Research Nester’s recent market research analysis on “Pet Care Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global pet care market in terms of market segmentation by product, animals, distribution channel, and by region.
Growing Demand for Nutritious Food for Pets to Promote Global Market Share of Pet Care
The global pet care market is estimated to grow majorly on account of the increasing demand for nutritious and healthy food for pets. Pet owners are very concerned about their pet’s health as the obesity cases in pets are increasing. According to a recent report published in 2023 states that 59% of all pets are suffering from obesity and around 37% of dogs are already overweight by the time they reach 6 months of age.
Majority of the pet owners opt for a proactive and natural approach to nurturing their pet’s digestive health. This type of food prevents any type of allergens and also helps to monitor the eating patterns of the pet. Various health conditions, such as dry skin, obesity, and loose stools can be easily addressed by such foods.
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Some of the major growth factors and challenges that are associated with the growth of the global pet care market are:
Growth Drivers:
• People started spending more on their pets majorly on pet care products, health, food, and insurance is driving the market growth of pet care.
• Zoonotic infections are transmitted from dogs to humans including by different mediums such as infected saliva, aerosols, contaminated urine/feces, and from direct contact with the dog resulting in pet care market growth.
Challenges:
The cost of pet care and services is quite high in developing countries. Taking care of a pet means investing in food, medical services, insurance, grooming, and basic needs of the pet. People nowadays treat pets as their family and enjoy spoiling them. Pet owners treat their pets before they treat themselves. The pricey side of owning a pet acts as an obstacle during the adoption of a pet. Moreover, pet stores and breeders are facing a reduction in revenue due to decreasing demand for pets.
By product, the global pet care market is segmented into pet food, pet care products, and services. The pet food segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The massive demand for nutritious and organic food is growing at a fast pace for the daily feed of pets. The food consists of meat, meat byproducts, grains, cereals, vitamins, and minerals.
Pet owners are concerned about the health of their pets resulting in high demand for quality pet food. The customized pet food concept is introduced in the market which is specially made for a particular pet to satisfy its needs. According to the American Pet Products Association report, around USD 147 billion was spent on pets in 2023 which included pet foods, supplies & medicine, vet care, and other services.
By region, the Europe pet care market is to generate the significant revenue by the end of 2036. This growth is anticipated by the growing number of pets in Western Europe, and the increasing focus on animal healthcare. Moreover, the region is dominated by mobile grooming services and other pet-related services leading to the market growth of pet care.
The government has invested in constructing veterinary centers for animals. Furthermore, the increasing costs for veterinarians are influencing more pet owners to take out an insurance plan for their pets. The pet insurance market in Europe is rising quickly due to the strict regulations for pet insurance in countries like Sweden. According to the European Pet food report issued in 2022, 91. million households in the EU own a pet (46% of households) resulting in 10.5 million tons sale of pet food products in 2022.
This report also provides the existing competitive scenario of some of the key players in the pet care market are Blue Buffalo Company, Ltd, Champion Petfoods, Saturn Petcare GmbH, The Hartz Mountain Corporation, Petmate, Tail Blazers Pets, Ancol Pets Private Limited, Hill’s Pet Nutrition, Inc., All Pet Food, Mars, Incorporated, and others.
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