Press release
Pet Care Market to rise at a CAGR of 6.1% between 2022 and 2031 | FMI
Pet Care Market
The demand for organic and natural formulations has benefited from this. Pet owners favour goods that offer a balanced nutritional profile for animals while being devoid of artificial colours and preservatives.
According to a research by the Association for Pet Obesity Prevention, 55 percent of dogs and cats in the United States are thought to be fat. The possibility to offer value-added products with high-quality ingredients and diet research is enormous given the increased customer interest in luxury goods.
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Product introductions with high-quality ingredients that provide value enhance the market for pet care products, which promotes long-term growth prospects. Companies in the market are increasing their selections to include natural and organic products in order to capitalise on this widespread trend.
For instance, the Kroger Co. offers natural food products for pets with proteins and essential nutrients. Besides, GMO (genetically organism free) food products are also available for pets in the market.
The rise in the number of pet owners and the growing awareness of veterinary health and investments into animal health organizations are swiftly boosting the prospects of manufacturers through the upcoming decade.
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.
"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.
Impact of COVID-19 on the Market
A downturn in the economy has been brought on by the new coronavirus outbreak due to disruptions in business operations across a number of industries. One of the areas most severely impacted by this crisis is the retail business. For the players, a brief hurdle is the overall reduction in discretionary spending.
Due to the temporary closure of numerous daycare centres and pet hotels, the overall revenue of the pet care business has temporarily decreased. Due to this circumstance, players are increasingly concentrating on increasing their internet penetration, since doing so gives them the chance to instantly reach a larger consumer base while spending the least amount of money possible.
Who is Winning?
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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Key Segments of Pet Care Industry Survey
Pet Care Market by Service:
• Pet Care Products
o Pet Food
o Pet Healthcare
o Fashion, Toys, and Accessories
• Pet Care Professional Services
o Day Care
o Grooming Boarding
o Pet Breeding and Training
• Pet Care Value Added Services
o Insurance
o Veterinary Care
o Pharmacies
o Adoption and Charity
• Pet Care Crisis Relief Services
Pet Care Market by Pet Type:
• Dogs
• Cats
• Birds
• Fish and Reptiles
• Small Pets
• Horses & Other Livestock
Pet Care Market by Service Channel:
• Modern Trade
• Convenience Stores
• Care Services Centres
• Veterinary Clinics
• Online Retails
• Support Care Centres
• Pet Specialty Stores
Pet Care Market by Region:
• North America Pet Care Market
• Latin America Pet Care Market
• Europe Pet Care Market
• East Asia Pet Care Market
• South Asia & Pacific Pet Care Market
• Middle East & Africa (MEA) Pet Care Market
Frequently Asked Questions
• What is the present valuation of the global pet care market?
• Which is the most lucrative regional market for pet care services?
• Which countries drive most demand for pet care services?
• Which prime pet care market players are profiled in this analysis?
• What is the pet care market predicted to be worth by 2031?
• At what pace is the pet care market expected to increase over the coming years?
Future Market Insights Inc.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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