Newark, NJ, Sept. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global pet care market is expected to grow from USD 225 billion in 2019 and to reach USD 358.62 billion by 2027, growing at a CAGR of 6% during the forecast period 2020-2027.
The pet care market is witnessing significant growth form the past years. This growth is attributed to advanced technologies like GPS pet tracker, smart feeder, pet tread-wheel and treadmill, pet camera and feeder, and other associated technological advancements that help maintain location tracks and achieve daily pet chores conveniently. The introduction of various advanced products in the market, such as sureflap, litter robot, go pro fetch, and various others, will propel the pet care market. The growing adoption of high-tech collar products that helps in keeping the record of the pet’s heart rate, GPS location, and body temperature will influence the market.
Pet care is referred to as taking care of pets staying at house as a family member. Pets help with emotional support, reduce stress level, increase social activities, and also provide companionship. Pets can be of various forms, such as dogs, cats, and birds. They also help in an extraordinarily diverse range of activities; therapy dogs are taken to hospitals, nursing homes, and care centers for the disabled to engage with patients and help them more sociable. The important aspect of pet care is to ensure that the pet is well-trained and proper socializing.
The global pet care market is expected to witness significant growth, owing to increasing humanization towards pets, urbanization, rising adoption of foodborne and zoonotic diseases, increase in animal healthcare expenditure, and increasing demand for telemedicine technology to augment the access to animal veterinarians, nutritionist, and animal experts through the online mobile application. The factors restraining the market growth are high pet care costs, lack of awareness regarding pet care products, low per capita income of middle and lower-middle class, and out of pocket expenditure in pet healthcare in developing regions. Advanced tracking pet wearable will provide market growth opportunities.
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Key players operating in global pet care market include Nestle S.A, Blue Buffalo Pet Products, Inc., Champion Petfoods, Ancol Pet Products Limited, Heristo akteingesellschaft, Petmate Holdings Co., PetSmart Inc, Colgate-Palmolive Company, Zooplus AG, Zoetis Inc., Freshpet, Idexx Laboratories Inc., Petco Animal Supplies, Inc., Trupanion, and Chewy Inc. To gain a significant market share in the global pet care market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Idexx Laboratories Inc. and Nestle S.A are some of the key manufacturers operating in pet care market.
- For instance, in April 2020, IDEXX SARS-CoV-2 (Covid-19) real PCR test for pets was launched by Idexx. This launch strengthened the position of the company across the world.
- In May 2017, PetSmart Inc. acquired Chewy Inc. This acquisition will help enhance both companies' capabilities and reach by offering products and pet services worldwide.
Dog segment dominated the market and held the largest market share of 40.9% in the year 2019
On the basis of type, the global pet care market is segmented into cats, dogs, fish, and birds. Dog segment dominated the market and held the largest market share of 40.9% in the year 2019. This growth is attributed to the rising adoption of dogs in various emerging economies, psychological and therapeutic benefits, and increasing research and development of first-in-line drugs.
Pet Food segment dominated the market and held the largest market share of 29.15% in the year 2019
On the basis of product, the global pet care market is segmented into veterinary care, pet food, OTC/supplies, live animal purchase, and pet boarding/grooming. Pet Food segment dominated the market and held the largest market share of 29.15% in the year 2019. This growth is attributed to the increasing number of pet owners shifting towards the benefits of a protein-rich diet, and the growing demand for premium food products and natural & organic products.
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Regional Segment of Pet Care Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global pet care market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 25.16% in the year 2019. This growth is ascertained by the U.S. in the North America region owing to rising animal healthcare and increasing awareness of animal health in the country. The changing pet ownership across the U.S. and the rising preference of nutritionally rich and branded pet food will propel the region's market growth. The market in Japan is expected to witness significant growth, owing to changing lifestyles, rising disposable income, and growing acceptance of pets in the country. The Asia-Pacific region is witnessing significant growth in China, ascertaining the choice of the middle-income population to invest more on pets than having children.
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About the report:
The global pet care market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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