Pet Care Market

Global Pet Care Market Size (2024 To 2029)

The global pet care market is expected to reach USD 260.41 billion in 2024 and reach USD 338.74 billion by 2029, growing at a CAGR of 5.4 % from 2024 to 2029.

Global Pet Care Market Drivers:

The rise in spending on pet care products is favoring the growth of the global pet care market. The pet care products include food, healthcare, pet insurance, pet ownership, grooming, and others will increase consumption at a high rate. The growing infrastructure facilities, rise in pet owners, and other factors drive the market growth. One other factor includes owning a pet. High-class societies will consider it to be an important factor for them, which will propel the pet care products in the long run.

The increase in advanced pet care products will propel the pet care market at an exponential growth rate. The key companies in the market are trying to implement and introduce new innovative products for pets through extensive research and development activities. Companies are also spending more amount and are giving prime importance to such activities to provide more products and services to their users and pet owners. This support and interest by the companies in innovative care products drive global market growth. Some of the innovative pet care products include devices to track location, cardboard pet feeder devices, advanced cat toys, and others. Pet owners in the U.S. spend around USD 50 billion on pet treats and products, as per the study in 2023 by the pet advocacy network.

Global Pet Care Market Restraints:

Some other factors challenge the growth of the pet care market during the forecast period. The expensive nature of the high-quality products in the pet care market is expected to limit the market growth. It also limits the demand from the lower-income population. Because of unhygienic living practices, some uncertain animal-borne disease incidences such as abdominal pain, diarrhea, and others to the owners are restraining the market growth. The stringent government regulations across the globe regarding product labeling, ingredients, and promotional activities are anticipated to hamper the companies' revenue growth.

Impact Of COVID-19 On The Pet Care Market:

The impact of the COVID-19 pandemic has changed people's minds about pets. There is a rise in the need for the Pet-ownership amid the pandemic due to social isolation. Lockdown due to the pandemic outbreak created a state of mental isolation among the people due to restrictions over the stay at home for a long duration. Having a pet would help people to overcome such mental state. The rise in the worldwide animal humanization rate will boost the growth of the pet care market. Pet care products have also increased in popularity due to pet owners' concern about protecting their pets from COVID-19 infestation. However, the restriction over the physical operation of the pet store hampered the supply of such pet care products to customers across the globe and the pet care market to some extent.

REPORT COVERAGE:

This market Research Report on the global pet care market is segmented and sub-segmented into the following categories.

Global Pet care market – By Product type:

• Pet Food Products
• Veterinary Care
• Others

In the pet care market, the largest share is accounted for by the pet food segment owing to the tremendous demand for tasty and nutritious food items for the daily food requirements of the pets among the owners. In 2021, according to the European Pet Food Industry Association (FEDIAF), there would be a huge value of USD 27.7 billion in pet food product sales in Europe. The significant revenue generation for pet food products is contributed by the easy accessibility of the various range of animal food items.

The never-ending demand for healthcare makes veterinary care products grow at a high rate across the world in the pet care market during the forecast period. Across the world, the growing awareness among pet owners regarding veterinary healthcare and hygiene practices will propel the market growth.

The other segments in the product category include toys, grooming & hygiene, and others are boosted because of the pet owners' increased awareness about the availability of these products through many promotional activities, including online video content regarding pet care and grooming. Such factors further drive the market segment growth.

Global Pet Care Market - By Pet Type:

• Dog
• Cat
• Others

The dog segment holds a high share of the pet care products market. The healthy and happy nature of dogs and they’re being the most preferred companions for human beings drive the growth of the segment. Some other major factors include well-trained dogs, which can prevent house robberies by staying along with the residents. Among the households, this quality makes the dogs more humanized.

The Cat segment is anticipated to grow at a considerably high rate in the pet care market. This can be made concerning the rise in online sales for cat care products from the top e-commerce service providers, including Amazon and Walmart. This segment growth is further strengthened by the increasing popularity of litter boxes for cats to maintain hygiene.

The other segment includes various animals such as reptiles, turtles, freshwater and saltwater fishes, birds, horses, small reptiles, and many others. This segment is boosted by the increase in product availability and awareness about the various pet care products for various animals. The rise in the trend of aquaculture among the fishermen drives the revenue to the segment.

Global Pet Care Market - By Distribution Channel:

• Offline
• Online

In the pet care market, the availability of offline pet stores with diverse pet products makes the offline segment grow at a high range in terms of revenue and growth across the world. Pet stores and supermarkets/hypermarkets are included in the offline segment. The high sales rate from the offline stores because of growing infrastructure settings related to the pet segment in the stores and drive the segmental growth.

The rise in the popularity of subscription-based online shopping in animal food products makes the online segment grow at a high rate in the pet care market. Online product sales can be increased from subscription-based pet services. The online segment helps companies track product sales performance and consumer behavior from their e-commerce sites. This indirectly enables the company to make strategic decisions to increase the company's revenue.

Global Pet Care Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America holds the largest share of the pet care market during the forecast timeline. This is due to the huge spending of the Canadian and U.S. populations on pet care products and services. This resulted in a rise in the revenue from such products in this region. Further, the demand for high-quality pet products by large pet owners drives significant revenue for the market in such regions.

Owing to the presence of top market players, including Mars Incorporated, Nestle, and others in the Asia Pacific region, the market value in this Region is growing at a higher rate. These companies have their manufacturing units in countries like India and China. This shows the easy availability of such products in the Asia-Pacific region. The rise in pet raising by the middle class and the increase in their population in the Region are likely to support the market growth.

The European Region is expected to grow in the global market for pet care products owing to the presence of infrastructure settings related to pet stores. This will provide a bulk supply of animal accessories and food items, thereby propelling the market growth.

KEY MARKET PLAYERS:

Ancol Pet Products Limited; Hill's Pet Nutrition, Inc; Mars, Incorporated; Petmate Holdings Co; Tail Blazers; Blue Buffalo Co, Ltd; Tiernahrung Deuerer GmbHChampion Petfoods LP; Nestle Purina PetCare; Saturn Petcare GmbH; The Hartz Mountain Corporation; Heristo AG; UniCharm Corporation; Diana Group; Spectrum Brands Inc; The J.M. Smucker Company; Schell & Kampeter, Inc; Nylabone are some of the major key players involved in the global pet food market.

RECENT HAPPENINGS IN THE MARKET:

• In 2022, A prominent brand of Central Garden and Pet Company, Nylabone, launched an innovative product in the pet toy product line, like chew toys with different shapes and flavors. These innovative pet toys provide a fun pet activity.
• In 2022, Champion Pet Foods, a worldwide producer and supplier of pet food, was acquired by Mars Incorporation. The acquisition helps the company expand its product portfolio in pet nutrition products and health services and hold a significant share of the pet care market in the coming years.