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Pet Care Market size to cross $550bn by 2032

  • Published Date: November 21, 2022

Pet Care Market size is anticipated to reach USD 550 billion by 2032, according to a new research report by Global Market Insights Inc.

A significant surge in pet adoptions globally, owing to the rising income levels and growing concerns pertaining to animal cruelty, will boost the demand for pet care products and services. Several brands worldwide have been using pets as part of their promotional and advertisement campaigns.

This, coupled with the rapid behavioral shift of pet owners towards becoming pet parents and the growing desire to have a permanent companion, has resulted in consistent growth in the pet population.

Low-price availability to boost the sales of pet food products

Pet care market from pet food segment is expected to expand at over 6.5% CAGR from 2023 to 2032, driven by the growing concerns about meeting the daily nutritional requirements of pets and the easy availability of a broad range of pet food products at competitive prices. An increased cognizance about pet health and well-being, coupled with the rising income levels and the increasing pet-loving populace, is slated to augment the industry growth trajectory.

Increasing dog adoptions to support the segment expansion

Dogs segment amassed revenues above USD 175 billion in 2022. The increasing number of people adopting dogs as their companion animals and the rising expenditure on pet care products are the primary factors driving the segment share. The National Pet Owners Survey 2021-22 suggests that an estimated 69 million families in the U.S. own a dog, while pet care expenditure in the country surged from $103.6 billion in 2020 to $123.6 billion in 2021. This will push the demand for dog care products.

Browse key industry insights spread across 298 pages with 465 market data tables & 17 figures & charts from the report, “Pet Care Market Statistics 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, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

Improved user-friendly interface to help e-commerce emerge as a major distribution channel

E-commerce segment is estimated to depict more than 10.5% CAGR during the study period and record a valuation of over USD 135 billion by 2032. e-commerce platforms ensure the availability of varied product ranges with attractive deals and discounts. Many online shopping platforms are focusing on enhancing their application interface to offer hassle-free shopping experience to shoppers. Besides, several other benefits, such as no-contact doorstep delivery, single-touch buying option, and cash on delivery services, will further push the market size.

Increased awareness about pet health to bolster product demand across North America

North America pet care market held more than 48% business share in 2022 and is expected to witness over 4.5% CAGR between 2023 and 2032. The increasing pet-loving population, coupled with the accelerating pet adoption rate and growing awareness about veterinary health and well-being, are anticipated to fuel the regional market landscape.

Product innovations to strengthen the competitive outlook

Prominent players in the pet care market areAncol Pet Products Limited, Heristo akteingesellschaft, Blue Buffalo Pet Products, Inc, Champion Petfoods, J.M. Smucker, Freshpet, Hill's Pet Nutrition (Colgate Palmolive Company), Mars, Inc., Petmate Holdings Co, Petco Animal Supplies, Inc., PetSmart, Inc., Zoetis, Idexx Laboratories Inc., Nestle Purina PetCare (Nestle SA), Chewy, Inc., Zooplus AG, and Spectrum Brands, Inc. These companies have been introducing innovative pet care products as part of their key growth strategy.

Authors: Sumant Ugalmugle, Rupali Swain