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Pet Care Market worth over $350bn by 2027

  • Published Date: February 23, 2021

Pet Care Market size is set to exceed USD 350 billion by 2027, according to a new research report by Global Market Insights Inc.

Expenditure on pet food remains to hold majority of dollars spent in the industry, with premium dog food being the most common type of food procured, followed by natural and generic food. Higher-priced foods made with ingredients of superior quality is another factor boosting the industry growth. The accessibility to subscription delivery programs and fresh food options will further upsurge spending in this category.

Growing expenditure on pet healthcare across the globe

The growing expenditure on veterinary care remains one of the highest sources of spending in the pet care community. The frequency of vet visits has increased owing to lower prices that further makes pet care more accessible to a larger audience. As a result, the trend of pet insurance is anticipated to surge with pets living longer and requiring more medical care. Following veterinary care, spending on OTC medications and supplies is another parameter of pet spending. Pet care owners are spending dollars on items such as collars, food and water bowls, beds, toys, travel items, clothing, leashes, pet tech products, and other accessories. The use of pet medicines and supplements to ensure healthy lives for pets continues to upsurge. Moreover, pet owners are more likely to use digital devices and technology to rise the popularity of pet technology products.

Browse key industry insights spread across 280 pages with 490 market data tables & 16 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, 2021 – 2027in detail along with the table of contents:

Growing awareness pertaining to pet care services

The services segment value was around USD 66.5 billion in 2020 and is projected to grow at 8.8% CAGR during the forecast period. Surge in the number of pet owners across the globe has led to the significant spending on the pet services including grooming, walking, and training the pets. In addition, the demand for mobile pet grooming has witnessed substantial growth over the past few years.

Growing adoption of technologically advanced automatic Pet Care

The cats segment held a market share of around 37% in 2020. The demand for cats during COVID-19 has increased significantly.  In addition, the increasing social acceptance of cats has stimulated the adoption rate. Adoption of cats is also perceived to assist in low blood pressure, depression, and loneliness. Also, growing usage of cats in films and ad campaigns has triggered the notion of pet adoption among general population.

Growing adoption of technologically advanced automatic Pet Care

Pet stores segment size was over USD 155 billion in 2020. The high market size is attributed to accessibility to the wider options for pets coupled with affordability. Also, growing demand for premium and organic food available at these stores have made the brand identity strong that eventually raises both profitability and productivity.

Growing expenditure on pets coupled with rising adoption of pets in UK

UK pet care market revenue reached USD 4.8 billion in 2020. Changing demographics, growing aging population, and surging trend pertaining to pet adoption among millennials across the country has fueled the market demand. Also, millennials adopting humanization attitude towards pets has led to the adoption of pets dramatically pre and during the COVID-19 pandemic.

Authors: Sumant Ugalmugle, Rupali Swain