Pet Care Market size worth over $350.2bn by 2027

Pet Care Market size is set to surpass USD 350.2 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Growing spending on pet care across the globe will witness a positive impact on the market growth in the coming years. In addition, expenditure on pet food remains to hold the 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 for boosting the market expansion. The accessibility to subscription delivery programs and fresh food options is further projected to upsurge spending in this category. Thus, the rising number of services and establishments will propel the market value in the near future.  

 

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Growing expenditure on pet healthcare across the globe will contribute to the pet care market revenue

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.
 

Increasing awareness pertaining to pet care services will spur the segment growth

Global Pet Care Market, By Type

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The services segment in the pet care market accounted for USD 66.5 billion in 2020 and is poised to showcase 8.8% growth rate till 2027. 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. Furthermore, the demand for mobile pet grooming has witnessed substantial growth over the past few years. According to a news article, the market for freelance walking services and pet sitting have grown steadily.
 

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:
https://www.gminsights.com/industry-analysis/pet-care-market

 

Rising adoption of technologically advanced automatic Pet Care will foster the segment expansion

The cats segment held 37% of the pet care market share in 2020. The growing demand for cats during COVID-19 has increased significantly, as a result, the market observed positive growth throughout the pandemic.  Additionally, 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, thus, augmenting number of pet adoption during the forecast timeframe. Also, growing usage of cats in films and ad campaigns has triggered the notion of pet adoption among general population.
 

Growing acceptance of technologically advanced automatic Pet Care will impel the segment demand

Pet stores segment exceeded USD 155 billion in 2020 led by 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.
 

Increasing expenditure on pets coupled with rising adoption of pets in UK will prove beneficial for the country growth

UK dominated the Europe pet care market and accounted for more than USD 4.8 billion in 2020. Changing demographics, growing aging population, and surging trend pertaining to pet adoption among millennials across the country has uplifted the market growth. Also, millennials adopting humanization attitude towards pets has led to the acceptance of pets dramatically pre and during the COVID-19 pandemic. Premiumisation, technological advancements, sustainability among others are some of the key factors that have fueled the industry expansion across the country and is predicted to follow the similar trend in the coming years.
 

Key players are emphasizing on strategies such as new product launches and partnerships among others will influence the market revenue

The key companies operating in the pet care market are Nestle S.A., Mars, Petco Animal Supplies, PetSmart Inc. Colgate-Palmolive Company, Blue Buffalo Pet Products, Inc. among others. These industry leaders are concentrating on executing numerous strategic initiatives to proliferate their geographic presence and market position. The major market participants are emphasizing on various strategies such as new product development, partnerships & collaboration, mergers & acquisition, etc.
 

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