The Global Pet Care Market showed a growth of about 4% in 20015, approximately US$ 70 Billion– Forecast to 2027
The global pet care market is expected to exhibit flourishing growth owing to an increasing demand for pet care products including food products, pharmaceuticals, and accessories. Furthermore, rising emphasis on pet care, nutrition and health also influences the growth of the market. The demand for pet tracking and monitoring devices also gaining grounds in the developing nations across the growth. Other factors driving the growth of the market are increasing disposable incomes in middle income groups, increase in pet population, and rising trend of pet care to home. Additionally, technological advancement in pet care also influence the market growth.
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Number of technologies are available for pet health and nutrition in the market are computerized feeders, pedometers, and others. The U.S based company, Pet Life LLC, introduced a high-tech pet motion, activity and consumption tracker. This high-tech product is operated via Bluetooth and Wi-Fi.
Animal health and nutrition has received attention of key players in the market owing to an increasing use of pet care product products and services. Major products and services in pet care are nutritional supplements, medical devices medicines and vaccines, diagnostics, pet supplies, veterinary and other related services. Therefore, extensive use of these products is expected to boost the growth of pet care market across the globe.
Key Players:
Nestlé (U.S.), Zoetis , Aller Petfood Llc, Ancol Pet Products Limited, Beaphar, BHJ, Martin & Martin (Pty) Ltd., earthbath, J.M. Smucker Company, Nestlé, PetLife LLC and PLATINUM PETS are some of the prominent players at the forefront of competition in the global pet care market and are profiled in MRFR Analysis.
Global Pet Care Market – Competitive Analysis
Key strategic approaches undertaken by the major players in the market are merger, acquisition, partnership, collaborations, new product launches. This strategies determine the growth of the companies, thus strengthening their position in the market. Other strategies are geographical expansion, help the key players to enhance their geographical presence, and serve customers across the globe.
Nestlé:
November, 2017: Nestlé inaugurated a CHF 70 million expansion to its Purina plant in Bük, Hungary. This expansion will help the company to develop various pet care products serving more than 300 countries. The strategic focus of the company behind this expansion is to focus on capital spending on food and beverage categories of petcare, coffee, infant nutrition and bottled water. Brands that are manufactured at this plant are Felix, Gourmet and Friskies.
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September, 2017: Nestlé Purina announced its investment of USD 320 million in Hartwell manufacturing facility and distribution centre which is expected to begin in 2018, with production to follow in 2019. This investment aim at strengthening their business through geographical advancement and product quality product to the customers.
Global Pet Care Market – Regional Analysis
America account for the largest market share in pet care market. The growth is attributed to an increasing demand for pet nutrition and pet care devices in the market. Additionally, the market growth is also boosted by increasing expenditure on pet care in North America. In North America, the U.S. is the largest market for pet care whose growth is attributed to an increasing demand for pet care According to the American Pet Products Association (APPA), the actual U.S. Pet Industry Expenditures for the year 2016 is USD 66.75 billion and the number has increased by 4.2% from the previous year. In South America, the market is expected show steady but positive growth owing to growing emphasis on pet care and increasing pet population.
Europe is the second largest market for pet care market followed by Asia Pacific. The growth of the market in the Europe is attributed to an increase in the demand for pet nutrition as well as overall growth of healthcare industry in European countries such as Germany, France, and U.K. Germany is the largest market for pet care in the European Union (EU). In Germany, rinsing awareness about rare diseases and presence of major research institutes influences the growth of the market. While U.K and France acquire second and third position in the market. Asia Pacific is the expected to be the fastest growing market for pet care owing to an increasing demand for diagnosis and treatment services and availability highly qualified and skilled healthcare professionals in veterinary medicine.
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