According to a new report published by Allied Market Research, titled, “US Russia Turkey Pet Care Market by Product Type, Animal Type, and Distribution Channel.: Country Opportunity Analysis and Industry Forecast, 2021-2030,”
The US Russia Turkey pet care market size was valued at $72,580.34 million in 2020 and is estimated to reach $129,083.76 million by 2030, registering a CAGR of 5.7% from 2021 to 2030.
Rise in concept of pet parenting and increase in disposable income of the pet owners are the major factors that drive the growth of the US Russia Turkey pet care market. Consumers are now opting for branded highquality pet food, high-end accessories, and a variety of pet grooming services for their pets.
Increase in adoption of various online portals and rise in number of offers or discounts provided by these sites attract consumers to purchase pet food and pet care products through online channels. Moreover, online sales channels have increased consumer reach, owing to which it has evolved as a key source of revenue for many companies. Furthermore, the online sales market is expected to expand in the future, owing to rapid growth in online and mobile user customer bases is likely to propel the US Russia Turkey pet care market growth during the forecast period.
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Rise in regulatory constraints in the U.S pet care industry are expected to negatively affect the US Russia Turkey pet care market during the forecast period. For instance, in the U.S., pet food is highly regulated by the U.S. FDA to meet both federal and state requirements. The U.S. FDA has imposed laws on both finished pet supplements and their ingredients.
The US Russia Turkey pet care industry was already growing at a strong rate pre-pandemic, but certain COVID-19 repercussions accelerated this growth and are expected to sustain it for years to come. This is attributed to increase in awareness regarding pet health.
According to the US Russia Turkey pet care market analysis, the market is segmented on the basis of product type, animal type, and distribution channel. On the basis of product type, the market is categorized into pet care products and pet food. Pet care products further segmented into brushes, shower and bath accessories, toothpaste, grooming wipes, shampoos/conditioners, cat litter, pet comb, tick repellent and others. Pet food further bifurcated into dry food, wet food and treats and snacks. On the basis of animal type, the market is segmented into, dog and cat. On the basis of distribution channel, the market is segmented into, supermarket, e-commerce, specialized pet shops and others. Country wise, it is analyzed across U.S. Russia and Turkey.
On the basis of product type, the pet food segment was the highest contributor to the US Russia Turkey pet care market, with $50,602.31 million in 2020, and is estimated to reach $85,677.86 million by 2030, at a CAGR of 5.2% during the forecast period. Surge in households with pet and pet humanization are likely to garner the growth of the U.S. Russia Turkey pet food market. Owners are increasingly concerned about the health of their pets and thus feed their Dog with various premium and super premium pet food, including natural-and organic ingredient based pet food. Functional food comprises a combination of carbohydrates, minerals, proteins, fats, vitamins, and water. These functional food help pet to fight infection, perform daily activities, improve brain and overall health, repair teeth & bones, and maintain their build and muscle tone.
According to the US Russia Turkey pet care market trends, on the basis of animal type, the cat segment has gained significant share in the US Russia Turkey pet care market. Rise in adoption of cats have been witnessed, owing to their low maintenance. Growth in adoption of cats and spending on cat care products, including health care and grooming are anticipated to favor growth of the functional pet food market during the forecast period. Cats are the second-largest consumers of pet food across the globe.
Moreover, rise in concern regarding health and hygiene of cats is also a major factor that propels the US Russia Turkey pet care market growth. In addition, rise in disposable income and concerns about pet health, especially among millennial population are anticipated to boost sales of cat food and caring products during the forecast period.
On the basis of distribution channel, the specialized pet shop segment was the highest contributor to the US Russia Turkey pet care market, with $18,232.18 million in 2020, and is estimated to reach $35,476.35 million by 2030, at a CAGR of 6.6% during the forecast period. Specialized pet shop is the second fastest growing sales channel after ecommerce sales. The consumers are benefited with wider and specific option as per their pet requirements. For instance, veterinary diet offered by PetCo assists to improve immune system for Dog and cats and promotes healthy fur. Also, a large of number of pet stores located in the U.S. include PetCo, Petland, Pet Valu, and PetSmart. In addition, there are many smaller pet shops such as Big Al’s and Pet Food Express which are present at smaller number of locations. Thus, above mentioned factors propel the growth of the US Russia Turkey pet care market during the forecast period.
According to the US Russia Turkey pet care market opportunities, country wise, U.S. garnered a major share in the market in 2020, and is expected to maintain its dominance throughout the US Russia Turkey pet care market forecast period. U.S. witnessed highest share in the US Russia Turkey pet care market in 2020, and is expected to sustain its share during the forecast period. High number of pet ownership and increase in spending capacity on pet care products, including health care and grooming products are some of the major attributes for growth of the market in this country. Increasing pet humanization, growing trend of nuclear families, and adoption rate of pet especially among the young population are some of the factors have impelled the demand for pet food and pet care products across the U.S. country.
Players operating in the U.S. Russia Turkey pet care industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Colgate-Palmolive Company, Ferplast S.P.A., Mars, Incorporated, Nestlé Purina Petcare (Nestlé S.A.), PETEDGE, Rosewood Pet Products, The Hartz Mountain Corporation, The J. M. Smucker Company, Wahl Clipper Corporation, and WellPet LLC.
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Key Findings Of The Study
- Cat litter segment is estimated to witness the significant growth, registering a CAGR of 9.1% during the forecast period.
- Cat segment was valued at $24,067.64 million in 2020, accounting for 6.5% of the US Russia Turkey pet care market share.
- By distribution channel, the specialized pet shops segment is estimated to witness the significant growth, registering a CAGR of 6.6% during the forecast period.
- U.S. was the most prominent market in the US Russia Turkey pet care market in 2020, and is projected to reach $99,820.47 million by 2030, growing at a CAGR of 5.2% during the forecast period.
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