Pet Care Market: A Look into Future Market Dynamics

2024-03-19 06:03:04 • 18 Visualizações

Pet Care Industry | Forecast 2030

The primary growth drivers are the growing trend of pet humanization and rising consumer spending in the household and pet care sectors. Due to their ease of humanization and indulgence compared to larger creatures, people are also choosing to adopt small pets (cats, dogs, etc.). People are therefore prepared to invest more to guarantee that their pets receive the greatest care. Consequently, items for caring for pets, such as feeders, bowls, and waterers, have gained popularity.

Over the years the trend towards pet ownership is growing, with pets being viewed more as members of the family and as companions. According to Petsecure, the U.S., China, Russia, and France are some of the countries with the most pet dog and cat populations. Moreover, Americans spend more than USD 50 billion on their pets annually. Pet training is necessary for any pet animal to build confidence, establish desired behaviors in pets, and create deep bonds between pets and pet owners.

Access the Global Pet Care Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Changes in lifestyle, such as increased urbanization, long working hours, and decreased outdoor access, have resulted in pets spending more time indoors and often being left alone for extended periods. This has led to boredom, anxiety, and behavioral issues in pets.

Pet Food Market Growth & Trends

The global pet food market size is expected to reach USD 139.29 billion to expand at a CAGR of 4.4% from 2024 to 2030 as per the new report by Grand View Research, Inc. The growth is majorly driven by rising demand for organic and natural pet food products due to its numerous nutritional properties.

The global pet food products have witnessed substantial demand over the past few years owing to the advent of online purchasing and notable contribution of e-commerce in shaping and strengthening the industry. Trends influencing the growth of this industry include launches of new products, online private brands, treats, and novel technologies.

Consumers do not prefer traditional products for their pet’s consumption. They try to comprehend the ingredients list and usually opt for healthier available alternative in the market. Consumers prefer made-to-order, frozen, and fresher meals for their pets. Although these types are comparatively expensive, customers are willing to pay more for healthy items for the consumption for their household pets.

The outbreak of COVID-19, which has led to the closure of factories, production units, and manufacturing sites globally, there has been significant decline in the global demand for pet food ingredients and raw materials. Due to the ongoing pandemic, several production plants have been completely or partially shut down while others are running at reduced rates, which may result in a supply-demand gap globally.

Order your copy of the Free Sample of “Pet Care Industry Data Book - Pet Product, Pet Food and Pet Supplements Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030, published by Grand View Research

Pet Supplements Market Growth & Trends

The global pet supplements market size is expected to reach USD 3.73 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 5.9% from 2024 to 2030. Increasing adoption of pets globally is driving the demand for pet supplements. For instance, according to the U.S. Pet Food Industry’s pet ownership study, pet ownership rose from 67.0% of households in 2018 to an all-time high of 70% in 2020, as confirmed by the American Pet Product Association (APPA). These statistics foretell high market growth over the forecast period.

In addition, pet ownership is a common practice in various countries across the globe. For instance, according to the National Pet Owners Survey 2021-2022, 90.5 million U.S. families own a pet. With such pet ownership patterns in various countries, people are spending on pet supplements owing to their various health benefits. These supplements enhance concentration, focus, and energy levels in pets, strengthen their immune system, and improve heart health.

Go through the table of content of Pet Care Industry Data Book to get a better understanding of the Coverage & Scope of the study

Based on the type, the over-the-counter (OTC) segment dominated the market and is anticipated to show similar trends during the forecast period. Numerous over-the-counter pet supplements are available which either support a particular aspect of a pet's health or provide specific nutrients. Moreover, these supplements are popular and readily & easily available at a relatively affordable price. Additionally, a wide range of pet supplements is available through various distribution channels, including online retailers, supermarkets & hypermarkets, and pet stores,.

Competitive Insights

The manufacturers aim to achieve optimum business growth and a strong market position through the implementation of various strategies such as acquisitions, new product launches, collaborations, and strengthening of distribution networks in the global as well as regional markets. Flooring material manufacturers aim to intensify their market positions by widening their customer base.

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com/sector-reports-list