Indonesia Pet Care Market Reaching US$ 5,372.8 Mn by 2032 | FMI

According to Future Market Insights (FMI), Indonesia pet care market is expected to surpass a valuation of US$ 5,372.8 Mn at a CAGR of over ~9.9% through 2032.

Pet humanization is a growing trend where owners are treating their pets as their family members. Pet humanization is a one of the key factors increasing the demand for luxury goods in the market.

Other factors such as growing rate of pet adoption coupled with increasing per-capita spending on pets are driving the demand for luxury pet products and services. As pets are treated as an integral part of the family, people owning pets take care of their pets in a manner similar to parents taking care of their children in a family.

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Pet owners are very serious about their responsibilities toward their pets. This is encouraging pet owners to invest extensively in spending for the well-being of their pets and are willing to spend more on luxuries.

They are also spending on luxuries and necessities such as pet clothing, beds, medications, grooming services, and other veterinary services. This is one of the primary factors driving the demand for pet luxury goods in Indonesia pet care market.

Key Takeaways from the Indonesia Pet Care Market Study

In terms of service, pet food is expected to hold a noteworthy revenue share over the forecast period.

Based on professional service, the grooming boarding segment is expected to witness robust growth during the assessment period

Veterinary care segment is projected to account for maximum share over the forecast period

By service channel, the online retail segment will dominate the market owing to the growing penetration of e-commerce industry

By pet type, cats are expected to account for lion's share in the global market during the forecast period

"Growing acceptance of technologically advanced automatic pet care, increasing expenditure on pets coupled with rising adoption of dogs and cats will boost the market revenue" says an FMI analyst.

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Impact of COVID-19 on the Indonesia Pet Care Market

Indonesia is one of the rapidly emerging South-Asian economies, and the growth is fuelled by the rapidly increasing urbanization and industrial rates. This demographic shift is critical to the pet food market's future growth.

Pet ownership is on the rise among millennials across the globe. According to the Indonesian Pet Food Association, the sector is growing at a rate of 20% per year, with Java accounting for 60% of the market, home to the capital Jakarta and other major cities.

The COVID-19 pandemic has contributed to the increase in the number of pet adoption, as people feel pets could be their companions during their time at home. Further, the presence of pets not only reduces loneliness and boredom but also increases mental and physical health.

Who is winning?

Major players present in the pet care market are MSD Animal Health, Mars Incorporated, HAPPY PET Investment Holding GmbH, PT. NUTRICELL PACIFIC, Colgate-Palmolive Company, JM Sucker Co., Nestle SA, PT Central Proteina Prima Tbk, Groovy Vetcare Clinic, Bali Pet Shop PT, KW Aquatic Supplies Sdn Bhd, PT Citra Mandiri Kencana, and Menara Petskita Indonesia among others.

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Future Market Insights, in its new offering, provides an unbiased analysis of the Indonesia pet care market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Indonesia pet care market based on the service (product{ pet food, pet healthcare, fashion, toys, and accessories}, professional service {day care, grooming boarding, pet breeding, and training} value-added services {insurance, veterinary care, pharmacy, adoption and charity, crisis relief service}) pet type (dogs, cats, birds, fish and reptiles, small pets, and horses & other livestock), service channel (modern trade, convenience stores, care services centers, veterinary clinics, online retailers, support care centers and pet specialty stores.

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This release was published on openPR.