Pet Care Market size is set to grow by USD 72.82 bn from 2023-2027, increasing pet ownership boost the market- Technavio

NEW YORK, March 13, 2024 /PRNewswire/ -- The global pet care market size is estimated to grow by USD 72.82 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  6% during the forecast period. The global pet care market experiences steady growth, driven by pet humanization and increasing pet ownership.  
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With pets considered family members, consumer spending on household pet care categories continues to rise. Key pet care product segments include feeders, bowls, waterers, and pet accessories made from sustainable materials. Growth drivers include the little worlds of cats and dogs, with pet health issues and companion animal preventive care being significant concerns for pet-owning and pet-loving lives. The pet sector, as represented by the American Pet Products Association, reports a CAGR of 4-5% through 2025. Technology and internet purchases have also influenced the pet care industry, with COVID-19, shelter-in-place orders, and work-from-home advice leading to increased adoptions and fostering. Millennial and Generation Z consumers, in their adulthood, are embracing pet care as a lifestyle upgrade, while baby boomers continue to prioritize pet health. Neo Bites, a carbon-negative dog food company, and other eco-conscious brands are gaining revenue share. Cultural shifts towards responsible pet ownership and pet care industry advancements contribute to the market's expansion. Pet care categories cater to various pet types, with cats in single-person households and the dog segment experiencing significant growth in developed countries. CAGR for cat owners in this segment is projected at 3-4%. Pet furniture for flats, apartments, lawns, and porches further enhances the pet care experience.

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The global pet care market is experiencing significant growth, driven by the humanization of pets and increasing consumer spending on household members. Pet care categories, including feeders, bowls, waterers, and pet furniture, are witnessing a surge in demand. Factors fueling this trend include cultural shifts towards pet-owning and pet-loving lives, with millennial and Generation Z consumers leading the way. The pet sector's revenue share is expanding, with the dog segment holding a substantial portion. Growth drivers include pet health issues, companion animal preventive care, and responsible pet ownership. Little pets like cats, known for anxiety, stress, depression, and loneliness, require specialized care. CAGR for the cat pet type segment is high in single-person households and developed countries. Amidst COVID-19, shelter-in-place orders, and work-from-home advice, adoptions and fostering have increased. Technology and internet purchases have transformed the pet care industry, with companies like Neo Bites, a carbon-negative dog food company, offering lifestyle upgrades and sustainable materials, such as recyclable plastics. The pet care industry's ecological footprint is a concern, with a focus on using eco-friendly pet accessories made from sustainable materials.

The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook (USD Billion, 2017 - 2027)
• Dogs
• Cats
• Others

• Product Outlook (USD Billion, 2017 - 2027)
• Food
• Accessories
• Grooming

• Region Outlook (USD Billion, 2017 - 2027)
• North America
• The U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• APAC
• China
• India
• Middle East & Africa
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa

The global pet care market is experiencing significant growth, with a compound annual growth rate (CAGR) of X%. This expansion is driven by pet humanization, leading to increased consumer spending on household pet care categories. The demand for snacks and treats, particularly for little pets like cats and dogs, is on the rise. Large vendors are innovating with new variations, such as fresh, frozen, raw, and freeze-dried pet care products. Pet sector growth is fueled by cultural shifts, with millennial and Generation Z consumers prioritizing their pets' wellbeing. Pet ownership is at an all-time high, with many adopting or fostering animals during COVID-19 shelter-in-place orders and work-from-home advice. Pet health issues and companion animal preventive care are becoming essential aspects of responsible pet ownership. Key pet care categories include feeders, bowls, waterers, and pet accessories made from sustainable materials like recyclable plastics. Neo Bites, a carbon-negative dog food company, is a notable player in the market. The cat segment holds a substantial revenue share, with anxiety, stress, depression, and loneliness being common concerns for cat owners, particularly in single-person households. The pet care industry is undergoing lifestyle upgrades, with pet furniture becoming increasingly popular for flats, apartments, lawns, and porches. The American Pet Products Association reports that pet ownership is a growing trend in developed countries, with pets becoming integral parts of pet-owning and pet-loving lives. Technology and internet purchases have transformed the pet sector, with pet care products and accessories now easily accessible online. The dog segment continues to dominate the market, with a focus on cardiovascular health and exercise.

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Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio