Pet Care Products Market Forecast | Industry Analysis and Worldwide Growth 2024
Pet wellness is a cause which has mushroomed since the adoption number of pets has risen. Focus on pet health and adoption of stray animals from shelters has supported the trend. Inadequacy of quality pet care leads to infections, diseases, and often surgeries. Pet care products focus on the overall welfare of animals by providing foods with essential nutrients. The global pet care products market report by Market Research Future (MRFR) highlights several trends witnessed in the last decade, changes in customers, and specifications on pet foods. It contains drivers, challenges, and projections for the period of 2018 to 2024 (forecast period).
The global Pet Care Products Market Forecast size can touch USD 115.25 billion by 2024. It can register a CAGR of 5.24% during the forecast period owing to awareness of pet health among owners. Popularity of grain-free products is gaining traction in the market owing to containing fewer calories as compared to its counterparts. This can be attributed to the inclusion of ingredients such as chicken, fish, and eggs in the formulation. The formulation also contains low amount of carbohydrates.
Pet grooming has played an important role in the market with grooming sessions for dewclaws and cleaning sessions for eyes and ears of cats and dogs. Cleaning products designed for prevention of infections can bode well for the global pet care products market till 2024. Rise of nuclear families in Europe and Asia Pacific will support the trend of adoption of pets. Demand for organic pet food will provide future growth opportunities in the market.
The global pet care products market has been segmented by product type, pet type, and distribution channel.
By product type, it is segmented into pet food, pet grooming products, and others.
By pet type, the market caters to cats, dogs, and others.
Key distribution channels discussed in the global pet care products market are store-based and non-store-based. The store-based distribution channel segment has been further segmented into supermarkets & hypermarkets, convenience stores, and specialty stores.
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The global pet care products market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe had accounted for 30% share of the global market in 2018. It can exhibit a significant growth rate during the forecast period owing to rise in awareness levels of pet owners. Furthermore, presence of key market leaders and demand for organic pet food mixes can facilitate market growth. Germany is predicted to be the leading contributor in the region. Availability of ecommerce stores and a plethora of options for procurement of pet food can attract customers and provide room for growth for the market.
APAC, on the other hand, is predicted to exhibit the highest growth rate during the forecast period owing to growing adoption numbers of pets in Indonesia, China, and India. Rise in expendable income levels of owners is one of the key drivers of the region. Establishment of day care facilities for pets, availability of dog walkers, and pet spas can drive the demand for pet care products.
KONG Company, General Mills, Inc., Colgate-Palmolive Company, Mars, Incorporated, Petco Animal Supplies, Inc., Unicharm Corporation, Champion Petfoods LP, Petmate Holdings Co., Blue Pet Products, Inc., Nestle S.A., and PetSmart Inc. are key players of the global pet care products market.
The outbreak of the COVID-19 has led to false rumors and abandonment of pets. Wiggles, a start-up based in India, has launched a mobile application for pet owners and provide essential services for their pets.
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