Global Pet Care Market Report and Forecast 2024-2032

Global Pet Care Market Report and Forecast 2024-2032

Global Pet Care Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global pet care market size reached a value of USD 195.69 billion in 2023. Aided by the growing awareness of animal welfare and well-being, the market is projected to further grow at a CAGR of 5.9% between 2024 and 2032 to reach a value of USD 327.83 billion by 2032.

Pet care encompasses a broad range of products and services aimed at ensuring the well-being of pets, including pet food, grooming products, healthcare services, and accessories. The industry has witnessed substantial growth over the past decade, driven by a surge in pet ownership and the humanization of pets, where pets are increasingly viewed as family members. This trend has led to increased spending on premium products and services.

One of the primary drivers of the pet care market growth is the rising pet ownership rate. Factors such as urbanization, smaller family sizes, and increasing loneliness have contributed to more people adopting pets. Additionally, the humanization of pets, where owners treat pets as integral members of their families, has significantly boosted the demand for high-quality pet care products and services. This shift in perception has led to increased spending on premium pet food, grooming products, and healthcare services, fuelling market growth.

The growing awareness of pet health and wellness is another key factor propelling the pet care market expansion. Pet owners are increasingly recognizing the importance of proper nutrition, regular veterinary care, and preventive healthcare for their pets. This awareness has led to a surge in demand for nutritionally balanced pet food, dietary supplements, and veterinary services. Furthermore, the rise in chronic diseases among pets, such as obesity, diabetes, and arthritis, has driven the demand for specialized healthcare products and services while supporting the market growth.

Rising disposable incomes globally have played a crucial role in the growth of the market. Higher disposable incomes enable pet owners to spend more on premium pet care products and services, including organic and natural pet food, luxury grooming products, and advanced veterinary care. This trend is particularly evident in emerging economies, where increasing affluence has led to a rise in pet ownership and greater expenditure on pet care while playing an important role in the global pet care market development.

Technological advancements and product innovation have significantly contributed to the growth of the market. The development of advanced pet food formulations, smart pet care devices, and innovative grooming products has enhanced the quality and convenience of pet care. For instance, the introduction of wearable devices for pets that monitor their health and activity levels has gained popularity among tech-savvy pet owners. Additionally, the availability of personalized pet food, tailored to meet specific dietary needs, has further driven market growth.

The expansion of e-commerce and online retail has also played a vital role in the market. The convenience of online shopping, coupled with a wide range of product options and competitive pricing, has encouraged pet owners to purchase pet care products online.

As per the pet care market analysis, North America holds the largest share of the market, driven by the high pet ownership rates, rising disposable incomes, and growing awareness of pet health and wellness. The presence of major market players and the availability of a wide range of premium pet care products and services have further propelled the market growth in this region. Additionally, the increasing adoption of pet insurance and the trend of pet humanization have significantly contributed to the growth of the regional market.

The Asia Pacific region is expected to witness significant growth during the forecast period, driven by the rising disposable incomes, increasing pet ownership rates, and growing awareness of pet health and wellness. The rapid urbanization and changing lifestyles have led to a surge in demand for premium pet care products and services in this region. Additionally, the presence of a large pet population and the increasing adoption of Western pet care practices have further propelled the market growth in the Asia Pacific region.

The pet care market is poised for significant growth in the coming years, driven by the rising pet ownership rates, growing awareness of pet health and wellness, and increasing disposable incomes. The trend of pet humanization and the expansion of e-commerce and online retail are further expected to boost the market growth. With major market players focusing on product innovation and strategic partnerships, the global market is set to witness substantial advancements, offering numerous opportunities for growth and development.

Market Segmentation

The market can be divided based on pet type, product type, distribution channel and region.

Market Breakup by Pet Type

• Dog
• Cat
• Fish
• Bird
• Others

Market Breakup by Product Type

• Pet Food
• Wet/Canned
• Dry Food
• Treats/Snacks
• Veterinary Care
• Pet Grooming

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Pet Stores
• Veterinary Clinic and Pet Medical Shops
• Online Retailers
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global pet care market. Some of the major players explored in the report by Expert Market Research are as follows:

• Mars, Incorporated
• Nestlé S.A.
• Blue Buffalo Company, Ltd.
• Hill's Pet Nutrition, Inc.
• The J.M. Smucker Co.
• Ancol Pet Products Limited
• The Hartz Mountain Corporation
• Heristo AG
• Doskocil Manufacturing Company, Inc (Petmate)
• Drools Pet Food Pvt. Ltd.
• Others

About Us

Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our Expert Market Research reports today.

*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.