New York, June 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Sitting Global Market Report 2023" - https://www.reportlinker.com/p06466573/?utm_source=GNW
, Careguide Inc., Dogtopia Enterprises, PetBacker, Pets at Home, Inc., Wag! Group Co. and Care.com Inc.
The global pet sitting market is expected to grow from $2.42 billion in 2022 to $2.67 billion in 2023 at a compound annual growth rate (CAGR) of 9.97%. 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 sitting market is expected to reach $3.94 billion in 2027 at a CAGR of 10.26%.
The pet sitting market includes revenues earned by providing feeding, exercise, administering medication, and others to pets.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.
Pet sitting is caring for a pet in its home in the absence of the owner. Pet sitters are responsible for all basic animal care when their clients are away on vacation or on business.
Asia-Pacific was the largest region in the pet sitting market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The pet sitting services are offered to various pets including dogs, cats, fish, cage pets, and other pet types.Dog refers to a domestic mammal that is closely related to the gray wolf and eats meat.
The services included are in-house sitting and at-care facilities for use in various applications such as daycare visits, dog walking, pet transportation, and other applications.
An increase in preference for pet care is expected to propel the growth of the pet-sitting market going forward.Pet care refers to the care and medical treatment of pets which helps to improve overall health and reduces the stress of pets.
An increase in pet care results in an increase in the pet sitting market due to the maintenance of the health and hygienic conditions of pets. For instance, according to the Insurance Information Institute, Inc., a US-based industry association that provides a trusted source of unique, data-driven insights on insurance, the number of pets insured in the U.S. was around 3.9 million in 2021, a 28 percent increase since 2020, and U.S. pet industry expenditures increased from $103.6 billion in 2020 to $123.6 billion in 2021. Therefore, an increase in pet care is driving the growth of the pet-sitting market going forward.
Technological advancement is a key trend gaining popularity in the pet-sitting market.Companies operating in the pet-sitting market are adopting technological advancements to sustain their position in the market.
For instance, in May 2022, Whistle Labs Inc., a US-based pet healthcare technological company, introduced whistle health, an AI-enabled, data-driven smart device for dogs for preventive care. Whistle developed an industry-leading AI that can transform every dog’s movements into a personalized, holistic wellness index using data collected over four years from over 100,000 pets globally. When used in conjunction with the Whistle app, the Whistle Health device may detect concerns and notify pet parents to potential difficulties like as excessive scratching or changes in eating patterns, immediately connecting them to a veterinarian via Whistle’s Ask a Vet feature.
In August 2022, Wag Labs, Inc., a US-based pet service company, merged with CHW Acquisition Corporation. With the merger, the combined company aims to provide access to the highest quality pet care offerings to pet parents and changed the CHW Acquisition Corporation name to Wag! Group Co. CHW Acquisition Corporation, is a US-based special-purpose acquisition company.
The countries covered in the pet sitting 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 sitting market research report is one of a series of new reports that provides pet sitting market statistics, including pet sitting industry global market size, regional shares, competitors with a pet sitting market share, detailed pet sitting market segments, market trends and opportunities, and any further data you may need to thrive in the pet sitting industry. This pet sitting 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/p06466573/?utm_source=GNW
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