The global pet care market size was valued at USD 246.66 billion in 2023 and is projected to grow to USD 368.88 billion by 2030, exhibiting a CAGR of 5.92% during the forecast period. North America dominated the global market with a share of 33.80% in 2022.
Fortune Business Insights™ cited this information in a research report titled "Pet Care Market, 2024-2030" .
Intelligence source: https://www.fortunebusinessinsights.com/jp/%E3%83%9A%E3%83%83%E3%83%88%E3%82%B1%E3%82%A2%E5%B8% 82%E5%A0%B4-104749
List of major companies profiled in the Pet Care market:
- Mars, Incorporated (USA)
- Nestle SA (Switzerland)
- Spectrum Brands (USA)
- Diana Group (Thailand)
- JM Smucker Company (USA)
- Unicharm Corporation (Japan)
- Hill's Pet Nutrition, Inc. (USA)
- Shell & Campeter (USA)
- Animal Food Deuerer GmbH (Germany)
- Helist AG (Germany)
Report Scope:
The report discusses the key factors driving the global business environment throughout the forecast period. It also offers an analysis of the key trends propelling the overall business scenario throughout the forecast period. Additional aspects include merger deals, acquisitions, and the launch of numerous solutions.
Drivers and Restraints:
Market expansion due to increased government spending
The growth of the pet care market is driven by the rise in spending on pet products like grooming, healthcare, food, etc. This rise is due to the increase in infrastructure facilities of multiple stores which is expected to support the consumption rate of the products.
However, the high costs associated with high-quality products can limit business growth.
What are the factors driving the Pet Care market application?
- The increasing humanization of pets and the trend towards increased pet adoption are driving the demand for premium, specialized pet care products and services.
- Rising awareness about pet health and wellbeing has led to a surge in demand for veterinary services, nutritious pet food, and advanced pet care solutions.
- Concerns over the quality and safety of pet consumables and accessories are shifting consumer preferences towards natural and organic pet products.
- Technological advancements in the pet care industry, such as the development of smart pet products and advanced medical devices, make it easier to monitor and manage pets' health.
- The expansion of e-commerce platforms will provide convenient access to a wide range of pet care products, contributing to the growth of the global market.
- Rising disposable income in emerging economies will increase spending on pet care products and services, driving market expansion in these regions.
segmentation:
By Product Type
- Pet Food Products
- Veterinary Care
- others
By pet type
- dog
- Cat
- others
By distribution channel
- online
- off-line
Geographical Category
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- south america
Regional Insights:
North America led by increased pet care spending in the U.S. and Canada
The North American pet care market share is expected to show a notable expansion over the study period. This increase is driven by huge spending in Canada and the United States.
The Asia Pacific market is expected to register significant growth during the forecast period. This surge is driven by the increasing presence of major companies and manufacturing facilities in countries such as China and India.
Competitive Landscape:
Leading Companies Team Up to Advance Business Environment
Leading companies are focusing on adopting various initiatives to strengthen their market position. These steps include merger agreements, acquisitions, and new product rollouts. Additional initiatives include increasing research activities and developing new solutions.
Major industry developments:
- September 2021 – Petmate acquires Platinum Equity. The acquisition will help the company bolster its manufacturing capabilities and investments in product launches.
See the overview of this research report:
https://www.fortunebusinessinsights.com/pet-care-market-104749
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