Market Overview
According to the analysis by Market Research Future (MRFR), the global pet care products market share are anticipated to procure a USD 115.25 billion while expanding at a CAGR of 5.25% by 2024.
The increasing demand for nutritious pet food and the growing need for webcams for pet visits are anticipated to be significant factors that can grow the market during the forecast period. The on-going technical development in the form of wearables is another salient cause that can propel the industry in the coming time. The growing popularity of e-commerce, growing adoption of pets, and the rising disposable income worldwide are other necessary factors that can boost the trade in the analysis timeframe. On the contrary, lack of awareness regarding pet care products and the scope of allergies associated with animal-associated allergens can hamper the market growth in the coming time.
The outbreak of COVID-19 is expected to have a minimal impact on the pet care market since some of the segments in few countries can grow at a regular pace. Several developed products have been launched in the market. Some of them are Litter Robot, Go Pro Ftech, Sureflap, and others during the pandemic.
Market Segmentation
The global pet care products of the market can be segmented into pet type, type, and distribution channel.
The type-based segments of the global pet care market are dog, cat, and others.
The product-based segments of the global pet care market are pet food, pet grooming products, and others.
The distribution channel-based segment of the global pet care market is store-based and non-store-based. The store-based distribution channel segment can be segmented into specialty stores, supermarkets hypermarkets, and convenience stores.
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Regional Analysis
As per the assessment conducted by MRFR, Europe is anticipated to dominate the market during the forecast period. The growth of the market in the region can be attributed to increasing health consciousness among pet owners. The presence of key players in the region is anticipated to be another salient cause that can drive the market in the assessment tenure. The introduction of organic pet food is expected to provide lucrative opportunities in the market. Among all, Germany is projected to expand at the highest growth during the review timeframe. On the other hand, APAC is expected to grow at the highest growth rate during the analysis time. Developing countries such as India, China, and Japan are expected to make a notable contribution in augmenting the market size. The increasing pet adoption and the rising disposable income in developing countries are likely to play a salient role in bolstering the regional market. North America is anticipated to procure significant market share during the forecast period. The increasing pet ownership, growing demand for branded pet food, nutritionally rich, thereby strengthening the regional market. Among all, the US is expected to make a notable contribution in increasing the regional market. The presence of pet insurance across the country is likely to play a significant role in driving the regional market. Furthermore, the growing demand for premium pet products can further grow the market in the region.
Key Players
Some of the renowned players of the global pet care products market are Petco Animal Supplies, Inc. (US), PetSmart Inc. (US), General Mills, Inc. (US), Colgate-Palmolive Company (US), Nestle S.A.(Switzerland), Mars, Incorporated (US), Petmate Holdings Co. (US), Champion Petfoods LP (US), KONG Company (US), Blue Pet Products, Inc.(US), and Unicharm Corporation (Japan).
Industry News
February 2021- Rover, an app that connects pet owners with dog walkers and groomers, is now worth USD 1.4 billion.
February 2021 The South Korean home appliance makers LG and Samsung are releasing products that highlight pet care features. LG Electronics introduced a washer and a dryer that comes with steam functions that remove allergens. Samsung unveiled its AI-powered vacuum cleaner, the JetBot 90 AI+, at the all-digital Consumer Electronics Show (CES) 2021 the previous month.
February 2021- Pet King Brands, Inc. announced their veterinarian-recommended ZYMOX Dermatology and Oratene Brushless Oral Care products for the pet could be purchased directly on the manufacturer’s website.
February 2021- IVC Evidensia, Europe’s largest veterinary care provider. Announces an expanded partnership among its shareholder to support IVC in driving its next phase of accelerating growth. The new investment from the expanded partnership transaction total €3.5 billion and values IVC at an enterprise value of approximately €12.3 billion.
January 2021- Mare Petcare UK is announcing the proactive recall of a limited number of products, including CHAPPIE Complete, PEDIGREE Dry Mixer, and PEDIGREE Complete Dry Chicken and Vegetables.
