Global pet care market was valued at USD 155.4 billion in 2018 and it is expected to grow with a CAGR of 6.6% over the forecast period of 2019-2025.
Infinium Global Research Analysts
Global Pet Care Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and their Market Strategies
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Published : May, 2020
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Rep Id : PCM1552020
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No. of Pages : 185
Infinium Global Research and Consulting Solutions has
published a comprehensive research study based on a survey conducted to analyze
the buying patterns, consumer behavior, and impact of pricing on buying
decisions. The report also provides insights into the marketing strategies and
steps taken by the companies to retain their market position in the local as
well as global market. The study also provides insights into the factors
affecting the buying decisions, consumer preferences, and the demographic
factors promoting the growth of the products of the global pet care market.
Humans are been domesticating animals since the early stage
of evolution. The number of animals are been domesticated for various reasons
including food, protection, safety, and companionship. In the modern age, several
animals are been adopted and domesticated solely for companionship purposes.
Animals such as parrots, love birds, guinea pigs, iguanas, and hamsters along
with cats and dogs are been adopted as pets by many pet owners. The number of
pets in the world has increased in the past century. As the number of pets has
increased, the demand for the products and services for pets has also
increased. The products that are used for pets are called pet care products.
Pet care products include pet food, veterinary care, OTC/supplies, live animal
purchase, and pet grooming and boarding products. The Petcare industry has observed
tremendous growth in the past few decades and it is expected to grow with a healthy
rate in the future as well.
The Growing Adoption Rate of Pets Augment the Growth of the Global Pet Care Market
According to Infinium Global Research and Consulting
Solutions, the global pet care market was valued at USD 155.4 billion in 2018 and
it is expected to grow with a CAGR of 6.6% over the forecast period of
2019-2025. The growth of the market is majorly driven by the increase in the rate
of ownership of pets around the world. As of 2018, there were more than 470
million pet dogs and around 370 million pet cats across the world. The number
of pets in the world is estimated to have increased and is expected to grow in the future. The growing number of pets increases the demand for the pet care
products required for them. Moreover, most pet owners consider their
pets as a part of their family and treat them likewise. Similar to any family
member, pet owners are willing to spend heavily on the health and wellbeing of
their pets. The higher willingness of pet owners to spend heavily on their pets
boosts the growth of the pet care market.
However, factors such as government and societal regulations
on pets are expected to act as challenges to the market. Many state and local
governments have restrictions on the adoption and owning of pets. Several of the
local governments have banned certain species and breeds of animals from owning
as pets, which impacts the demand for pet care products marketed exclusively
for those animals. Nevertheless, the introduction of innovative pet care products
developed by integrating advanced technology in them is anticipated to boost
the market further. Products such as pet collar and belt with GPS technology
and other sensors are been introduced in the market. These products can track
the location and health of pets. Moreover, the use of technology in the pet
care products poses lucrative opportunities to the companies in the market.
The survey conducted by Infinium Global Research and
Consulting Solutions found variations in the expenditure on pets across
different countries. The personal expenditure on pets in western countries
including the US, UK, and Germany is more as compared to countries in Asia
Pacific such as India, Thailand, and Indonesia. The difference in disposable
incomes plays an important role in the discrepancy in the expenditure pattern
of individuals in different countries. For instance, in the US, where the people
spend heavily on their pets, the total disposable personal income was USD 14.5
trillion dollars in 2018. However, in India, where the expenditure on pets was considerably
low, the total disposable personal income was USD 2.5 trillion in 2018.
Figure 1. Average Yearly Expenditure on Pets in the US
Source: Infinium Global Research Analysis
The United States, China, and Germany among top Markets
for Pet Care
According to the findings in the report, countries including
the US and China along with countries in Europe are the best markets for pet
care products. Europe and North America together make more than 60% of the
total sale of pet care products in the world. The US is the leading country in
terms of sales in the global pet care market followed by China and Germany. The greater adoption rate of pets and higher expenditure on pets coupled with wider
availability of products are the major drivers for higher the sale of pet care
products in these countries. On the other side, the sale of pet care in
developing countries such as India is anticipated to grow rapidly. Factors
including improving economic conditions and growing awareness regarding
products are majorly influencing the sale of pet care in developing countries.
Top Countries in Global Pet Care Market in 2019 (Revenue % Share)
Source: Infinium Global Research Analysis
North America Generated the Highest Revenue from Pet Cares
In terms of geography, North America generated the highest
revenue in the global pet care market. Higher awareness regarding pet health
and well-being is the major driver for the growth of the market in North
America. Furthermore, better product availability and well-established pet care
centers are augmenting the growth of the market. Additionally, the presence of
major players in the market such as Mars, and PetSmart are propelling the North
American market. Moreover, the Asia Pacific region is projected to grow with
the fastest rate owing to the growing awareness regarding pet care products and
the increasing number of supermarkets and hypermarkets.
Research Methodology
Primary Research
Our primary research involves extensive interviews and
analysis of the opinions provided by the primary respondents. The primary
research starts with identifying and approaching the primary respondents, the
primary respondents are approached through
· Key Opinion Leaders associated with Infinium
Global Research
· Internal and External subject matter experts
· Professionals and participants from LinkedIn,
Hoovers, Factiva, and Bloggers
· Our primary research respondents typically
include
· Executives working with leading companies in the
market under review
· Product/brand/marketing managers
· CXO level executives
· Regional/zonal/ country managers
· Vice President level executives.
Methods of Primary
Research
·
Computer-assisted telephone interview (CATI)
·
Computer-assisted personal interview (CAPI)
·
Computer-assisted web interview (CAWI)
·
Questionnaires/Surveys
Secondary Research
Secondary research involves extensive exploring through the
secondary sources of information available in both the public domain and paid
sources. At Infinium Global Research, each research study is based on over 500
hours of secondary research accompanied by primary research. The information
obtained through the secondary sources is validated through the crosscheck on
various data sources. The secondary sources of the data typically include
·
Company reports and publications
·
Government/institutional publications
·
Trade and associations’ journals
· Databases such as WTO (World Trade
Organization), OECD (The Organization for Economic Co-operation and Development),
Hoovers, Factiva, and the World Bank, among others.
·
Websites and publications by research agencies
