Clifton, New Jersey, May 30, 2023 (GLOBE NEWSWIRE) — In an ever-growing pet care market where the bond between humans and their furry companions continues to strengthen, the demand for exceptional pet care products and services has reached new heights. Pet owners today are seeking nothing short of the best, fuelling a vibrant industry that caters to the diverse needs of our beloved four-legged friends. With a commitment to delivering unparalleled care, innovation, and tailored solutions, businesses in the pet care market are redefining the standards of pet well-being, ensuring that every wag of the tail and purr of contentment is met with utmost love and attention. As a result, the pet care industry has evolved to meet the changing demands and preferences of pet owners. Nowadays, pets are increasingly seen as members of the family, leading to a surge in spending on their nutrition and overall quality of life. Pet owners are willing to invest in premium products and services that cater to their pets’ needs. From nutritious and wholesome food options to specialized grooming and pampering experiences, pet care businesses are dedicated to providing exceptional care that ensures tails wag with joy and whiskers twitch with contentment. The number of pet owners worldwide has been steadily increasing over the years. According to the American Pet Products Association (APPA), more than 65% of US households own a pet. Also, there has been a notable shift in pet ownership demographics, with younger generations showing a greater inclination toward pet ownership. Millennial and Gen Z pet owners, in particular, are driving market growth as they prioritize the well-being and happiness of their pets.
In addition to that, the rise of social media has had a significant impact on the pet care market. Pets with large online followings often referred to as “pet influencers,” have become brand ambassadors for pet products, driving trends and influencing purchasing decisions. This trend has led to collaborations between pet care businesses and popular pet influencers to create brand awareness and reach a wider audience. Economic prosperity and increasing disposable income in many regions have contributed to the growth of the pet care market. With more financial resources available, pet owners are willing to spend on pet care products such as organic food, luxury accessories, and personalized services. On the other hand, urbanization and changing lifestyles have also led to smaller living spaces and busier schedules for pet owners. This has resulted in an increased demand for pet care services such as dog walking, pet daycare, and grooming, providing convenience and support for pet owners who may have limited time or resources to care for their pets. Pet owners are increasingly interested in holistic and natural pet care alternatives, such as herbal supplements, acupuncture, and alternative therapies. This trend has driven the expansion of the market for alternative and complementary pet care products and services.
- North America leads the market with a 45.34% market share in 2021, owing to its large and growing population of pet owners.
- The pet food segment is expected to lead the market by 2027, attaining USD 126.12 billion.
- In 2021, nearly 72% of the market was occupied by dog and cat food segments.
- Specialized pet shops such as Pet Haven, Paws & Whiskers, Fur and Feathers, The Pet Emporium, Tails and Trails, Petopia, etc. are leading the market in 2021 with USD 100 billion.
- The rise of e-commerce platforms and the increasing preference for online shopping are expected to have a profound impact on the pet care industry, with a 9.39% CAGR by 2023–28.
- Animal-derived food is the most common choice for many pet owners across the globe.
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Nowadays, pets are living longer thanks to advancements in veterinary care and nutrition. As a result, there is an increasing population of senior pets requiring specialized care, including senior-focused diets, joint supplements, and healthcare services. This drives the demand for products and services tailored to the unique needs of aging pets. Also, the adoption and rescue movements have gained significant traction in recent years. More people are opting to adopt pets from shelters and rescue organizations, increasing the pet population and the need for pet care products and services. Additionally, this focus has created a market for pet businesses that offer adoption support, training, and rehabilitation services. Pet owners are seeking ways to include their pets in various aspects of their lives, including travel and leisure activities. The growing number of pet-friendly hotels, airlines, restaurants, and recreational facilities has fuelled the demand for travel-related pet products, such as carriers, travel accessories, and pet-friendly accommodations. In many societies, the perception of pets has evolved from being primarily working animals to being valued companions. This cultural shift has led to increased spending on pet care as owners prioritize their pets’ comfort, happiness, and overall well-being. This change in perception contributes to the expansion of the pet care market.
