The latest study conducted by the Future Market Insights (FMI) on the pet care market provides in-depth insights in to market size, dynamics, and historic data. The report offers comprehensive overview of pet care market demand outlook. It also segments the market on the basis of category including service, pet type, and service channel
Future Market Insights (FMI), Dubai: As per the latest FMI study, the global pet care market is poised to reach US$ 189 billion in 2021. Driven by rapidly changing perceptions regarding pets and increasing pet adoption among millennial, the market is estimated to expand at a healthy CAGR of 6.0% over the forecast period 2021-2031 in comparison with 4.2% CAGR registered between 2016 and 2020.
Increasing demand for luxury pet care products and services, growing awareness pertaining to veterinary health, and rising interest in pet humanization are the key factors anticipated to drive the pet care market. This, coupled with growing per capita spending on pets, is expected to spur the sales, enabling the market register year-on-year (YoY) growth of 1.8% in 2021.
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The market is largely driven by the increasing adoption of pets such as dogs, cats, birds, and fishes among others. According to the report published by the American Veterinary Medical Association (AVMA), the percentage of pets adopted has increased from 51.49% in 2019 to 58.36% in 2020. The report also states that over 45% of households in the U.S. are currently owning at least one pet. This rise in pet adoption is expected to provide lucrative revenue generation opportunities for the market in the coming years.
As per FMI, dogs are anticipated to outrank the other pets in pet type segment, accounting for nearly 3/4th of the overall sales. Dogs, being the highest adopted pets across the world, the demand in the segment is projected to witness increase at a CAGR of more than 5.6% during the assessment period.
“Increasing adoption of technologically advanced automated pet care products and rising investments into animal health organizations are expected to swiftly create sales prospects for manufacturers in the coming decade,” says the FMI analyst.
Key Takeaways from Pet Care Market Study
- The U.S. is projected to lead the North America pet care market, holding a regional share of more than 89.1% by the end of 2021.
- Favored by the large millennials population in the country, the U.K. is estimated to hold over 26.8% of the Europe market share.
- Japan and South Korea markets are forecast to account for 30.6% and 21.4% of the market share in East Asia, owing to the penetration of key players with premium products.
- India is projected to hold more than 9.3% of the sales in South Asia, on the back on rising concern for pet health and nutrition.
- Based on products, pet food is likely to remain the most prominent segment, accounting for around 65.9% of the overall market in 2021.
- Increasing adoption of pets such as birds, dogs, and cat and willingness among millennial consumers to spend on advanced pet care products and services will remain chief growth drivers.
- Suring demand for tasty and nutritious pet food items among pet owners for daily feeding is spurring the sales of pet care food products.
- Growing spending on pet healthcare, grooming, and veterinary care is expected to bolster the market growth.
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- High cost of high-quality pet care products and services is anticipated to restrain its demand amongst low-income population.
As per FMI, the leading players in the pet care includes Nestle Purina Pet Care Co., Champion Pet Food, C& D Food, and Aller Pet Food. These players are expected to account nearly 9% of the share in the global pet care market.
Key player in the market are aiming at establishing strategic collaborations and partnerships with other players to expand their product manufacturing capabilities to address the increasing the demand of an expanding patient pool. For instance,
- In June 2020, an American company, SigmaTron International, and Wagz Inc. (“Wagz”), a U.S. based Pet Technology company merged to implement advanced technologies to enhance the wellbeing of pets in the U.S.
- In February 2020, Nestle SA., Swiss multinational food and drink processing Conglomerate Corporation, announced launching a program named “Unleashed”, which provided a funding of around US$ 51,922.4 to start-up companies operating with the manufacturing of pet care items in Middle East, North America and Europe by the end of 31stMarch 2020.
Some of the key players in the market profiled by FMI 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
- C & D Foods
- Aller Petfood
- Bob Martin
- Blue Buffalo Co. Ltd.
- Cambrian Pet Foods Ltd.
- Crosswind Industries Inc.
- Crown Pet Foods Ltd.
More Insights on the Pet Care Market Survey
The latest market study on the pet care market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global pet care market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
- Pet Food
- Pet Healthcare
- Fashion, Toys, and Accessories
- Professional Service
- Day Care
- Grooming Boarding
- Pet Breeding and Training
- Value Added Services
- Veterinary Care
- Adoption and Charity
- Crisis Relief Service
By Pet Type:
- Fish and Reptiles
- Small Pets
- Horses & Other Livestock
By Service Channel:
- Modern Trade
- Convenience Stores
- Care Services Centres
- Veterinary Clinics
- Online Retails
- Support Care Centres
- Pet Specialty Stores
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
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Key Questions Covered in Pet Care Market Report
- The report offers detailed insights into pet care market demand outlook for 2021-2031
- The market study also highlights projected sales growth for pet care market between 2021 and 2031
- Pet care market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Pet care market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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