PET CARE MARKET 2018 GROWING BY INCREASING TREND OF PET HUMANIZATION WITH HEALTHY CAGR 4.1% TILL 2023 | ALLER PETFOOD LLC, ANCOL PET PRODUCTS LIMITED, BEAPHAR, BHJ, EARTHBATH, ETC

The Global Pet Care Market has observed impressive growth over the years and is projected to capture a steady CAGR of 4.1% over the forecast period of 2017 – 2023, reveals a study by Market Research Future (MRFR). Considering the global trend, pet care industry is one of the emerging markets as majority of pet owners are often willing to spend extra money on their pet’s healthcare and other requirements.

The market has significantly grown upwards due to higher pet ownership and rising disposable income. Escalating trends towards pet adoption coupled with rising disposable income and willingness to spend on pet care has been the primary driver of the market. Observing the growth in the pet care market, many new players are keen on entering the market which further augments market growth. The rise in number of e-commerce platforms catering to the diverse needs of pet owners is boosting the market for pet care.

Growing awareness regarding pet care products and services and easy availability made possible by online portals have led the market. The growth in the pet care market can be majorly attributed to the demographic shift from Baby Boomers to Millennials. Millennials across the world have a higher inclination towards pet adoption and are increasingly preferring to own pets instead of having children. They tend to spend more than average on pet care and are willing to invest more time and effort on a pet. Millennials offer ample growth opportunities for the pet market and pet care brands are largely focusing on this demographic group to increase sales.

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Pet Care Industry Updates

In June 2018, a new telemedicine vet care plan was launched in the greater San Francisco area. An endeavor by Fuzzy Pet Health, the new subscription service called the Fuzzy Pet Health connect will let pet owners chat with a vet from their smartphone via the Fuzzy Pet Health mobile app at a subscription charge of 10 dollars per month. It will also allow to exchange pictures and videos to a vet and facilitate access to real-time medical help.

In July 2018, Chewy, an online dealer of pet food and other pet care products entered the pet medications market with the launch of its own online pharmacy. Chewy Pharmacy will allow pet owners to order medications online with the help of a veterinarian prescription.

Key Players for Global Pet Care Market

Some of the key player in the market are

Aller Petfood Llc,

Ancol Pet Products Limited,

Beaphar,

BHJ,

Martin & Martin (Pty) Ltd.,

earthbath,

J.M. Smucker Company,

Nestlé,

PetLife LLC and

PLATINUM PETS.

In the last few years, Pet Care Market has been experiencing a significant growth in terms of technological advancements and innovation, for instance, PetLife LLC introduced a high-tech pet motion, activity and consumption tracker. This high-tech product is operated via Bluetooth and Wi-Fi.

Competitive Landscape

The global pet care market is highly competitive with the presence of some established players. The growth in the pet care market has attracted many new entrants to the market who are leveraging e-commerce trade to make it big in the industry. The existing players are implementing various strategies such as mergers and acquisitions to expand their existing business and capitalize on the market opportunities.

Segments for Global Pet Care Market

The pet care market is classified on the basis of type, and product & services

On the basis of type, the market is segmented into dog, cat, and others.

On the basis of product & services, the market is segmented into pet food, pet healthcare products, and others. Pet healthcare products is further segmented into medicines, vaccines, and others.

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This release was published on openPR.