The global pet care market is certain to witness a huge

NEWARK, Del: , Oct. 24, 2022 (GLOBE NEWSWIRE) — The world pet care market is worth US$199 billion to date and is projected to reach US$338.5 billion by 2031 at a CAGR of 6.1% from 2022 to 2031.

Gone are the days when pets were considered “commodities” or “liabilities”. In the current scenario, they are actually treated equally with family members. In addition, ancillary markets such as the pet care products market are expected to strengthen in the future with growing awareness of animal mental well-being. Major players supplying animal feed such as Mars Inc., Nestlé SA, etc. urgently seek the supply of products with calorific and nutritional value. In addition, they opt for flavored foods to attract pet owners.

Pet owners are also becoming extremely cautious about their pets’ immunity. For these reasons, Fox News reported that the use of face masks increased tenfold between December 1, 2019 and February 1, 2020.

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Also, the fact that pet dogs are getting obesity these days cannot be put on the back burner. According to the American Animal Hospital Association, 2019 alone saw over 50% of adult pet dogs being “overweight” among 1K Hospitals in Benfield (USA).

At the same time, it should be noted that low-income countries will not be very comfortable with pet care due to the overhead involved. On top of that, raising cattle like horses will probably cost a fortune. There are end consumers who have snakes and other reptiles, fish, small animals like rabbits as pets. They need a specific environment to thrive. Proper financial planning must be chalked out to successfully raise them. Future Market Insights has gone over these findings with future insights in its latest market study titled “Pet Care Market”.

Top Pet Care Market Takeaways

  • North America holds more than 40% of the market share. This could be attributed to the fact that 70% of US households own a pet in 2020. These data relate to the National Pet Ownership Survey 2021-2022 (courtesy of the American Pet Products Association (APPA)).
  • Europe holds the second largest market share due to increased investment in pet care by Europeans.
  • Asia-Pacific is expected to witness the fastest growing pet care market. This could be explained by rapid economic expansion.

“With the humanization of pets at an exponential rate, the global pet care market is bound to ring the cash registers during the forecast period,” says an analyst from Future Market Insights.

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Competitive care

  • Paws Inc., in January 2021, completed the acquisition of Fetch from the Ocado group, in order to gain a foothold in the European market.
  • SigmaTron International Inc., in January 2020, merged with Wagz, Inc. with the goal of implementing several types of modern technological measures to improve the welfare of US millennial pets.
  • Nestlé SA, in February 2020, launched “Unleashed”, which presents itself as the international innovation program of a global companion animal care vertical. The goal is to provide total funding of approximately $51 to startups placed in Europe, the Middle East and North America by the end of March 2020.
  • Spectrum Brands Holdings, Inc., in October 2020, acquired Armitage Pet Care Ltd., to expand the capabilities and customer base of the former.
  • Wahl Animal, in December 2021, offered grooming accessories such as the Double Sided Bath Pin Brush, Medium Slick Head Brush, and Double Sided Flex Brush.
  • Pure and Natural Pet offered improved and innovative products for its line of USDA Certified Organic 2-in-1 Fragrance-Free Hypoallergenic Shampoos and an Odorless and Fragrance-Free Conditioner. It is actually suitable for dogs most at risk of allergies and therefore their owners as well.

What does the report cover?

  • Future Market Insights offers an exclusive perspective and various real-time insights on the Pet Care market in its latest study, presenting a historical demand assessment from 2016 to 2021 and projections for 2022 to 2031.
  • The research study is based on service (pet care products (pet food, pet health care and fashion, toys and accessories), professional pet care services (daycare pet grooming and boarding and breeding and training), value-added pet care services (insurance, veterinary care, pharmacies, adoption and charity), and animal crisis rescue services pets), by type of animal (dogs, cats, birds, fish and reptiles, small pets, horses and other farm animals), and by service channel (modern commerce, convenience stores, care service centers , veterinary clinics, online retail outlets, supportive care centers and pet specialty stores).

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Key segments of the pet care industry survey

Pet Care Market by Service:

  • Pet care products
    • pet food
    • Pet health care
    • Fashion, toys and accessories
  • Professional pet care services
    • Nursery
    • grooming pension
    • Pet breeding and training
  • Value Added Pet Care Services
    • Insurance
    • Veterinary care
    • Pharmacies
    • Adoption and Charity
  • Pet crisis rescue services

Pet Care Market by Pet Type:

  • Dogs
  • Cats
  • Birds
  • Fish and Reptiles
  • Small Animals
  • Horses and other farm animals

Pet Care Market by Service Channel:

  • modern trade
  • convenience stores
  • Care service centers
  • Veterinary clinics
  • Online retail sales
  • Supportive care centers
  • Pet specialty stores

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Summary of key findings

1.3. Summary of key statistics

1.4. MFI analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

2.3. Market overview

3. Key Market Trends

3.1. Key trends impacting the market

3.2. Product Innovation / Development Trends

3.3. Global Pet Care Spending

3.4. Pet food by launch type (%)

3.5. On-demand claims (%)

4. Key success factors

4.1. Product Adoption / Usage Analysis

4.2. USP/Product Features

4.3. Strategic promotional strategies

The table of contents continues..!

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About Future Market Insights, Inc.

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