The global pet care market, estimated at US $ 179.4 billion in 2020, is expected to reach US $ 255.4 billion by 2027, growing at a CAGR of 5.2%.
Pet food, the key segment analyzed in ResearchAndMarkets.com’s latest report – ‘Pet Care – Global Market Trajectory & Analytic’ – is expected to post a CAGR of 4.8% to reach $ 113.9 billion in here the end of the analysis period.
The pet care market in the United States is estimated at US $ 76.8 billion in 2020. And China – the world’s second largest economy – is expected to reach a projected market size of US $ 8.5 billion d ‘by 2027. Other notable geographic markets include Japan. and Canada, each forecast growth of 4.2% and 5.6% respectively over the period 2020-2027. In Europe, Germany is expected to grow by around 4.1% CAGR.
In the global OTC / supplies segment, the United States, Canada, Japan, China and Europe will lead the estimated 5.4% for this segment. These regional markets, representing a combined market size of US $ 32.2 billion in 2020, are expected to reach a projected size of US $ 46.4 billion by the end of the analysis period.
China will remain among the fastest growing countries in this group of regional markets. Led by countries like Australia, India and South Korea, the Asia-Pacific market is expected to reach US $ 23 billion by 2027, while Latin America will grow at a CAGR of 6 , 8% during the analysis period.
The 197 companies featured in the report include Ancol Pet Products (UK based), Champion Petfoods, Hill’s Pet Nutrition, Mars, NestlÃ© Purina PetCare and Petmate.
The noted âtrends and driversâ in the market include:
â¢ A shift towards sustainable products
â¢ Foods and products made to measure with healthy ingredients
â¢ Telemedicine is gaining in importance
â¢ Advanced wearable collars
â¢ Earnings for private brands
â¢ Online ordering and social networks
â¢ Trends in the humanization of pets are driving owners to increase their spending on pet care
â¢ The health and welfare of pets is becoming a dominant theme in the pet care market.
â¢ Functional animal treats gain in importance
â¢ Pet food premiumization trends
â¢ Dry foods preferred over wet foods
â¢ Increased preference for raw pet food and animal protein
â¢ Growing demand for pet nutraceuticals adds new growth opportunities
â¢ Over-the-counter medicines for pets: Growing awareness of pet health sustains demand
â¢ Pet grooming services: emphasis on appearance and hygiene stimulates growth
â¢ Pet grooming products are gaining popularity
â¢ Pet insurance finds acceptance among pet owners
â¢ E-commerce platforms are growing dramatically
â¢ Direct-to-consumer business model supports personalization
â¢ Emerging trends in pet technology to transform the pet care market
â¢ The digital revolution is transforming the landscape of pet care distribution.