NEWARK, Del, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The global pet hotel market is predicted to reach a value of US$ 9679.1 Mn by 2032, with sales growing at a robust CAGR of 8.4% from 2022 to 2032. Predicted to reach an estimated US$ 4320.6 Mn in 2022, the target market is fueled by shifting and prevailing trends for premium pet services. The growing awareness of veterinary health further aids the growth of the pet hotel market during the forecast period.
The increasing popularity of pet daycare services, rising pet humanization, along with a fast-paced lifestyle and unavoidable work commitments of pet owners is expected to act as a major growth driver for the pet hotel market. In addition, more and more pet owners are inclined to spend more on the welfare of pets which ultimately increases the overall expenditure for animal care, including services like pet sitting. This will likely further propel the growth of the target market.
The emergence of evolved, cost-effective, and personalized services, that includes a wide range of services such as grooming, pet entertainment and others, has resulted in the rise, the establishment and adoption of pet hotels. Similarly, the chance for pet parents to be able to customize the experience of their pets in these hotels is a highly appealing factor which invites a larger consumer base.
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Again, increasing impact of social media and e-commerce platforms as well as the rise in pet ownership, particularly amongst millennials and Generation Zs, is predicted to supplement the pet hotels market growth. All of these considerations, in addition to others, will augment the global sales of the pet hotels market during the forecast period.
“Rising pet ownerships coupled with increasing pet humanization efforts are expected to supplement the global growth of the pet hotels market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High costs and fear of viruses may stymie the market growth.
- Rapid urbanization coupled with an upsurge in nuclear families fuels the target market in the Asia Pacific region.
- The pet hotel market in North America will hold about 58% of the revenue share.
- Rise in the number of pet sitters will drive the pet hotel market growth in China.
- Start-ups in this market are increasing their service offerings.
Competitive Landscape
D Pet Hotels, Critterati, Camp Bow Wow, Posh Pet Hotel, The Barkley, Best Friend Pet Care, Old Towne Pet Resort, The Ings Luxury Cat Hotels, Wag Hotels, and Pacific Pet Resort, among others are some of the major players in the pet hotels market profiled in the full version of the report.
Leading market players are focusing on adopting new and developed technologies to enhance their facilities and provide better service. Offering a wide range of services, upgrading their product offerings, and expanding their operations are some strategies used by these market participants. These firms also employ tactics like mergers, acquisitions, and partnerships to gain a competitive edge.
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More Insights into Pet Hotels Market Report
In its latest report, FMI offers an unbiased analysis of the global pet hotels market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of pet type (dog hotels, cat hotels, other pets), hotel type (economic, mid-range, luxury), global pet hotels (small & medium, large), the basis of ratings (<3 stars, 3 & above), booking mode (offline, phone, online), and region.
According to the latest FMI reports, based on region, the pet hotel market in the North America will present remarkable growth during 2022-2032. Increasing pet ownership, particularly in the U.S., is driving the regional market growth. Thus, the pet hotel market in North America is expected to account for about 58% of the overall revenue share. Greater influence of social media along with pet owners’ desire for premium services for their animal companions will further aid the target market growth in this region.
The pet hotel market in the Asia Pacific region, too, will demonstrate notable growth over the next few years. A rise in nuclear families, swift urbanization, availability of personalized pet services, especially in Australia and Japan, and a surge in number of pet sitters due to a rise in disposable income in countries like China and India is driving the pet hotels market growth in the Asia Pacific region during the forecast period.
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Key Segments Profiled In The Pet Hotels Market Survey
By Pet Type:
- Dog Hotels
- Cat Hotels
- Other Pets
By Hotel Type:
- Economic
- Mid-range
- Luxury
By Global Pet Hotels:
- Small & Medium
- Large
By Basis of Ratings:
- <3 Stars
- 3 & Above
By Booking Mode:
- Offline
- Phone
- Online
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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