The Global Pet Care Market has observed impressive growth over the years and is projected to capture a steady CAGR of 4.1% over the forecast period of 2017 – 2023, reveals a study by Market Research Future (MRFR).
The market has significantly grown upwards due to higher pet ownership and rising disposable income. Escalating trends towards pet adoption coupled with rising disposable income and willingness to spend on pet care has been the primary driver of the market. Observing the growth in the pet care market, many new players are keen on entering the market which further augments market growth. The rise in number of e-commerce platforms catering to the diverse needs of pet owners is boosting the market for pet care. Growing awareness regarding pet care products and services and easy availability made possible by online portals have led the market.
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The growth in the pet care market can be majorly attributed to the demographic shift from Baby Boomers to Millennials. Millennials across the world have a higher inclination towards pet adoption and are increasingly preferring to own pets instead of having children. They tend to spend more than average on pet care and are willing to invest more time and effort on a pet. Millennials offer ample growth opportunities for the pet market and pet care brands are largely focusing on this demographic group to increase sales. Moreover, ownership of finer breeds of pets is considered as a style and status symbol in the society which urges pet owners to splurge in grooming, fashion, and accessories for pets. Additionally, the growing trend of pet humanization, especially among the millennials is also a critical driver of the market. Pet owners are progressively advocating the idea of preventive health care for pets which is ultimately boosting the market for pet care. Advancements in technology related to pet care such as computerized feeders, pedometers, pet activity tracker and breakthrough of mobile apps also support the growth of the pet care industry.
Furthermore, the entry of established businesses into niche areas of pet care such as grooming and daycare is expected to reflect positively on the market growth. Despite the bright outlook, the global pet care market growth might be hindered by escalating prices of pet care products and services, and rising incidences of allergies in pets. However, growing indulgence of pet owners in pet fashion is likely to offer lucrative growth opportunities for market growth.
Key Players for Global Pet Care Market
Some of the key player in the market are Aller Petfood Llc, Ancol Pet Products Limited, Beaphar, BHJ, Martin & Martin (Pty) Ltd., earthbath, J.M. Smucker Company, Nestlé, PetLife LLC and
PLATINUM PETS.
In the last few years, Pet Care Market has been experiencing a significant growth in terms of technological advancements and innovation, for instance, PetLife LLC introduced a high-tech pet motion, activity and consumption tracker. This high-tech product is operated via Bluetooth and Wi-Fi.
Competitive Landscape
The Global Pet Care Market is highly competitive with the presence of some established players. The growth in the pet care market has attracted many new entrants to the market who are leveraging e-commerce trade to make it big in the industry. The existing players are implementing various strategies such as mergers and acquisitions to expand their existing business and capitalize on the market opportunities.
Pet Care Industry Updates
In June 2018, a new telemedicine vet care plan was launched in the greater San Francisco area. An endeavor by Fuzzy Pet Health, the new subscription service called the Fuzzy Pet Health connect will let pet owners chat with a vet from their smartphone via the Fuzzy Pet Health mobile app at a subscription charge of 10 dollars per month. It will also allow to exchange pictures and videos to a vet and facilitate access to real-time medical help.
In July 2018, Chewy, an online dealer of pet food and other pet care products entered the pet medications market with the launch of its own online pharmacy. Chewy Pharmacy will allow pet owners to order medications online with the help of a veterinarian prescription.
Segments for Global Pet Care Market
The global pet care market has been segmented based on type, and product & services. By type, the market has been segmented into dog, cat, and others. By product & services, the market has been segmented into pet food, pet healthcare products, and others. Pet healthcare products are further segmented into medicines, vaccines, and others.
Regional Analysis for Global Pet Care Market
The principal markets of the global pet care market include the Americas, Europe, Asia Pacific, and Middle East & Africa. The Americas and Europe dominate the global market for pet care owing to the prevalence of pet ownership and growing pet humanization. Asia-Pacific market is expected to exhibit substantial growth due to rising disposable income, and growing trend of pet adoption in the region. Changing socio-economic conditions in the Middle East is expected to pave the way for market consolidation.
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