New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Travel Services Global Market Report 2023" - https://www.reportlinker.com/p06466520/?utm_source=GNW
The global pet travel services market is expected to grow from $1.66 billion in 2022 to $1.85 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pet travel services market is expected to reach $2.74 billion in 2027 at a CAGR of 10.3%.
The pet travel services market includes revenues earned by providing services such as pet travel GPS tracking options, kennel services, exercise facilities, and pet insurance.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included. The value of goods in this market includes related services sold by the creators of the goods.
Pet travel services are defined as services that are provided which deal with all the logistics of transporting animals safely and conveniently from one place to another. This services is used by people to transport their pets from one place to another in a stress-free environment, with convenience and which also saves a lot of time.
North America was the largest region in the pet travel services market in 2022. The regions covered in pet travel services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of pet travel services are domestic and international.Domestic pet travel services are defined as traveling inside one’s country that are used by pet owners to relocate their pets to different parts of the country.
The various pet types include dogs, cats, and others. The various types of booking include online booking and offline booking, that are used in various applications such as transportation, and relocation.
An increase in pet adoption will propel the growth of the pet travel services market going forward.Animal adoption means acquiring animals through rescue groups instead of purchasing them from pet shops or breeders.
People use pet travel services for conveniently transporting their pets, which is less time-consuming and is handled by professionals. For instance, in February 2023, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Additionally, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog, making them the most common pet and approximately 48% of households had dogs in 2022, 40% increase from 2019. Therefore, the rise in the animal adoption rate is driving the growth of the pet travel services market.
Product innovations are a key trend gaining popularity in the animal health market.Major market players are concentrating their efforts on introducing new and advanced services and products to strengthen their position in the market.
For instance, in March 2023, Pet Value, a Canada-based pet food and supplies company, launched Let’s Go Outside, a unique digital travel guide focused on pets. The limited edition hard copy of the travel guide has a unique chew-proof sleeve that is pet friendly and provides a collection of stories and expert tips with suggestions of pet-first hotels, campsites, hikes, parks, restaurants, and others that the animal care experts of the company curate.
In July 2021, Gulf Air, a Bahrain-based airline company that offers pet travel services, collaborated with International Pet and Animal Transportation Association.Through this collaboration, the association aims to open safer transport for pets expanding its cargo services that are specialized for transporting pets.
International Pet and Animal Transportation Association is a US-headquartered global association focusing on safe and humane animal transportation.
The countries covered in the pet travel services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pet travel services market research report is one of a series of new reports that provides pet travel services market statistics, including pet travel services industry global market size, regional shares, competitors with a pet travel services market share, detailed pet travel services market segments, market trends, and opportunities, and any further data you may need to thrive in the pet travel services industry. This pet travel services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466520/?utm_source=GNW
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