PUNE, India, May 19, 2020 /PRNewswire/ -- A recent report by Infinium Global Research "Pet Care Market (By Type – Dog, Cat, Fish, Bird and Others; By Product – Pet Food, Veterinary Care, OTC/Supplies, Live Animal Purchase and Pet Grooming/Boarding): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025"estimates that the market was worth USD 164.68 billion in 2019 and is projected reach up to USD 241.67 billion in 2025, growing with a CAGR of 6.6% during the period of 2020 to 2025. The report provides a comprehensive research study based on survey conducted to analyze the buying patterns, consumer behavior and factors affecting buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local and/or global market. The study also provides insights into the factors affecting the buyer decisions, consumer preferences, and the demographic factors promoting the growth of the products of pet care market.
Pet Food Is Bought More than Other Types of Pet Care
The report includes a detailed study on the buying and usage pattern of various products among the consumers. According to the survey results, people across the world buy pet food more than any other types of pet care. The major factor driving the preference of pet food is the higher adoption rate of pets around the world. There were more than 470 million pet dogs and 370 million pet cats around the world as of 2018. All these pets require food on daily basis and around 44% of pet owners give their pets some kind of ready-made or processed food. Moreover, the higher nutrition value of the pet foods has added to their popularity among the customers.
Key Players in The Global Pet Care Market are Focusing on New Product Launch and Mergers and Acquisitions
The global pet care market is highly competitive and consolidated in nature. The market is attributed to the presence of large multinational players as well as a few smaller and local players. Companies including Mars, Nestlé, and PetSmart hold a large share in the global pet care market. These companies own some of the prominent brands in the global sleep aid market including Purina One, Pedigree, and Chewy. These brands have higher brand value and loyal consumers, which supports the consolidation of the market. The major players in the market are focusing on strategies such as introducing new products and undertaking mergers and acquisitions. For instance, in December 2019, Archer-Daniels-Midland Co. launched dog cookies in the market. The company's Just-baked bone-shaped treats contain grains including quinoa, buckwheat and chia. The company is expected to strengthen their position in the lucrative dog treats market through the lunch of this product.
Pet Care Market to Grow on the Backdrop of Growing Rate of Pet Adoption
The increase in the adoption of pets around the world is the major driving force for the growth of the global pet care market. As of 2018, there were around 470 million pet dogs and 370 million pet cats across the world. The number of pets is expected to grow in the coming future. The major purpose for adopting pets is for companionship. The companion pets such as small birds, guinea pigs, hamsters, geckos, iguanas, cats and small dogs are been adopted at higher rate than other functional pets. Many of the pet owners consider pets as part of their family and have strong emotional bond. Moreover, the other factors including rising disposable income, growing awareness regarding pet health and pet care products are expected to augment the demand for pet care across the world. Furthermore, growing number pet fairs and pet exhibitions is expected to boost the growth of the market in the future. Through these events awareness is spread through a large part of consumer base.
The dogs segment among the pet type generated the highest revenue in the global pet care market in 2019. The domination of the segment attributed to the higher adoption of dogs as compared to other pets. There were more than 470 million pet dogs around the world in 2018. Dogs were one of the first animals to be domesticated by human. They serve as both companion as well as functional pets. Traditionally, dogs were adopted for guarding livestock and houses along with hunting. Moreover, wide range of dog breeds and their varied requirements propels the pet care market. Different dog breeds have different health and physical requirements, which is tapped by the key market players to generate revenue.
North America Generated Highest Revenue in the Global Pet Care Market
In terms of geography, the North America region generated the highest revenue in the global pet care market in 2018. The domination of the North America region in the global market attributes to higher adoptions of pets in the region. Around 67% of U.S. households own a pet according to the 2019-2020 APPA National Pet Owners Survey. Higher pet ownership leads to higher purchase of products for pets. Moreover, people in North America spend more on their pets owing to higher disposable income of individuals. The higher expenditure on the pets boosts the sale of pet care products. This, in turn, drives the pet care market in North America. Furthermore, the presence of major market players such as Mars, and PetSmart in the region is expected to boost the demand for pet care in North America.
This Report Offers Detailed Insights of the Market Including-
1. Comprehensive analysis of the factors promoting the growth in the pet care market
2. Survey results for
a. Consumer preferences
b. Buying patterns
c. Spending habits
d. Purchase decision making
e. Preferred distribution channels
f. Choice of alternatives in case of unavailability of the product
g. Consumer feedback
h. Social listening
3. Competitive landscape in the leading country markets in the world
4. Worldwide competitive landscape and market trends in the pet care market
5. Analysis of the worldwide market using analytical tools such as porter five forces, market drivers and opportunity analysis, product position matrix
Research Methodology and Data Collection Methods for the Report
Infinium Global Research published reports are based on extensive primary and secondary research methods. The research begins with extensive exploration through secondary sources followed by primary research. With these research methods we are able to estimate the market size of the Sleep aid market, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
The secondary research primarily involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. While the primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents. The primary respondents generally include key opinion leaders associated with Infinium Global Research, internal and external subject matter experts, and professionals and participants from Linkedin, Hoovers, Factiva and bloggers.