The availability and popularity of pet insurance have grown, providing pet owners with financial security and peace of mind. With insurance coverage for veterinary expenses, including accidents, illnesses, and routine care, pet owners are more likely to seek professional care for their pets, boosting the demand for veterinary services and related products. Also, veterinary care costs have been steadily increasing due to advancements in medical technology and treatments. Pet insurance offers financial protection and helps pet owners manage these rising expenses, making it an attractive option for those seeking peace of mind and cost control. Technology has transformed the pet insurance sector, making it more accessible and convenient. Online platforms and mobile apps allow pet owners to easily compare insurance plans, submit claims, and manage policy information. This streamlined process enhances the overall customer experience and contributes to the market’s growth. Despite the increasing awareness of pet insurance, market penetration is still relatively low in many regions. This presents a significant growth opportunity for pet insurance companies to expand their customer base and market presence. Education and awareness campaigns can help inform pet owners about the benefits of pet insurance, further driving market growth.
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With the advancement of technology, the pet care industry is likely to witness the integration of various cutting-edge healthcare technologies. This includes wearable devices for pets that monitor their vital signs, activity levels, and overall health. These devices can provide real-time data to pet owners and veterinarians, enabling early detection of health issues and proactive pet care. Smart pet devices and IoT (Internet of Things) solutions are also playing a significant role in the future of pet care. This includes automated feeding systems, smart litter boxes, pet monitoring cameras, and interactive toys. These devices can enhance the overall well-being of pets, provide convenience to pet owners, and enable remote monitoring and interaction. Telemedicine and virtual veterinary care have become more prevalent, allowing pet owners to consult with veterinarians remotely. Video consultations, online diagnosis, and remote monitoring are providing greater accessibility to veterinary care, especially in areas with limited access to veterinary services. On the other hand, AI-powered solutions and data analytics are helping pet care companies analyze vast amounts of data to gain insights into consumer behavior, pet health trends, and product preferences. This information can be used to develop targeted marketing strategies, improve product development, and enhance customer experiences. As pet owners become more conscious of their pets’ health and nutrition, there is a major rise in personalized pet food formulations and nutritional supplements. Many companies are offering tailored diets based on a pet’s breed, age, size, and specific health requirements. Additionally, functional pet treats with added benefits, such as joint health or stress reduction, may gain popularity.
“From AI-powered pet health monitors to eco-friendly grooming products and personalized nutrition plans tailored by algorithms, this brave new world of pet care envisions a harmonious blend of innovation, sustainability, and unwavering dedication to the well-being of our four-legged friends, creating a future where their happiness and vitality are elevated to extraordinary heights,” says Mr. Dhwipal Shah, Research Director with Bonafide Research. The number of pet owners is on the rise, and as more people welcome pets into their homes, the demand for grooming services naturally increases. Pet owners want their furry companions to look and feel their best, leading to a higher demand for professional grooming services. Pet owners are becoming more educated about the health and hygiene benefits associated with regular grooming. Grooming helps prevent issues such as matting, skin infections, parasites, and dental problems. As pet owners become more aware of these benefits, they are seeking professional grooming services to ensure their pets’ well-being. Alongside traditional grooming services, specialty grooming services have gained popularity. These services cater to specific breeds, offering specialized cuts, coat styling, and breed-specific grooming techniques. Pet owners who own breeds with specific grooming requirements seek out these services to maintain their pets’ unique appearance. On the other hand, mobile grooming services, where groomers come to the pet owner’s location, are gaining traction. This offers convenience for busy pet owners and reduces the stress of pet transportation. Additionally, on-demand grooming platforms that connect pet owners with groomers are emerging, providing greater accessibility to grooming services. Pet grooming is evolving beyond basic hygiene and maintenance. Grooming salons are creating spa-like experiences, offering services such as aromatherapy, massage, facials, and pedicures. These luxurious and pampering experiences appeal to pet owners who want to treat their pets to a relaxing grooming session. Also, with the availability of online tutorials, grooming products, and grooming tools, some pet owners are opting for do-it-yourself (DIY) grooming. However, even DIY groomers may seek occasional professional grooming services for more intricate grooming needs or for expert advice on grooming techniques.
