Pet Care Market Insights
Market Research Future (MRFR) has revealed a consistent CAGR of 4.1% in its latest market research report on the global pet care market for the forecast period of 2017 to 2023. Globally, there has been a shift in the way most people view pets and animal companions. A deeper understanding of pet behavior and the advent of alternative pet training techniques has led to growing compassion for animals. Pet owners, who often view pets as part of the family, are paying more attention to the nutritional value of their animal’s diet and their general health, which has led to the demand for healthy pet food, premium pet care and other innovative services dedicated to pets and pet owners.
According to the American Pet Products Association, U.S pet owners alone will spend $72.1 billion on pets, healthcare, supplies, and services in 2018. Development of various products such as pet cams, automated feeders, innovate toys and others have assisted in encouraging market growth. Moreover, with the growing awareness of healthy diets suited to various animals is driving owners to demand premium products with quality ingredients. The availability of pet products and services via e-commerce, a general increase in global pet population and the growing use of animals as therapeutic and service animals is expected to fuel rapid growth for the market during the forecast period.
Increased prices of products and services due to the demand for premium goods, strict government regulations and allergies caused by animal allergens are expected to prove challenges to market growth. However, ongoing product and service innovations are expected to mitigate these challenges to a certain extent.
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The report identifies and analyses prominent market players in the competitive landscape of the global pet care market. Key market players include PetLife LLC, Platinum Pets, Aller Petfood LLC, Martin & Martin (Pty) Ltd., Earthbath, J.M. Smucker Company, Nestlé, Ancol Pet Products Limited, Beaphar and BHJ.
Pet Care Market Segmentation
MRFR’s segmentation analysis of the global pet care market has been performed on the basis of type, products & services and region.
By type, the market has been segmented to include cats, dogs, and others. Dogs have over 50% of the total market share due to their loyal nature and intelligence which allows them to be trained for various activities.
By products & services, the market has been segregated into petfood, pet healthcare products, and others. Further sub-segmentation is as follows.
Pet healthcare products – medicines, vaccines, and others.
By region, the global market has been divided into the Americas, Europe, the Middle East & Africa and the Asia Pacific.
Pet Care Industry Regional Analysis
The Americas, with its inclusion of developed countries such as U.S and Canada, is leading the market with the largest share. Growing compassion and understanding of animal behaviors in the region have led to pet owners investing heavily in their animal companions health and wellbeing. The rise in the use of animal companions for various forms of therapy and assistance in the U.S requires prime pet care to ensure the animals can perform their duties with efficiency. Growing awareness about stray animals and use of social media for a broader outreach of adoption programs have increased the number of pet adoptions and as a result, facilitated growth of the market. Moreover, many innovative services and solutions for pet care are fueling market growth for the region.
Europe follows a similar growth pattern to the Americas and is a substantial regional market for pet care.
The Asia Pacific is expected to grow at the fastest CAGR with India contributing the most significantly. Rising disposable incomes in the region, increasing awareness of animal behavior and demand for services and products similar to those in developed countries is expected to drive growth for this region during the forecast period.
Latest Industry News
MVS Pet Care, which is a unique pet service of veterinarians on house calls, has just signed its first franchise agreements since its launch. An inaugural fleet of mobile units will start providing this first of its kind pet care service in Atlanta, Philadelphia, and Pittsburgh. The company is based on a franchise model.
Amazon has just launched its brand of pet products named “Wag.” The first product to be released is dry dog food. The brand, which presently is only available to Amazon Prime customers, is also planning to expand its selection.
Pet IQ Inc., has collaborated with Walmart to open 20 VetIQ Petcare clinics at various Walmart locations across the country. The collaboration comes after the company’s plans to open more than 1000 veterinary clinics in different retail-partner locations. VetIQ Petcare clinics will provide non-emergency, preventative veterinary care services for both dogs and cats.
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