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

NEW YORK, May 13, 2024 /PRNewswire/ -- The global pet care market  size is estimated to grow by USD 72.82 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  6%  during the forecast period. 

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Key Market Trends Fueling Growth

• Market growth is significantly propelled by the upward trend in pet ownership, reflecting a notable surge in the number of individuals opting to keep pets for various purposes.
• The escalating demand for pet-care goods and services is intricately linked to the burgeoning population of pet owners, who increasingly view their pets as integral members of their families and prioritize their well-being accordingly.
• With pets being accorded the same level of care and consideration as human counterparts, owners exhibit a willingness to allocate greater financial resources towards ensuring the optimal health and happiness of their animal companions.
• This prevailing trend of heightened pet ownership is anticipated to persist, thereby sustaining the expansion of the market as owners continue to invest in pet-care products and services.
• Facilitating this trend is the evolving landscape of societal attitudes towards pet ownership, characterized by a growing acceptance and accommodation of pets within residential and occupational settings.
• Key drivers contributing to the rise in pet ownership encompass the phenomenon of humanization, the proliferation of pet-friendly accommodations, and the transformative impacts of the COVID-19 pandemic.
• As a consequence of these multifaceted influences, the demand for pet care products and services is forecasted to exhibit a corresponding uptrend, serving as a pivotal catalyst for driving market growth and shaping industry dynamics in the foreseeable future.

Market Challenges

• The pet care market experiences intense competition due to the proliferation of e-commerce platforms, enabling new players to enter and challenge established brands. A significant impediment to market growth is the intensifying competition for products on a global scale.
• The global market landscape is characterized by fierce competition, encompassing a multitude of players offering a wide array of goods and services.
• The proliferation of e-commerce platforms emerges as the primary driver behind the escalation of competition within the global market.
• E-commerce platforms have democratized market entry, enabling new entrants to vie for market share alongside established brands.
• The advent of e-commerce has been instrumental in market expansion, facilitating convenient online purchases for owners.
• Businesses are now compelled to navigate competition not only from local retailers but also from formidable international players, bolstered by robust resources and economies of scale inherent in online marketplaces' growth.

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Segment Overview 

This pet care market report extensively covers market segmentation by

1. Application 
• 1.1 Dogs
• 1.2 Cats
• 1.3 Others
2. Product 
• 2.1 Food
• 2.2 Accessories
• 2.3 Grooming
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Dogs-  In developed countries, the pet care market caters to diverse segments, including single-person households in flats and apartments. Dogs and cats are the most popular companion animals, with dogs holding the top spot. These pets offer companionship, alleviate loneliness, and promote mental and physical well-being. As climate change influences living conditions, eco-friendly pet products gain traction. Pet owners prioritize quality pet food, ensuring their pets receive essential nutrients from meat, meat byproducts, grains, cereals, vitamins, and minerals. Home delivery services and online stores facilitate convenient access to pet supplies, offering clean labeling for transparency. Grooming products are essential for maintaining pet hygiene, with veterinary care available for health concerns. Location tracker devices provide peace of mind for pet owners, especially those with busy schedules. The Pet Advocacy Network advocates for animal welfare, addressing restraining factors such as animal-borne diseases, abdominal pain, and diarrhea. Reptiles, turtles, freshwater and saltwater fishes, birds, horses, and small animals also require specialized care. Pet stores and supermarkets cater to various pet needs, ensuring a wide range of options for pet owners.

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Research Analysis

The pet care market is a thriving sector that caters to the needs of various little pets, including cats and dogs. This market encompasses a wide range of products such as feeders, bowls, waterers, and pet health-focused items like anxiety relievers for pets suffering from stress, depression, or loneliness. Responsible pet ownership is a priority for many, leading to lifestyle upgrades that include pet furniture made from sustainable and recyclable materials, reducing the ecological footprint. Neo Bites, a pet health brand, offers solutions for cardiovascular health and exercise needs. Pet shelters, adoptions, and fostering programs contribute significantly to the market, ensuring the well-being of pets while promoting ethical practices. Internet purchases have made it more convenient for pet owners to access these essential products and services.

Market Research Overview

The pet care market is a significant and growing industry, encompassing various products and services. Pet owners seek to provide their companions with the best care possible, leading to the demand for high-quality pet food, veterinary services, pet supplies, and training. Pet technology is a burgeoning sector, with innovative gadgets like automatic feeders, GPS trackers, and smart collars enhancing pet care. Sustainable pet care is also gaining traction, with eco-friendly pet food and biodegradable pet supplies becoming increasingly popular. The pet care market is a diverse and dynamic sector, catering to the unique needs of pets and their owners.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Dogs
• Cats
• Others
• Product
• Food
• Accessories
• Grooming
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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