SELBYVILLE, Del., Feb. 25, 2021 /PRNewswire/ -- According to the latest report "Pet Care Market by Type (Pet Food, Pet Care Products, Services), Animal (Dogs, Cats, Birds, Fishes, Horses), Distribution Channel (Stores, E-commerce), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights, Inc., the market valuation of pet care will cross $350.2 billion by 2027.
The number of pet animals adopted widely for companionship has increased significantly in the past decade. China is the third-largest pet population country across the world following the U.S. and Brazil. Furthermore, the growing usage of pets in films and ad campaigns has triggered the notion of pet adoption among the general population. The pet fair trades including The India International Pet Trade Fair (IIPTF) showcasing a wide range of pet care products will positively impact the market growth. Pets are largely accepted by people for companionship. There has been a shift in trend from pet owners to pet parents that indicates pets are considered as a part of the family these days.
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The pet care products segment accounted for USD 71.3 billion in 2020 and is anticipated to showcase 3.8% growth rate till 2027 owing to several trends including pet humanization leading to pet food Premiumisation, growing awareness pertaining to ingredients, custom-made pet food and more sustainable pet care food. Moreover, the growing interest in personalized pet food plans brought straight to pet owners' doors is uplifting the market expansion.
The dogs segment in the pet care market exceeded USD 96.5 billion in 2020 led by several factors including growing urbanization and changing perceptions towards pets and surging demand for dog adoption among millennials. In addition, owners focusing on the grooming of dogs will further propel the industry revenue.
The Pet care market for e-commerce segment is projected to expand at 10.2% CAGR through 2027. The surge in the sales of pet food and other products through e-commerce channel is predicted to showcase lucrative growth in the coming years. Growing preference for online website to purchase pet food and other products has uplifted the e-commerce sector. Additionally, a plethora of brands available online that offer wide options of choosing the different types of brands has further fueled the market value.
Australia pet care market was valued at more than USD 13.3 billion in 2020 and is estimated to attain a CAGR of 3.9% from 2021 to 2027 on account of a growing number of owners opting for pet adoption, the surge in the demand for premium food, growing aging population across the country. According to the survey, over 5 million households in Australia own more than 25 million pets. Hence, due to these statistics, the industry is expected to enhance market growth. The demand for pet food is growing in the country as most pet owners are willing to spend more to ensure that their pets are getting high-quality food. Also, other industries such as pet care services and pet care products such as custom bedding, pet toys, grooming treatments, pet spa, etc. are playing essential roles in fostering the market in Australia.
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Some of the players operating in the pet care market are Nestle S.A., Mars, Petco Animal Supplies, PetSmart Inc., and Colgate-Palmolive Company. The industry leaders are focusing on several strategies such as new product development, collaborations, partnerships, mergers, acquisitions and new product launches to consolidate their market position.
Table of Contents (ToC) of the report:
Chapter 3 Pet Care Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 -2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By animal
3.4.3 By distribution channel
3.5 COVID-19 impact analysis
3.6 Impact of demographics on pet ownership
3.7 Historical growth rate, 2008 to 2020, percent (%)
3.8 Regulatory landscape
3.9 Pet population, by country, 2019
3.10 Porter's analysis
3.11 Competitive landscape, 2020
3.12 PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Pet Care Market Growth Predicted at 6.1% Through 2026: GMI
Major pet care market players include Nestle S.A., Mars, Petco Animal Supplies, PetSmart Inc., and Colgate-Palmolive Company.
SOURCE Global Market Insights, Inc.