Pet Care Market Projected Expansion to $269.5+ Billion Market Value by 2030 with a 6.2% CAGR

Allied Market Research published a report, titled, "Pet Care Market by Product Type (Brushes, Shower & Bath Accessories, Toothpaste, Grooming Wipes, Shampoos/Conditioners, Cat Litter, Pet Comb, Tick Repellent, Dry Food, Wet Food, Treats & Snacks, and Others), Animal Type (Dogs, Cats, Birds, and Others), and Distribution Channel (Supermarkets, E-Commerce, Specialized Pet Shops, and Others): Global Opportunity Analysis and Industry Forecast 2021-2030". According to the report, the global pet care industry generated $138.2 billion in 2020, and is anticipated to generate $269.4 billion by 2030, witnessing a CAGR of 6.2% from 2021 to 2030.

Prime determinants of growth

Surge in urbanization and shift toward nuclear families in emerging economies along with rapid growth of the pet shops drive the growth of the global pet care market. However, stringent government norms on the production of pet food and high death rate of petshinder the market growth. On the other hand, growing popularity of pet cafes presents new opportunities in the coming years.

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The dry foodsegment to maintain its leadership status throughout the forecast period

Based on product type, the dry food segment held the highest market share in 2020, accounting for nearly one-third of the global pet care market, and is estimated to maintain its leadership status throughout the forecast period. This is because it offers sufficient nutrition to the pets and is good for dental and oral health. Moreover, the cat litter segment is projected to manifest the highest CAGR of 7.9% from 2021 to 2030, owing to rise in adoption of cat as pets across the globe.

The dogs segment to maintain its lead position during the forecast period

Based on animal type, the dogs segment accounted for the largest share in 2020, contributing to more than one-third of the global pet care market, and is projected to maintain its lead position during the forecast period. This is due to rise in trend of pet adoption among the millennials and generation Z, increase in urbanization population, shift towards nuclear families, adoption of pets by geriatric people, and surge in population of dogs. However, the birds segment is expected to portray the largest CAGR of 7.0% from 2021 to 2030, owing to rise in popularity of small companions.

North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global pet care market, owing to rise in pet health awareness. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 7.0% during the forecast period, owing to apartment-culture, trend of nuclear families, and need of companionship.

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Leading Market Players
Beaphar, B.V.
Colgate Palmolive Company
EBOS Group Limited
General Mills, Inc.
Heristo AG
Nestle SA
Pet AG
PetEdge
Petlife International Ltd.
Schell &Kampeter, Inc.
Thai Union Group Plc
The J.M. Smucker Company
Unicharm Corporation
Versele-Laga N.V.

Know More https://www.globenewswire.com/news-release/2023/11/10/2778030/0/en/Pet-Care-Market-to-Garner-269-4-Billion-at-6-2-CAGR-by-2030-Globally-Allied-Market-Research.html

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