Pet care products are necessary to help raise a pet. These include pet food, cleaning products, pet toys, and pet medical care products. Pets act as a companion for a human being. Pets can be intelligent, reliable, and emotional toward their owner. According to a new report published by Allied Market Research, titled, “Pet Care Market by Product Type, Animal Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global pet care market size is expected to reach $269,497.5 million by 2030 at a CAGR of 6.2% from 2021 to 2030.
Companies covered :-
PetSmart Inc., Petco Animal Supplies Inc., Nestle S.A, Ancol Pet Products Ltd., Mars Inc., Champion Pet Foods, The Colgate-Palmolive Company, Blue Buffalo Pet Products Inc., Heristo AG, Petmate Holdings CO.
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According to the insights of CXOs of leading companies, the treats and wet pet food segments are expected to offer remunerative business opportunities in developing economies such as India and China. This is attributed to increase in adoption of pets (especially dogs and cats) and rise in awareness regarding various pet care and pet grooming products such as functional, supplements, medicines, and nutraceuticals.
Internet sales have been presenting continuous growth over the years. The availability of info-centric health products, such as natural, organic, and nutritional foods, as per consumers’ demand has gained popularity, owing to rapid increase in pet humanization. However, some of the small e-retailers, such as EarthlyPets.com, AllAmericanPet.net, PremierPetFoods.com, and SitStay.com, have come up with healthy, nutritional, and organic pet food products that would create lucrative opportunities for other small retailers to increase their networking channels and strengthen their product offerings.
Asia-Pacific is one of the most important and high potential regions for the pet care industry. Asia-Pacific has diverse countries, such as Australia and Japan, which have reached a maturity stage and have emerging markets such as China, India, and others. There is also a sharp contrast in the buying patterns and social cultures in these countries. The pet care market in Asia-Pacific is being largely driven by rapid urbanization and connectivity programs. In many countries owing a pet, focusing and spending on its care is perceived as a social status and sensitivity. However, people usually give foods consumed by humans, such as white rice, dairy products, fish, chicken, and peanut butter, instead of recommended pet food to their pets, which is expected to hinder the growth of the pet care market.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The factors that drive the growth of the global pet market are increase in animal humanization, mobile pet grooming, surge in the demand for protein in the animal food, and demand in pet insurance. However, high pet care products cost, lack of awareness of products, and low income hinder the growth of the pet care market.
An increase in nuclear families has increased the adoption of pets. People are getting more aware of pet health and want the best pet care products; this has increased the demand for organic food among the countries.
Movies and ad campaign have greatly influenced people to adopt pets and in turn, it has increased the sale of pet care product. Advances in technology have given easy access to training and grooming facilities. Pet lovers or pet owners are also focusing on giving healthy pet food.
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Key Benefits of the Report:
- This study presents the analytical depiction of the global pet care industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global pet care market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global pet care market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global pet care market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions Answered in the Pet Care Market Research Report:
- What are the leading market players active in the pet care market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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