Pune, India, August 24, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the world pet care market The size is expected to reach USD 325.74 billion by 2028, showing a CAGR of 5.6% during the forecast period. The growing shift towards plant-based and nutritious foods among pet owners will drive healthy market growth, says Fortune Business Insights, in a report titled “Pet care market size, 2021-2028. » The market size stood at USD 207.90 billion in 2020.
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pet care market Report Scope and Segmentation:
|2028 value projection||$325.74 billion|
|Year of reference||2020|
|Pet care market size in 2020||$207.90 billion|
|Number of pages||170|
|Segments Covered||By product type, by pet type, by distribution channel, by region|
|Pet Care Market Growth Drivers||High pet care spending to drive huge growth|
|Initiatives for advanced pet care products to support market growth|
Fortune Business Insights™ lists all companies in the pet care market currently working to reduce the impact of the Covid-19 pandemic on the market:
- Mars Incorporated (Virginia, USA)
- Nestlé SA (Vevey, Switzerland)
- Spectrum Brands Inc. (Wisconsin, USA)
- Diana Group (Bang Krachao, Thailand)
- The JM Smucker Company (Ohio, USA)
- Unicharm Corporation (Tokyo, Japan)
- Hill’s Pet Nutrition, Inc. (Kansas, USA)
- SCHELL & KAMPETER, INC (Missouri, USA)
- Tiernahrung Deuerer GmbH (Bretten, Germany)
- Heristo AG (Bad Rothenfelde, Germany
Pet Care Market Report Highlights:
- In-depth market analysis
- Noteworthy information about top players
- Big segment data
- New developments in the market
- In-depth analysis of COVID-19
Browse Detailed Abstract of Research Report with TOC:
Introduction of advanced pet care products to promote growth
The development of innovative pet care products by leading companies such as location tracking devices, cardboard pet feeding devices, smart laser cats toys, and others will have a huge impact on the market. For example, in February 2020, Nestlé SA launched “Unleashed”, the global innovation program for the global pet care industry. This program aimed to provide total funding of $51,922.4 to start-ups associated with the manufacturing of various pet care items from Europe, North America and the Middle East by the end from 31st March 2020. Additionally, strong demand for premium animal products is expected to drive growth opportunities in the pet care market in the coming years.
Prevalence of Coronavirus in Animals Will Boost Market During Pandemic
Growing concerns about the spread of the coronavirus in dogs has accelerated the demand for dog health products among dog owners. For example, from 1st December 2019 to 1st February 2020, Fox News reported a tenfold increase in sales of the total number of dog masks in China. Additionally, increasing pet ownership will consequently drive the market growth amid coronavirus. According to a ‘2019-2020 APPA National Pet Ownership’ survey conducted by the American Pet Products Organization, in 2020, 67% of US households owned a pet compared to 56% in 1988.
High Animal Care Spending to Drive North America Market
The North American market is expected to witness drastic expansion over the forecast period due to the high expenditure on pet care products and services by the Canadian and American population. According to data from the Department of Statistics, the Government of Canada, in 2019 Canadian household spending on pet insurance, veterinary services and other related services reached $2,720 million, up from $2,550 million in 2018. Asia-Pacific is expected to hold a major healthcare market share during the forecast period thanks to prominent companies such as Mars Incorporated, Nestlé SA and others. Also, business expansion plans can have an excellent effect on the market in the region. For example, in May 2020, Nestlé SA invested $103.2 million to inaugurate two pet supply factories in China.
Reasons to get this report:
- Qualitative and quantitative market research based on segmentation including both economic and non-economic factors
- Market value data for each section and sub-segment
- Indicates the region and market segment likely to grow fastest and dominate the market.
- The consumption of the product/service in each region is highlighted along with the factors affecting the market in each region.
- The competitive landscape includes market rankings of top players, as well as new service/product launches, collaborations, corporate expansions, and acquisitions made by featured companies in recent years.
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Overview of parent/related markets
- Industry SWOT Analysis
- Supply chain and regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
- Qualitative analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply chain challenges
- Potential opportunities due to COVID-19
- Global Pet Care Market Analysis, Outlook and Forecast, 2017 – 2028
- Main results/summary
- Market size estimates and forecasts
- By product type (value)
- pet food products
- Veterinary care
- By type of animal (value)
- By distribution channel (value)
- By region (value)
- North America
- Asia Pacific
- South America
- Middle East and Africa
- By product type (value)
KEY INDUSTRY DEVELOPMENTS:
- January 2021 – Paws Inc., a New York, USA-based cat wellness company, has acquired Fetch from Ocado Group, a UK-based online pet food store, to to expand its activities in the European market.
- January 2020 – SigmaTron International Inc., a United States-based electronics manufacturing company, has merged with Wagz, Inc., a private pet technology company, to implement various types of modern technological measures to improve the millennial pet welfare in the United States.
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Frequently Asked Questions (FAQ):
1. How much is the pet care market worth?
Answer: According to Fortune Business Insights, the global market size was USD 207.90 billion in 2020 and is expected to reach USD 325.74 billion by 2028.
2. What was the value of the North America market in 2020?
Answer: In 2020, the size of the North American market stood at USD 70.66 billion.
3. At what CAGR is the market expected to grow during the forecast period (2021-2028)?
Answer: With a CAGR of 5.6%, the market will show steady growth over the forecast period (2021-2028).
4. What is the leading segment based on product type?
Answer: Based on product type, pet food segment is expected to dominate the market.
5. What is the key factor driving the market?
Answer: A key driver for market growth is the rise in owners’ spending on their pets.
6. Who are the main players in this market?
Answer: Mars Incorporated, Nestlé SA and Spectrum Brands Inc. are among the players in the global market.
seven. What factor should drive the adoption of these products?
Answer: The move towards dietary supplements should drive adoption of these products.
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