally; the presence of several pet stores and major pet care product manufacturers in North America contributes heavily to the growth of the pet care market in this region. Furthermore, companies such as PetSmart and PetCo stand out in terms of pet care sales in the US. The Asia Pacific is anticipated to grow at the fastest rate over the forecast period. The growing adoption of pets, the growth of the disposable income in nuclear families and growing online retail are contributing to the growth of the Asia Pacific pet care market.
The report on global pet care market covers segments such as type, and product. On the basis of type, the sub-markets include dog, cat, fish, bird, and other types. On the basis of product, the sub-markets include pet food, veterinary care, OTC/supplies, live animal purchase, and pet grooming/boarding.
The report provides profiles of the companies in the market such as Colgate-Palmolive Company, Nestlé, Spectrum Brands, The J.M. Smucker Company, Mars, Incorporated, Unicharm Corporation, PetSmart Inc., PetCo Animal Supplies, Ancol Pet Products Ltd, Pet Wants, and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of pet care market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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