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Dogs are the most common pets worldwide, and the dog care segment holds a significant share of the pet care market. This segment includes various products and services such as dog food, treats, grooming products, collars and leashes, toys, training services, boarding, and veterinary care specifically tailored for dogs. Cats are also popular pets globally, and the cat care segment is substantial in the pet care market. This segment encompasses cat food, treats, litter products, grooming supplies, scratching posts, toys, veterinary services, and other cat-specific products and services. Based on food type, dry pet food, also known as kibble, is the most common and widely consumed type of pet food globally. It offers convenience, a longer shelf life, and ease of storage. Dry pet food is available in various formulations, including different flavors, sizes, and specialized diets for specific life stages, breeds, or health conditions. However, treats and snacks are supplementary food products designed to reward pets or provide them with additional nutrients. They come in various forms, such as biscuits, chews, dental treats, jerky, and freeze-dried options. Pet owners often use treats as training aids or to indulge their pets. Plant-based ingredients are often used as alternative protein sources for pets with specific dietary needs or allergies. Plant-based ingredients are used in pet food to provide carbohydrates, fiber, vitamins, and minerals. Common plant-based ingredients include grains (such as rice, wheat, and corn), legumes (such as peas, lentils, and chickpeas), potatoes, sweet potatoes, and various vegetables and fruits.
The need for a companion is the main force pushing the pet care market to grow. The North American pet care market is currently booming. Pet care services such as grooming, training, and adoption are becoming more popular. In this regard, millennials play a significant role in pet adoption because they regard pets as humans and want to care for and provide for them. An increasing number of consumers are embracing pet owners and pet-loving lifestyles, which is accelerating the trend of pet humanization. Pet humanization is influencing market growth, with a rising number of companies engaged in launching interesting and premium pet care products. An increase in animal expenditure across the globe is contributing to market growth. Growing pet adoption across the globe and the rising prevalence of food-borne and zoonotic diseases are some of the factors further uplifting market growth. In addition, pet care market growth is primarily driven by the increasing demand for protein and other supplements in animal food and a growing preference for pet insurance.
A large share of the European population owns pets and considers them their best friends and beloved members of the family. The number of households owning at least one pet animal has increased, and consumers are spending more and more on their pets, thus boosting the turnover of the pet food products industry. With the increase in the adoption rate and humanization of pets, the industry continues to see an increment in the pet care market. About 80 million households in Europe own at least one pet, which has given rise to a demand for pet care products and services. Even as per-household expenditure in Europe remains low as compared to other developed countries, pet parents are willing to buy premium products for their pets. Pet food is considered a premium product in the pet care industry, whose production is very high in Europe. As a basic requirement for pets, owners are willing to pay a premium for high-quality, nutritious food.
Pet care is of significant importance in the Asia-Pacific region, as the region has witnessed a steady rise in pet ownership and an increasing awareness of the well-being of companion animals. The Asia-Pacific region has experienced a surge in pet ownership, with a rising number of households welcoming pets into their homes. This trend can be attributed to factors such as urbanization, changing lifestyles, and increased disposable income. As pet ownership increases, the importance of pet care also grows. There is a growing recognition of the strong bond between humans and their pets in Asia and the Pacific. Many people view their pets as integral family members and companions, valuing their emotional support and companionship. This bond fosters a sense of responsibility toward their pets’ well-being, leading to a greater emphasis on pet care. The promotion of pet adoption and rescue initiatives is gaining momentum in Asia-Pacific. Organizations and individuals are working towards raising awareness about the importance of providing loving homes to abandoned, stray, and rescued animals. This effort underscores the significance of responsible pet care and the welfare of all animals.
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The South American pet care market is growing steadily and is one of the potential markets when considered globally. The South American region is huge, consisting of many developed and underdeveloped countries, with a rise in the attraction of owning a pet. People now have a very stressful life due to long working hours, which led them to own a pet so they could play with and spend time with it, which tends to reduce their stress and often fend off their loneliness. While dogs, cats, fish, rabbits, etc. are being adopted as pets, the region has a high adoption rate of dogs due to their human-friendly nature and loyalty. With an increase in pet adoption rates, minor segments such as pet food, pet grooming, pet accessories, and pet healthcare have an opportunity to flourish. With only a few companies present in the grooming and accessory market and a high demand for the comfort of pets, the segment proves to be fruitful for companies to enter.
The Middle East and Africa have also witnessed a significant increase in pet ownership in recent years. As economies develop and urbanization accelerates, more individuals and families are welcoming pets into their homes as companions and members of the family. This rise in pet ownership highlights the importance of providing adequate care and attention to pets. Pets hold cultural and religious significance in various countries within the MEA region. Dogs, for example, are considered loyal and protective animals in many Middle Eastern cultures. As such, pet care is seen as an important aspect of respecting and honoring these animals. Organizations and communities in the MEA region are actively involved in promoting education and awareness programs about responsible pet ownership and care. These programs aim to educate pet owners about the importance of providing proper nutrition, regular healthcare, and a safe environment for pets.
