Pet Care Market Worth About USD 202.6 billion By 2024

Pet Care Market size is expected to reach USD 202.6 billion by 2025. The increasing demand for pet care products including food products, accessories, and pharmaceuticals, rising adoption of pets and grooming & boarding services are some of the major factors estimated to drive the market growth. Technology advances in boarding, training facilities and grooming are feasible to the pet owners. The market size is anticipated to grow at a CAGR of 4.9% in the upcoming period.

In the market, several technologies do exist for pet health and nutrition such as pedometers, computerized feeders, and others. Animal nutrition and health are the most important factors of key players in the market due to an increasing use of pet care products and services. Major products and services in pet care are medical devices, nutritional supplements, vaccines & medicines, pet supplies, diagnostics, veterinary, and the other services. Therefore, extensive use of these products is expected to boost the market growth in the next couple of years.

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The market size is based on type such as cat, dog, fish and birds. The “dogs” segment held the largest market share in 2016 due to increasing adoption of dogs and health benefits associated with them. Dogs are the most popular and preferred pet across the globe. Moreover, they help in reducing depression, enhancing cardiovascular health & stress, and encouraging exercise.

In the market, various pet care products are available such as pet food, OTC medications & supplies, veterinary care, live animal purchase, pet boarding & grooming services, and others. The “pet food” segment held the largest market share in 2016 and is anticipated to grow at a high CAGR in the next couple of years due to growing demand for premium food products and organic & natural products. Rising disposable income especially in the developing countries results in the purchase of more pet products. The “boarding & grooming” services are expected to grow at a significant growth rate in the years to come. Rising adoption of pet and growing preference of pet owners regarding pet care are some factors expected to propel the segment growth.

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The factors that play an important role in the growth of pet care market include increasing demand, growing population, increasing urbanization & industrialization, increasing demand for pet care products, growing demand for pet tracking & monitoring devices, rising emphasis on pet care health & nutrition, increasing pet population, rising trend of pet care to home, technological advancement in pet care and increasing disposable income. Moreover, rising adoption of pets and growing demand for premium care products are main factors driving the growth of market in the years to come.

However, stringent regulations and fluctuating prizes of pet care products are negatively impacting the growth of pet care industry. The market is widely analyzed based on different regional factors such as gross domestic product (GDP), demographics, acceptance, inflation rate and others. The market is categorized based on type, product and geography.

North America has been at the forefront with regards to pet care market and will continue to rule the roost in the years to come. The growing number of pet owners, rising adoption of pets, increasing awareness about good veterinary health, rising governmental animal healthcare organizations and increasing animal healthcare expenditure are the major factors expected to boost the growth of the market in this region. On the other hand, Asia Pacific is expected to hold the highest market share in the forthcoming period. India is anticipated to witness lucrative growth rate over the next years owing to increasing pet’s adoption and rising disposable income.

The key players contributing to the robust development of the pet care market include PetSmart Inc., Nestle, PetCo Animal Supplies Inc., Just for Pets, Aller Petfood LLC, Ancol Pet Products Limited, Zoetis, Martin & Martin Ltd., J.M. Smucker Company, PetLife LLC and Platinum Pets. These market players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.