The global pet care market will grow at a CAGR of roughly 6.0% between 2021 and 2031

The growing awareness of the ingredients used in pet food products has made pet owners aware when selecting food options for their pets.

Pet owners are aware of the health benefits of natural and organic ingredients in pet care products. This has given a favorable wind to the demand for organic and natural formulations. Pet owners prefer products without artificial colors or preservatives, while providing a balanced nutritional profile for pets.

According to a report by the Association for Pet Obesity Prevention, an estimated 55% of dogs and cats in the United States are obese. This represents a huge opportunity for manufacturers to add quality ingredients and food research to launch value-added products to meet growing consumer interest in premium products.

Product launches with quality, value-added ingredients are supporting demand for pet care products, contributing to long-term growth prospects. Taking advantage of this prevailing trend, companies in the market are expanding their offerings to include natural and organic options.

For example, Kroger Co. offers natural pet food products containing essential proteins and nutrients. In addition, GMO (genetically organism free) food products are also available in the market for pets.

The increase in the number of pet owners, the growing awareness of veterinary health and investments in animal health organizations are rapidly boosting the outlook for manufacturers over the next decade.

Key Insights from Pet Care Market Research

  • Pet food is expected to hold a remarkable revenue share of over 65% of all product sales. The growth is attributed to the demand for premium, natural and organic ingredients.
  • Pet care for dogs is expected to contribute a 35.1% revenue share in 2021. The role of dogs as companions and the resulting humanization drives related sales.
  • The United States dominates the North American market with a 90% market share by 2031 due to higher purchasing power.
  • The UK accounts for over 25% of the European market with pet health concerns and investment in product innovation.
  • China and South Korea are considered high growth markets for pet care in East Asia, reflecting a CAGR of over 14% with the penetration of key players with premium products .

“Growing acceptance of technologically advanced automated pet care products and rising expenditures driven by pet humanization trends will influence the revenue generation opportunities in the pet care market up to ‘in 2031’, says an IMF analyst.

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Impact of COVID-19 on the market

The outbreak of the novel coronavirus has led to an economic downturn due to disruptions in business operations across various verticals. Retail is one of the sectors hardest hit by this crisis. Reducing overall discretionary spending is a temporary challenge for players.

Many pet daycare centers and hotels have been temporarily inoperative, which further led to a temporary decline in the overall pet care market revenue. In light of this situation, players are now focusing on improving online penetration, as this provides the opportunity to immediately access a wider consumer base with minimal costs.

Who wins?

The major players present in the pet care market are focusing on aggressive promotional strategies, advertisements, and new product launches that have boosted the sales growth of pet care products and services globally.

Some of the major players in the industry are Procter & Gamble Co., JM Smucker Co, Nestlé Purina Pet Care Co, Monge & C. Spa, Hill’s Pet Nutrition SNC, Royal Canin SAS, Affinity Petcare France SA, Champion Pet Foods LP, Cargill, C&D Foods, Aller Petfood, Bob Martin, Blue Buffalo Co. Ltd., Cambrian Pet Foods Ltd., Crosswind Industries Inc., and Crown Pet Foods Ltd., among others.

Gain valuable insights into Pet Care Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global pet care market, showcasing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. The study discloses compelling insights into the Pet Care Market based on Service (Product {Pet Food, Pet Health Care, Fashion, Toys & Accessories}), Professional Service {Day Care, boarding pet grooming, breeding and training} value-added services {insurance, veterinary care, pharmacy, adoption and charity, emergency rescue service}) type of animal (dogs, cats, birds, fish and reptiles, small pets, horses and other farm animals), service channel (modern commerce, convenience stores, care service centers, veterinary clinics, online retailers, supportive care centers and pet specialty stores in seven major regions.

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