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Pet Travel Services Market is projected to attain $1315.3 million by 2031, with a compound annual growth rate (CAGR) of 5.4% from 2022 to 2031

05-20-2024 07:24 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied market research

Pet Travel Services Market is projected to attain $1315.3

Pet owners are spending a lot on their pets, and they are treating them as important family member. Pet owners are not only spending on grooming activities but also spending on pet holidays to provide them with a luxurious lifestyle. The increase in disposable income of pet owners is one of the most important factors that pulls the market growth.

According to a new report published by Allied Market Research, titled, "Pet Travel Services Market," The pet travel services market was valued at $782.41 million in 2021, and is estimated to reach $1.3 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

Due to rise in consumer disposable income pet owners are keenly focusing on spending money on pet vacations thus, the pet travel services industry is expanding globally. Rise in number of nuclear families, rapid humanization of pets, and rise in awareness of pet health are the primary pet travel services market trends. The pet travel services market growth is greatly aided by rise in pet ownership among millennials and Generation Z and rapid expansion of social media and e-commerce platforms globally.

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The ongoing trend of pet humanization, shift toward nuclear families as a result of urbanization, increase in pet population, and rise in trend of pet adoption are all key factors driving the growth of the global pet travel services market. As people around the globe were in self-isolation at their homes due to the COVID-19 pandemic, there was increase in adoption of companion animals such as dogs and cats.

As the number of pet-friendly travelers increases, so do the opportunities for pet hotels. According to the American Pet Products Association, Americans spend approximately $50 billion per year on their pets, and 27% of American pet owners admit to having professional photographs taken of their pets during their vacations.

Furthermore, many luxury hotels offer pet day-care and playtime, which helps pet hotels attract pet lovers by offering services such as pet minibars and pet walking services dedicated to pet parks, which would help in the pet travel services market demand.

The pet travel services market analysis is carried on the basis of pet type, mode of transport, travel type, and region. On the basis of pet type, it is categorized into dogs, cats, birds, and others. By mode of transport, it is segregated into air, ground, and sea. Depending on travel type, it is segmented into domestic and international. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Poland, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, South Africa, Saudi Arabia, and rest of LAMEA).

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By pet type, the dogs segment was the dominating segment that accounted for 46.01% of the pet travel services market share in 2021. This is attributed to the increased demand for the pet travel services for dogs. The cat segment is the second largest segment owing to the rising adoption of cats in the developed and developing nations. The adoption of cats as pets is higher in the developed markets like North America and Europe.

On the basis of mode of transport, air and ground were the two most prominent segments in 2021, where air segment led the market. Some service providers, for instance, Airpets International (formerly Airpets America), offers temperature-controlled cargo. The company further offers add-on services such as exercise, grooming, and custom crates to provide comfort and peace of mind to pets. Thus, the add-on services and pet-friendly facilities provided through air transportation is the key factor for the segmental market growth.

Depending on the travel type, the international segment is expected to be the fastest-growing segment during the forecast period. The traveling of pets within North America needs a valid rabies vaccination certificate. Pet dogs are inspected for illness at the border to avoid unnecessary inspections. The import permit is required if pets are traveling to the U.S. from overseas. However, each state in the U.S. had different policies & regulations that need to be fulfilled. Owing to these reasons, international pet travel services are gaining traction.

People not wanting to leave their felines behind, as well as easier ways to bring a pet on a trip, are two of the main reasons. To make traveling safer and more enjoyable, many countries have established regulations and facilities for people entering and leaving their territories with pets. The European Union, too, has enacted legislation that establishes all rules and conditions for pet owners entering the territory of its 28 member states.

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The key players operating in the global pet travel services market have adopted various developmental strategies to expand their market share and increase profitability in the market. The key players profiled in this report include Air Animal, Inc., Happy Tails Travel, Royal Paws, Blue Collar Pet Transport, AirPets Relocation Services Pvt. Ltd., Pet-Express, Pets Travel, Pet Airways, Best Pet Travel Service, Petspot, Pet Travel Services Guam, World Pet Travel, Across the Pond Pets Travel, and Pawsome Pet Travel Ltd.

Key findings of the study

The global pet travel services market size was valued at $782.4 million in 2021, and is estimated to reach $1315.3 million by 2031, registering a CAGR of 5.4% from 2022 to 2031.
By pet type, the dog segment is estimated to witness the fastest growth, registering a CAGR of 5.7% during the forecast period.
In 2021, depending on travel type, the domestic segment was valued at $ 670.2 million, accounting for 85.7% of the market share.
In 2021, the U.S. was the most prominent market in North America and is projected to reach $ 424.3 million by 2031, growing at a CAGR of 4.8% during the forecast period.

Similar Reports :-

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Theme Park Vacation market :- https://www.alliedmarketresearch.com/theme-park-vacation-market

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Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

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