SAN FRANCISCO, July 14, 2020 /PRNewswire/ -- The global pet care e-commerce market size is expected to reach USD 54.95 billion by 2027, exhibiting a CAGR of11.3% during the forecast period, according to a new report by Grand View Research, Inc. E-commerce mode of distribution is expected to grow at a lucrative growth rate owing to increasing internet usage around the globe. Advantages such as easy availability and multiple options through online platforms are projected to drive the adoption among pet owners.
Distinct delivery facilities and freedom to select from various online platforms are the factors anticipated to boost the market growth in the forthcoming years. Due to the increasing importance of online marketing tools, the popularity of social media applications including Facebook and Google ads, the market is expected to witness a significant growth rate over the forecast period.
Key suggestions from the report:
The canine segment held the leading revenue share in 2019 and is projected to expand a CAGR of over 10.0% from 2020 to 2027. It has been observed that dogs are the most preferred pets hence the online product sale including car seat protectors and dog collars have increased
North America held the dominant revenue share in 2019, due to the highest number of pet parents registered in this region. Moreover, the presence of various retailers having online platforms and high awareness levels amongst users make this continent a major contributor to the growth
The industry participants are focusing on building online platforms as a business expansion strategy to sustain the competition.
Some of the leading online retailers are Chewy.com and Amazon, together they accounted for around 80% of the online pet food sales in the market
The other animal type segment which includes pet fish and exotic birds is expected to exhibit the fastest growth over the forecast period owing to the increased demand for pet care products including birdcages and fishbowls
The pet food category held the largest revenue share of more than 35.5% in 2019 owing to the increasing services, loyalty programs, and reward programs offered by online retailers
Asia Pacific is anticipated to witness lucrative CAGR of around 10.0% during the forecast period, owing to the rising pet adoption and growing economy especially in Japan and India
COVID-19 pandemic has further accentuated the adoption of ecommerce platforms especially for pet food and supplies, owing to national lockdown and social distancing in multiple nations. PetMed Express Inc. experienced an increase in 15.0% sales in Q4 2019 (year ending March 2020), compared to Q4 2018, majorly owing to shifting consumer preferences to eCommerce platforms amidst COVID-19 outbreak. Similarly, Chewy Inc. reported 46.0% rise in the sales for Q1 2020. Nationwide lockdown, isolation and limited veterinarian visits are further anticipated to provide this market with lucrative growth opportunities in coming few financial quarters.
Pet care e-commerce platforms offer companies the necessary exposure to business by providing an easier reach for the customers. Moreover, major manufacturers and retailers are launching their websites and online sales platforms to gain a competitive edge. For instance, in February 2019, Boehringer Ingelheim launched its flagship store specialized in pet parasiticides including Frontline and Nexagard on Tmall, an e-commerce platform, to expand its business in China.
Grand View Research has segmented the global pet care e-commerce market on the basis of product, animal type, and region:
Pet Care E-commerce Animal Type Outlook (Revenue, USD Million, 2016 - 2027)
Pet Care E-commerce Product Outlook (Revenue, USD Million, 2016 - 2027)
Pet Grooming Products
Pet Care E-commerce Regional Outlook (Revenue, USD Million, 2016 - 2027)
Pet Obesity Management Market– Rising need to curb pet obesity, as obesity increases the risk of other chronic conditions, such as osteoarthritis and diabetes, is expected to provide growth platform to the market.
Veterinary Medicine Market– Increasing demand to curb chronic and zoonotic diseases in livestock and pet animals is the key driver to this market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.