Pet Care Market size is set to grow by USD 72.82 billion from 2022-2027; increasing pet ownership drives the market

NEW YORK, June 21, 2023 /PRNewswire/ — The global pet care market size is estimated to grow by USD 72.82 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  6% during the forecast period. However, the growth momentum will progress. North America is estimated to account for 42% of the global market during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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Global Pet Care Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (Dogs, Cats, and Others), product (Food, Accessories, and Grooming), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

• The market share growth by the dogs segment will be significant during the forecast period. Dogs make up a significant portion of the global market, which is currently experiencing growth. Businesses cater to a combination of dog-related categories, including food, grooming, healthcare, and accessories.  However, dogs are considered to reduce stress, anxiety, and depression, encourage activity, and improve cardiovascular health. Parents often keep dogs as pets to guide their children’s responsibility, the significance of kindness, and the importance of sharing. Further, to keep their dogs healthy even when they are not home, working couples with nuclear families often purchase dog-care supplies. Therefore, the segment is expected to rise with an increase in demand for pet dogs in the global market during the forecast period.

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Geography Overview
By geography, the global pet care market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global pet care market.

• North America is estimated to account for 42% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The pet care industry in the area is currently being influenced by technology. The creation of specific pet apps is one of the trends currently dominating the market. It allows pet owners to keep an eye on their animals’ eating habits, playtime, and health regimens. The significant factor fueling the expansion of the pet care industry is people’s desire for a friend. In North America, the market for pet care is currently expanding. The demand for pet-related services is increasing, including grooming, training, and adoption. However, in North America, pet food is the biggest category of pet care. A major market trend has been the growing consumer interest in organic, whole-food, and healthy foods. As modern pet owners are more likely to give their animals the best care possible, pet grooming services are becoming more and more popular. Despite being a rapidly increasing attraction, the grooming sector of the pet service industry has historically grown at the fastest rate and will continue to do so in the years to come, The demand for pet insurance in the regional market is expected to grow along with the demand for protein and other supplements in animal food during the forecast period.

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Global Pet Care Market – Market Dynamics
Key factor driving market growth
Increasing pet ownership is a major driving factor in market growth. This is because more people are deciding to keep pets for a number of reasons as pet ownership has increased recently. Along with the number of pet owners the demand for pet care goods and services increases. Pets receive the same level of care and acceptance as people and are treated as members of the family. Pet owners are therefore willing to spend more on pet care goods and services in order to make sure that their pets are well taken care of. The market for pet care will continue to grow as a result of this trend, which is expected to continue. It has become easier for people to keep pets as landlords and employers increasingly value pet adoption. The increase in pet ownership can be attributed to multiple factors, including the humanization of pets, the availability of pet-friendly homes and workplaces, and the COVID-19 pandemic. Therefore, these factors have led to a rise in demand for pet care products and services, which is expected to fuel the growth of the global market during the forecast period.

Leading trends influencing the market 

The growing popularity of customization in pet care products is a major trend in the market growth. Customers are interested in the variety of pet care products that market competitors are developing. The majority of businesses allow customers to customize their pet care products. According to the needs of pet owners, the design, color, size, raw material, style, and shape can be changed. However, in order to satisfy the unique requirements of each customer in the global market, features like unique decorations and bedding, portability, personalized accessories, built-in storage space, food and drink holders, seating arrangements, type of raw materials, and other appealing features can be added. Pet owners can also request customized pet accessories like leashes, collars with name tags, and harnesses made from specific raw materials, such as leather. Due to the fact that leading manufacturers are providing designer, specially-made pet care products to meet consumer demand, the global market is expected to experience substantial growth as a result of growing consumer demand during the forecast period.

Major challenges hindering the market growth

The increasing competition for pet care products globally is a major challenge hindering market growth. The global market is extremely competitive, with a large number of players providing a diverse range of goods and services. The recent development of e-commerce platforms, which has made it easier for new players to enter the market and compete with established brands, is a significant factor driving competition in the global market. However, as a result of the growth of online marketplaces, businesses now have to compete not only with local retailers but also with international players who have significant resources and economies of scale. Businesses must invest in R&D, marketing, and branding to develop advanced products that meet shifting consumer demands while also addressing logistical and supply chain issues if they want to grow in this market environment. Hence, the increasing competition among the players in the global market is expected to impede growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and
forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Pet Care Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the pet care market between 2023 and 2027

• Precise estimation of the size of the pet care market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the pet care market industry across North America, Europe, APAC, Middle East and Africa, and South America

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of pet care market vendors

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Related Reports:

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The global pet insurance market size is estimated to grow by USD 19,852.9 million between 2022 and 2027 accelerating at a CAGR of 31.41%. This report extensively covers market segmentation by Type (dogs, cats, and others) and Geography (North America, Europe, APAC, South America, and the Middle East and Africa). The market trend in pet care services is increasingly focused on offering high-end premium services.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio