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Source: Global Market Insights, Inc

World Pet Care Market value to hit $269 billion by 2025: Global Market Insights, Inc.

The Chinese pet care market revenue is set to achieve over 14% CAGR from 2019 to 2025 supported by increasing pet adoption at a rapid rate in the region.

Selbyville, Delaware, June 18, 2019 (GLOBE NEWSWIRE) --

U.S. pet care market is forecast to grow at 3.5% over the projection period. Increasing rate of humanization of pets has resulted in retailers developing strategies for consumers seeking to treat their pets and providing the necessary pet care products. Rise in demand for higher-quality food has boosted sales dramatically over the last few years, fueling the pet care market growth in the country.

Pet care products market was valued at over USD 55,763 million in 2018. Pet care products constitute grooming products and supplies. Basic pet grooming products include conditioners and shampoos for bathing, scissors and clippers for nail trimming and brushes and combs for hair cleaning. Pet supplies include collars, beds, kennels, toys, etc. Pet care products market is an established market with consistent financial growth over the past decade. Hence, increasing number of e-commerce websites and brick and mortar stores coupled with rising per capita income will propel pet care products segment growth across the forecast timeframe.

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Cats pet care market is projected to grow at 5.8% over the estimation period. The population of cats has increased due to growing willingness of owners to care more for their animals’ health. Innovative medications for cats coupled with cat specific food products are dominating the cat care segment. Growing adoption of cats as companion animals will boost segmental growth. For instance, cat population in U.S. was estimated to be more than 90 million in 2017. Growing emphasis on cat grooming and health will further boost segmental growth.

Global Pet Care Market is projected to surpass USD 269.9 billion by 2025; according to a new research study published by Global Market Insights, Inc. Increasing veterinary costs has escalated demand for pet insurance. In developing countries, people opting for pet life insurance are usually the one’s owning an expensive pet at home. While in rural areas, many farmers opt for insurance policy for their farm animals. Different policies offer different coverage as per animal. Life span of pets have increased considerably due to veterinary hospitals treating large number of injured and sick pets. Thus, increasing expenditure on pet care will stimulate demand for pet insurance, thereby fueling pet care market growth.

Mobile pet grooming, a companion animal service sector, is growing rapidly. The hectic schedule of pet owners coupled with elderly people has resulted in growing demand for mobile pet grooming. Pet grooming is considered an important aspect for overall health and development of domestic animals. Pet animals face anxiety and stress issues in fixed pet care facilities. Hence, mobile pet grooming services is appropriate for pets that are less comfortable in large groups and require personalized attention, resulting in augmenting the pet care market growth.

Browse key industry insights spread across 247 pages with 490 market data tables & 8 figures & charts from the report, “Pet Care Market Size By Type (Pet Food {Nutritional, Medicated}, Pet Care Products {Veterinary Care Products, Supplies/OTC Medications}, Services {Pet Grooming/Boarding, Live Animal Purchase), By Animal (Dogs, Cats, Birds, Fishes, Horses), By Distribution Channel (Stores, E-commerce) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Austria, Belgium, Czech Republic, Hungary, Netherlands, Poland, Portugal, Romania, Sweden, Switzerland, Ukraine, Greece, Japan, China, South Korea, India, Australia, Philippines, Brazil, Mexico, Argentina, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:   

https://www.gminsights.com/industry-analysis/pet-care-market

Lack of awareness regarding pet care products and services are comparatively high in the developing regions. The per capita income for developing countries is less in comparison to developed countries in the west, thus, private veterinary practices are rarely seen. Hence, the population does not regard pet care as a priority, resulting in impeding the business growth.

Distribution via e-commerce segment of pet care market held significant industry share and was valued at USD 30,058.3 million in the year 2018. Online sales of pet care product have enabled the manufacturers to expand their customer base and market share. As consumers get more convenient services and multiple choices, the preference for e-commerce will tend to grow in the future. Rise in number of online websites to meet the growing needs of pet owners coupled with growing adoption of e-commerce by major market players will spur segmental growth in the future.

Some of the key industry players operating in global pet care market are Nestle S.A., Mars, Colgate-Palmolive Company, PetSmart Inc. and Petco Animal Supplies. The industry participants focus on mergers and acquisitions, geographical expansion and new product developments to increase their foothold in the market and gain competitive advantage.

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