Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global pet care market size is expected to reach USD 325.74 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period. The growing shift towards plant-based and nutritious food among animal owners will foster healthy growth of the market. The market size stood at USD 207.90 billion in 2020.
Introduction of Advanced Pet Care Products to Favor Growth
The development of innovative animal care products by prominent companies such as location tracker devices, cardboard pet feeder devices, smart laser cat toys, and others will have a tremendous impact on the market. For instance, in February 2020, Nestle S.A. launched ‘Unleashed’ a global pet care industry's global innovation program. This program was aimed to provide total funding of USD 51,922.4 to the start-up companies associated with the manufacturing of the various pet care items from Europe, North America, Middle East by the end of 31st March 2020.
Moreover, the heavy demand for premium quality animal products is expected to spur the pet care market growth opportunities in the forthcoming years.
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List of Companies Covered in the Global Pet Care Market are:
- Mars Incorporated (Virginia, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- Spectrum Brands Inc. (Wisconsin, U.S.)
- Diana Group (Bang Krachao, Thailand)
- The J.M. Smucker Company (Ohio, U.S.)
- Unicharm Corporation (Tokyo, Japan)
- Hill’s Pet Nutrition, Inc. (Kansas, U.S.)
- SCHELL & KAMPETER, INC (Missouri, U.S.)
- Tiernahrung Deuerer GmbH (Bretten, Germany)
- Heristo AG (Bad Rothenfelde, Germany
Prevalence of Coronavirus in Animals to Uplift Market during Pandemic
The increasing concerns regarding the spread of coronavirus in dogs have accelerated demand for dog healthcare products among dog owners. For instance, from 1st December 2019 to 1st February 2020, Fox News reported a tenfold increase in the sales of the total number of dog face masks in China. Moreover, the surging pet ownership will consequently favor the growth of the market amid coronavirus. According to a survey ‘2019-2020 APPA National Pet Ownership’ conducted by American Pet Products Organization, as of 2020, 67% of the U.S. households owned a pet over 56% in 1988.
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Regional Analysis:
High Spending on Animal Care to Boost Market in North America
North America's market is expected to expand radically during the forecast period due to the high-spending on-animal care products and services by the Canadian and U.S. population. According to the Statistical Department's data, the Government of Canada, in 2019, Canadian household expenditure on pet insurance, veterinary, and other related services reached USD 2,720 million, up from USD 2,550 million in 2018. Asia Pacific is expected to hold a significant pet care market share during the forecast period due to prominent companies such as Mars Incorporated, Nestle S.A., and others. Besides, the expansion plans of companies can have an excellent effect on the market in the region. For instance, in May 2020, Nestle S.A. invested USD 103.2 million to inaugurate two manufacturing facilities of pet supplies in China.
PART 2:
Pet Food Market:
According to study, the global pet food market size is expected to gain momentum by reaching USD 136.82 billion by 2028 while exhibiting a CAGR of 4.96% between 2021 to 2028.
Market Segmentation:
By animal type, the market is trifurcated into Dogs, Cats, and Others.
Based on animal type, dogs held a market share of 58.34% in 2020. This is attributable to high expenditure associated with the maintenance and well-being of dogs. Additionally, new launches of dog treats and nutrition-rich food is another significant reason contributing to the growth of the segment.
By form, it is segmented into dry and wet pet food, and snacks & treats. Based on distribution, channel, it is divided into supermarkets/ hypermarkets, specialty pet food stores, online channels, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, South America and the Middle East & Africa.
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Driving Factor
Rising Pet Ownership across Developing Economies to Aid Growth
The increasing adoption rate of pets worldwide, especially in the developing regions is expected to drive the pet food market growth. The emergence of nuclear families, rising urbanization and pet humanization is making owners to go for nutritious and quality food for their pets, is further fueling the market growth. Additionally, the rising per capita income of the consumer is allowing them to spend on organic food products for pet animals. Moreover, the easy availability pets’ products at varied price is also generating traction, as it offers customers range of options.
Regional Insights
North America to Dominate Backed by Increasing Adoption of Pets in the Region
North America is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to increased adoption of pets in the U.S. households. For instance, according to survey done by the American Pet Products Association (APPA), around 85 million U.S. households i.e. around 67% of the total households present in the U.S. own a pet. The region’s market stood at USD 36.22 billion in 2020.
Europe is expected to show significant pet food market share owing to increased spending on sustainable and safe pet animal food. Additionally, in Europe pet owners demand for transparency in pet animal food product ingredients. U.K. is the largest pet animal food market in Europe; and is followed by Germany and France.
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Competitive Landscape
Key Players to Focus on Facility Expansion & Investment to Strengthen their Market Prospectus
The global market contains a large number of prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market.
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