Pet Care Market registering CAGR of 9.7% between 2021 and 2031

The Pet Care Market Sales will total US$ 189 Bn in 2021. Between 2021 and 2031, the market is forecast to exhibit compound annual growth rate (CAGR) of 6%. Online retail service channels are set to expand at a positive, registering above average CAGR of 9.7% between 2021 and 2031.

Pet owners around the world are considering their animals as a part of their family and are seeking premium care products and services for their wellbeing. Concerns pertaining safety standards of these products are at the root of recent developments in the pet care market. Future Market Insights (FMI) estimates that the pet care market will register a year-on-year growth of 1.8% in 2021.

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Pet owners are aware about health benefits of natural and organic ingredients in pet care products. This has been giving tailwinds to the demand for organic and natural formulations. Pet owners prefer products that are free from artificial colors and preservatives, while providing a balanced nutritional profile for pets.

As per a report by the Association for Pet Obesity Prevention, it is estimated that 55% of dogs and cats in the U.S. are obese. This presents a huge opportunity for manufacturers to add quality ingredients and diet research to launch value added products to meet growing consumer interest towards premium products.

Product launches with value-added quality ingredients supports the demand for pet care products contributing to long term growth prospects. Taking advantage of this prevailing trend, companies in the market are expanding their offerings to include natural and organic options.

“Growing acceptance of technologically advanced automated pet care products, and increasing expenditure driven by trends of pet humanization will influence the revenue generation opportunities in the pet care market through 2031,” says an FMI analyst.

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Key Takeaways from the Pet Care Market Study

Pet food is expected to hold a noteworthy revenue share of over 65% of all product sales. The growth is attributed to the demand for premium, natural, and organic ingredients.
Pet care for dogs is expected to contribute revenue share of 35.1% in 2021. The role of dogs as companions and the resulting humanization drives associated sales.
The U.S. leads the North America market accounting for 90% value share by 2031 owing to higher purchasing power.
The U.K. accounts for more than 25% of the Europe market with concerns over pet health and investments into product innovation.
China and South Korea are considered high growth markets for pet care in East Asia, reflecting a CAGR of over 14% with the penetration of key players with premium products.

Impact of COVID-19 on the Market

The outbreak of the novel coronavirus has resulted in an economic downswing owing to disruptions in business operations in various verticals. The retail industry is one of the hardest hit sectors in this crisis. Reduction in the overall discretionary spending, is a temporary challenge for the players.

Many daycare centers and pet hotels were made temporarily non-operational, which has further caused a temporary decrease in the overall revenue of the pet care market. In light of this situation, players are now focused on improving online penetration, as this provides an opportunity to access a wider consumer base at once within minimum costs.

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Competitive Landscape

Major players present in the pet care market are focusing on aggressive promotional strategies, advertisements, and new product launches have driven sales growth of pet care products and services globally.

Some of the leading players in the industry are Procter & Gamble Co., JM Smucker Co, Nestlé Purina Pet Care Co, Monge & C. Spa, Hill’s Pet Nutrition SNC, Royal Canin SAS, Affinity Petcare France SA, Champion Pet Foods LP, Cargill, C & D Foods, Aller Petfood, Bob Martin, Blue Buffalo Co. Ltd., Cambrian Pet Foods Ltd., Crosswind Industries Inc., and Crown Pet Foods Ltd., among others.

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

This release was published on openPR.