Pet Care Market size worth over $327.7bn by 2026

Pet Care Market size is set to surpass USD 327.7 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Increase in pet expenditure will have a significant impact on the pet care market expansion over the coming years. As per the United States Census Bureau, the spending on pet care services has almost doubled in the last decade. The impact of this increase in spending will eventually be reflected in the year-over-year market growth. The pet care services include training, boarding, grooming, and pet sitting. In the U.S. there are over 100,000 pet care service market, increasing the number of establishments by more than 60% in the last decade.

 

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Growing pet adoption across the globe will contribute to the market revenue

Increase in the number of pets adopted across the globe during the COVID-19 pandemic will augment the pet care market demand. During the pandemic, many people are facing stress, anxiety, and work pressure. A recent research study has shown that the presence of a bond between human and animal or a non-human companion, decreases psychological stress and develops psychological changes that makes the pet owner feel better. The pets such as cats and dogs can increase physical rehabilitation with the help of their behavior. The basic activities that are involved in animal care provide physical exercises that are very important for people who spend the whole day in a stationary position.
 

Browse key industry insights spread across 300 pages with 490 market data tables & 38 figures & charts from the report, Pet Care Market Size, By Type (Pet Food {Nutritional, Medicated}, Pet Care Products {Veterinary Care Products, Supplies/OTC Medications}, Services {Pet Grooming/Boarding, Live Animal Purchase), By Animal (Dogs, Cats, Birds, Fishes, Horses), By Distribution Channel (Stores, E-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pet-care-market
 

Rise in awareness and adoption of pet care services will drive the segment growth 

Global Pet Care Market By Type

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The services segment valuation in the pet care market was more than USD 61.9 billion in 2019 and is projected to witness 8.8% growth rate till 2026. Recently, there has been more attention being paid to the pet services such as grooming, boarding, walking, etc. Increase in number pet owners has resulted in rise in demand and adoption of pet services in order to groom and train the pets. Despite increase in pet ownership, many of the pet owners are full time working adults and cannot spare time for their pets. As per the recent news article, in the past few years, the market for freelance pet sitting and walking services have grown gradually.
 

Growing adoption of cats will fuel the market size expansion

The cats segment in the pet care market is expected to show considerable CAGR of 6.5%through 2026due to innovative medications for cats coupled with cat specific food products. The number of cats across the globe has increased owing rise in willingness of pet owners to care more for their animals’ health. For instance, cat population in the U.S. was estimated to be around 95 million in 2019. The growing population of cats will increase the emphasis on cat services, food and health products.
 

Rising demand for pet store will propel the market share

Pet stores distribution channel segment valued at over USD 151 billion in 2019 led by increase in expenditure on pet care along with growing adoption of cats, dogs, fish, birds, horses and other species as companion animals. For instance, as per the American Pet Products Association (APPA) estimates, in 2019, the pet care spending in U.S. was more than USD 95 billion. High emphasis on maintaining health and fitness of companion animals is the major reason for high pet care spending. Rise in pet care spending will be one of the major market impact rendering factors for growth. Moreover, rise in demand for premium, generic and natural pet food and other diet-related products will further boost the segment growth.
 

Increase in number of pets and rising pet care expenditure in UK will prove beneficial for the regional market growth

UK dominated the Europe pet care market and accounted for USD 5.1 billion revenue in 2019. The trend of owning a pet has been increasing among the millennial generation across all regions and countries. Increasing incidences of loneliness and shifting cultural landscapes is prompting the recent and younger generation to own pets as a source of companionship. The pets require constant monitoring and care and hence, the market in the country has surged in the last few years. Substantial portion of the pet care expenses in the country is focused towards pet food and treats. In the last few years, demand for organic and nutritious pet foods has increased as the consumers have become more aware and cautious about the adverse effects of synthetic foods on pet health. Furthermore, spending on luxury goods such as pet clothes, cosmetics and services has also increased.
 

Companies are focusing on strategies such as acquisitions and new product launches will contribute to the market expansion

Some of the major players in the pet care market are Mars, Nestle S.A., Colgate-Palmolive Company, Petco Animal Supplies, PetSmart Inc. and Blue Buffalo Pet Products, Inc. among others. These leaders are focusing on implementing several strategic initiatives in order to increase their market position and geographic presence. The key market players are also focusing on several strategies such as partnerships and collaboration, mergers and acquisition, new product development etc.
 

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