Pet Care Market Revenue is expected to reach USD 70 Billion by 2027

Market Research Future adds new report of “Global Pet Care Market Research Report- Forecast to 2027” it contains Company information, geographical data and Table of Content

Market Segments:

Segmentation by Application

• Segmentation for Pet Care market involves the following Applications such as Pets: Dog Care, Bird Care, Cat Care, Fish Care, Others

• Segmentation by Product and Service

• Segmentation for Pet Care market involves the following Product Types: Pet Food, Pet Healthcare

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Market Highlight:

The Global Pet Care Market is growing with the rapid pace; mainly due to the increasing per capita income. According to a recent study report published by the Market Research Future, The global Pet Care Market is booming and expected to gain prominence over the forecast period growing rapidly .The global Pet Care market is forecasted to demonstrate a spectacular growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2027).

The global pet care market valued approximately US$ 70 billion with ~ 4% of CAGR in 20015. The Market is going to continue with the same trends of growth during the forecast period. Rise in the income levels of individuals according to recent trends is leading to the increase in the number of pet adoption which ultimately leads to increase in the demand of Pet Care. New trends of nuclear families and increasing average income among individuals have resulted in increased adoption of pets among middleclass families as well. Increased awareness regarding animal cruelty has also influenced people awareness and ideologies towards animals.

Pet ownership and expenditures have been rising since past few decades. Pet owners are spending more per pet than ever before. Pet owners insist that their pets should lead the same healthy lifestyles as they do. A transition that’s largely the result of changing generational attitudes. While the rise in pet ownership boosts overall spending, the amount spent per pet is increasing as well. The pet care industry is thriving. The American Pet Products Association reports that overall household pet ownership has grown to 68% in 2016, up from 54% in 2009.

The rapid expansion of pet health care is providing impetus to the the small but growing field of pet insurance. Although less than 1% of pets in the United States and Canada were covered by a plan in 2014, pet insurance premiums have grown enormously since then.

Study Objectives of Pet Care Market

• To provide detailed analysis of the market structure along with forecast for the next ten years of the various segments and sub-segments of the global Pet Care market

• To provide insights about factors affecting the market growth

• To Analyze the Pet Care market based on various factors- price analysis, supply chain analysis, porters five force analysis etc.

• To provide country level analysis of the market with respect to the current market size and future prospective

• To provide country level analysis of the market for segment by Type, Applications, End Users and its sub-segments.

Competitive Analysis

Characterized by the presence of several well-established and small players, the global Market of Pet Care appears to be highly competitive and fragmented. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. Producers are striving to establish the supply chain to meet the growing demand. The Market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers. Pet food that is grain-free, organic, natural, and with low-glycemic content are gaining traction among pet owners, which propels the demand for the pet foods is eventually encouraging the manufacturers to formulate new products to meet consumer requirements.

Sales for pet care companies large and small have increased across the board over the past two decades—which has drawn ever-more companies into the fray. Pet care makes up a growing share of sales for multinational firms. It’s no wonder that the industry’s biggest names have invested heavily in the space, creating a large degree of market concentration.

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Regional Analysis of Pet Care Market

With China curbing its birth rate, the number of individuals are choosing to adopt pets and spend their time and money on their pets rather than having a child. All these factors are boosting the pet care market in Asia. Thus pet care market in this region has a huge potential to grow. The North American pet care market is showing huge potential to growth. Cases of pet adoption for companionship are increasing.

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This release was published on openPR.