Considered in the Report
- Geography: Global
- Historic Year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
Table of Content
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Pet Population Analysis
6. Global Pet Care Market Outlook
6.1. Market Size By Value
6.2. Market Share
6.2.1. By Region
6.2.2. By Country
6.2.3. By Company
6.2.4. By Segment Type
6.2.5. By Sales Channel
7. Global Pet Food Market Outlook
7.1. Market Size By Value
7.2. Market Share
7.2.1. By Region
7.2.2. By Country
7.2.3. By Food Type
7.2.4. By Pet Type
7.2.5. By Ingredients
8. Global Pet Healthcare Market Outlook
8.1. Market Size By Value
8.2. Market Share
8.2.1. By Region
8.2.2. By Country
9. Global Pet Accessories Market Outlook
9.1. Market Size By Value
9.2. Market Share
9.2.1. By Region
9.2.2. By Country
10. Global Pet Grooming Market Outlook
10.1. Market Size By Value
10.2. Market Share
10.2.1. By Region
10.2.2. By Country
11. North America Pet Care Market Outlook
11.1. Market Size By Value
11.2. Market Share
11.2.1. By Country
11.2.2. By Segment Type
11.2.3. By Sales Channel
11.3. North America Pet Food Market Outlook
11.3.1. Market Size By Value
11.3.2. Market Share
220.127.116.11. By Food Type
18.104.22.168. By Pet Type
22.214.171.124. By Ingredients
11.4. North America Pet Healthcare Market Outlook
11.5. North America Pet Accessories Market Outlook
11.6. North America Pet Grooming Market Outlook
11.7. US Pet Care Market Outlook
11.7.1. Market Size By Value
11.7.2. US Pet Food Market Outlook
11.7.3. Market Share
126.96.36.199. By Food Type
188.8.131.52. By Pet Type
11.7.4. US Pet Healthcare, Accessories & Grooming Market Outlook
For detailed TOC
|By Product Type||
|By Pet Type||
|By Distribution Chanel||
|Other Market Details||
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The Global Pet Insurance Market was valued at USD 6.63 billion in the year of 2022 with a predicted growth rate of 10.99% in the coming years. The emerging concept of pet parents transforming from being just pet owners has created a greater sense of responsibility in people across the world. Along with this, the greater emotional bond created by the inculcation of this concept has encouraged the consumer to go the extra mile for their pet. The pet insurance measure is one of them. Pet insurance is a policy that is purchased by the consumer to offset the overall pet medical bill. It is like human health insurance but is with respect to the health and veterinary cost of the pet. The dog insurance segment accounts for almost 75% of the total market share globally, this is since the adoption of dogs has significantly increased in recent years, as these animals are excellent pets for the majority of people. North America represents a significant share of the global pet insurance market as the market is driven by a high level of pet ownership, awareness of pet health and well-being, and culture of pet insurance. However, Europe has a well-established and growing pet insurance market. However, rising disposable income, changing attitudes toward pet ownership, and increasing awareness of pet insurance benefits contribute to market expansion in the Asia-Pacific region. South America and Middle East & Africa are growing at a steady growth rate by 2022-2027.
The Global Pet Food Market was valued at around USD 142 Billion in 2021 which is projected to be more than 5% for 2022-2027. The increasing trend of humanization and premiumization has increased the share of pet food. Innovative products from companies have let pet owners opt for better and healthier food products for pets. The pet food market has been dominated by the top three regions such as North America, Europe & Asia-Pacific due to increasing pet adaption in these regions. Nowadays pet owners have more awareness about pet food products, which has let them ensure about the ingredients used in the products. The ingredients used for pet foods are usually the protein source that is required for the pet’s health. These ingredients are in the form of animal derivatives, plant derivatives, cereals derivatives, etc. Out of these forms of foods, the most widely used derivative is the animal-based derivative which includes protein-enriched food forms such as chicken, lamb, fish meal, etc. South America and Middle East & Africa are expected to witness a steady growth rate by the upcoming time period.
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