Pet Care Market Analysis

Pet Care Market Analysis

Based on type, the pet care products segment is expected to amass more than USD 145 billion by 2032. This is credited to the rising prevalence of zoonotic diseases, resulting in a heightening demand for pet care products. As per the National Center for Biotechnology Information article, in 2019, around 60% of known infectious diseases and over 75% of emerging infectious diseases are zoonotic in origin. These diseases can spread through direct contact and may lead to life-threatening conditions in pets, further pushing the industry value.

With respect to the animal, the pet care market from cat segment is poised to exhibit an over 9% CAGR through 2032, owing to the burgeoning desire for a constant companion and their proven benefits in lowering stress levels. This has led to an increased demand for cat food, grooming, and healthcare products, thus bolstering segment share. Besides, a noticeable number of cat care brands making their foray into the market, coupled with the rising number of cat owners spending heavily on these products, will augment market statistics.
 

Regarding the distribution channel, the pet care market from store segment held over 65% business share in 2022 and is expected to expand at a recognizable growth rate from 2023 to 2032. Pet stores have the availability of a broad range of high-quality pet care products and an embedded network across both developed and developing economies. The U.S. has a network of over 12,000 pet stores. Besides, leading market participants focusing on establishing their franchise and brand outlets that offer premium products will positively influence the industry landscape.
 

Europe pet care market is predicted to reach USD 60 billion by 2032. The regional industry is fueled by a visible surge in pet adoptions and an increased expenditure on pet care products and veterinary services. Nonetheless, the ongoing improvement in the existing animal healthcare infrastructure and a rising number of pet insurance firms expanding their presence in the region will create optimistic growth scenarios for the pet care industry across Europe.