Pet Care Market Size and Share by Dog, Cat, Fish & Bird Type | Global Pet Industry Forecasts by 2023

Pet Care Market Highlight:

The Pet Care Market is segmented into pet food, veterinary care, supplies & OTC medications, live animal purchase and grooming and boarding services. Pet food held the largest market share in 2016 and is expected to grow at a CAGR of 4.6%. Rise in the disposable income especially in the developing countries results into the purchase of more of these products. Growing demand for home delivery of food provided by online stores and clean labeling is expected to boost the market growth.

Increased prices of products and services due to the demand for premium goods, strict government regulations and allergies caused by animal allergens are expected to prove challenges to market growth. However, ongoing product and service innovations are expected to mitigate these challenges to a certain extent.

Rise in the adoption of pets worldwide is one of the factor influencing market growth. According to the American Society for the Prevention of Cruelty to Animals, approximately 3.3 million dogs enter animal shelters every year. Furthermore, dogs help in reducing depression, encourage exercise, enhance cardiovascular health and stress. Increase in the adoption rate of pets is expected to boost the demand for pet food, grooming products, toys and other accessories.

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Key Players in Pet Care Market

Aller Petfood Llc,

Ancol Pet Products Limited,

Beaphar,

BHJ,

Martin & Martin (Pty) Ltd.,

Earthbath,

J.M. Smucker Company,

Nestlé,

PetLife LLC and Platinum Pets.

Pet Care Industry Regional Analysis

The Americas, with its inclusion of developed countries such as U.S and Canada, is leading the market with the largest share. Growing compassion and understanding of animal behaviors in the region have led to pet owners investing heavily in their animal companions health and wellbeing. The rise in the use of animal companions for various forms of therapy and assistance in the U.S requires prime pet care to ensure the animals can perform their duties with efficiency. Growing awareness about stray animals and use of social media for a broader outreach of adoption programs have increased the number of pet adoptions and as a result, facilitated growth of the market. Moreover, many innovative services and solutions for pet care are fueling market growth for the region.

Europe follows a similar growth pattern to the Americas and is a substantial regional market for pet care.

The Asia Pacific is expected to grow at the fastest CAGR with India contributing the most significantly. Rising disposable incomes in the region, increasing awareness of animal behavior and demand for services and products similar to those in developed countries is expected to drive growth for this region during the forecast period 2018 To 2023.

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Latest Industry News

MVS Pet Care, which is a unique pet service of veterinarians on house calls, has just signed its first franchise agreements since its launch. An inaugural fleet of mobile units will start providing this first of its kind pet care service in Atlanta, Philadelphia, and Pittsburgh. The company is based on a franchise model.

Amazon has just launched its brand of pet products named "Wag." The first product to be released is dry dog food. The brand, which presently is only available to Amazon Prime customers, is also planning to expand its selection.

Pet IQ Inc., has collaborated with Walmart to open 20 VetIQ Petcare clinics at various Walmart locations across the country. The collaboration comes after the company's plans to open more than 1000 veterinary clinics in different retail-partner locations. VetIQ Petcare clinics will provide non-emergency, preventative veterinary care services for both dogs and cats.

Pet Care Market Regional Insights

U.S. spearheaded the market in 2016, by contributing over 62.75 million to the overall revenue. Key factors responsible for the dominance are the factors such as a growing number of pet owners and increasing awareness about good veterinary health. In addition, the increasing government animal healthcare organizations and the rising awareness for veterinary health are swiftly boosting the investment by the manufacturers in the market. Moreover, according to the American Pet Products Association, in 2015-2016, approximately 44% of U.S. household’s own dogs while 37% own cats.

However, India is expected to be the fastest growing country with growth rate of 12.2% over the forecast period due to rising disposable income. The India International Pet Fair estimates that the pet population has grown from 7 million in 2006 to 10 million in 2014 and 6,00,000 pets are adopted every year. India is projected to have the fastest growing pet market due to rising adoption rates of pets. This in turn drives the demand for food, accessories and health.

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