The global pet supplies market is growing at a rapid pace. Factors such as the increasing number of pet ownerships led by the increasing per capita income drive the growth of the market. Rise in the per capita income levels is propelling the market growth, leading to increasing the number of pet adoption. Continuing with the same growth trend, the market will continue to grow during the review period.
As per Market Research Future (MRFR), the global pet supplies market is projected to garner a valuation of USD 38.45 BN by 2025 at 6.9% CAGR throughout the assessment period (2019 to 2025). The market has witnessed high growth in recent years owing to the increasing adoption of pets. Besides, high market competition leads to product innovation, which attracts consumers and drives the growth of the market.
Growing awareness of animal cruelty has also influenced people’s perceptions and ideologies towards animals. The trend of nuclear families and rising income levels have resulted in increased adoption of pets among middle-income families as well. The pet supplies market is thriving with the rise in the number of pet ownership and the overall spending.
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Global Pet Supplies Market- Segments
MRFR has segmented the market into three dynamics to widen the scope of understanding,
By Type: Beds & Furniture, Cleaning Supplies, Bowls & Feeders, Clothing & Shoes, and others.
By Distribution Channel: Store-based (Hypermarkets, Supermarkets, Specialty Stores, others) and Non-Store-based.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Pet Supplies Market – Regional Analysis
North America is estimated to continue its dominance over the global pet supplies market with a significant market share. Factors such as the growing demand for quality health care for pets led by the increasing number of pet owners substantiate the growth of the regional market. The ever-increasing pet ownership in the region is driving the sales of pet supplies, especially in the US and Canada.
Europe accounts for the second-largest share in the global pet supplies market. Factors driving market growth include the well-proliferated pet care sector that is witnessing the growing number of pet owners. The European region is projected to demonstrate healthy growth throughout the review period.
The Asia Pacific pet supplies market is emerging as a lucrative market with a rising number of pet owners and pet lovers. Also, the growing funding support from the government and private organizations are fostering the market growth.
Innovation/Industry/ Related News:
November 14, 2019 —- The Honest Kitchen (the US), a leading pet food supplier, announced receiving the innovation award for kibble alternative, a line of whole food clusters dog food products. The award is presented by Pet Supplies Plus, the largest independent pet retailer in the United States. Honest Kitchen makes healthy pet food from minimally processed, human-grade ingredients. The 100% human-grade and minimally processed diets are available in grain-chicken, grain-free beef, and grain-free turkey formulas.
November 18, 2019 —- DogWatch (the US), a dealer of hidden fencing for pets, announced the acquisition of Brookpark Pet Supply that offers obedience classes and grooming services. It also offers full grooming, self-bathing, nail trims, as well as food, treats, collars, toys, beds, leashes, and other supplies for cats and dogs. Bringing both businesses together under one roof would allow DogWatch customers to come to the store for a new collar or batteries and pick up something for their pets.
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Global Pet Supplies Market- Competitive Landscape
Characterized by the presence of many big and small players, the global pet supplies market appears to be highly competitive and fragmented. Players incorporate mergers & acquisitions, collaboration, product launch, and expansion to gain a larger competitive advantage and to maintain their position in the market. Key players try to expand their footprints in the emerging regions, which are making it further difficult for regional players.
Manufacturers strive to meet the growing demand, strengthening their supply chain. The market competition will get intensified further during the review period, presaging the consolidation among players. Sales in large and small companies have increased drastically across the board over the past few years, which have drawn more companies into the fray.
Players leading the global pet supplies market include KONG Company (US), Ancol Pet Products (UK), Akrobon (India), Pets Empire (India), Pet-i-tude (US), Radio Systems Corporation (US), Petland (US), K&H Pet Products (US) ,Church & Dwight Co., Inc. (US), Central Garden & Pet Company (US), ZippyPaws (US), Pets Love Scruffs (UK), RAC Group Limited (UK), Rosewood Pet Products (UK), and Sharples Pet (UK), among others.
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