Asia-Pacific has various countries, such as Australia and Japan, which have reached a mature stage and have emerging markets such as China, India and others
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, March 24, 2022 /EINPresswire.com/ — cite the current trend towards humanization of pets, the shift towards nuclear families due to urbanization, the growth in the rate of pet population, and the increase in the trend of pets. adoption of pets are crucial factors responsible for the growth of the world pet care market. The outbreak of the COVID-19 pandemic also led to an increase in the adoption of pets such as dogs and cats as people around the world isolated themselves at home. quote
According to a new report published by Allied Market Research, titled “Pet Care Market by Product Type, Animal Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast 2021-2030”, the Global pet care market size is expected to reach USD 269,497.5 million by 2030 at a CAGR of 6.2% from 2021 to 2030.
The pet care market is witnessing growth owing to the increase in the number of pet owners globally due to the increase in consumer disposable income and increased awareness of health benefits to have a companion. Major factors driving the growth of the global pet care market include increasing trend of nuclear families, rapid humanization of pets, and increased awareness of pet health. Rising number of pet owners among Millennials and Gen Z along with rapid penetration of social media and e-commerce platforms across the globe are driving the growth of the pet care market significantly of company.
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The outbreak of the COVID-19 pandemic has had a positive effect on the pet care industry due to the weakened and unintended consequences of the COVID-19 pandemic. The global pet care market was growing at a rapid pace before the pandemic owing to the rise in humanization of pets, concerns over animal welfare, and increased spending on animal health and grooming. However, during the lockdown period, people have become more concerned about the health of pets and their own health, which has led to a large adoption of pet food and other care products so that animals stay healthy. Also, certain repercussions of COVID-19 and the above factors which have accelerated the growth of the market and are expected to sustain this growth during the forecast period.
The e-commerce segment had a positive impact on the overall pet products supply chain, as the entire pet care industry witnessed a rapid increase in revenue. These factors are expected to drive the growth of the pet care market over the forecast period.
According to the pet care market analysis, the pet care market is segmented on the basis of product type, animal type, distribution channel and region. Based on product type, the market is categorized into brushes, shower & bath accessories, toothpaste, grooming wipes, shampoo/conditioner, cat litter, pet comb, tick repellent, dry food, wet food, treats and snacks, etc. By type of animal, it is separated into dogs, cats, birds and others. By distribution channel, it is segmented into supermarkets, e-commerce, specialty pet stores and others. By region, it is analyzed in North America (United States, Canada and Mexico), Europe (United Kingdom, Germany, France, Poland, Italy, Russia, Spain and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and Rest of Asia-Pacific) and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia and Rest of LAMEA).
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According to the pet care market forecast, by product type, the dry food segment was the dominant segment accounting for 31.2% of the market share in 2020. This is attributed to the increased demand for pet food pet food because of its nutritional properties and oral benefits. Cat litter is estimated to be the fastest growing segment owing to the increasing adoption of cats in both developed and developing countries. Adoption of cats as pets is higher in developed markets like North America and Europe.
By animal type, dogs and cats were the two largest segments in 2020, with the dog segment leading the market. However, the cat segment is estimated to outnumber the dog segment during the forecast period as cat adoption across the globe is rapidly gaining popularity.
This is because cats are cheaper, they require less space, cats prefer to stay indoors all the time, and cats don’t make as much noise as dogs. Therefore, owning a cat as a pet is more convenient than owning a dog.
Based on the distribution channel, e-commerce is expected to be the fastest growing segment over the forecast period. This is attributed to the growing penetration of e-commerce platforms, growing adoption of smartphones, and improving internet access. The increasing number of online shoppers and the growing popularity of online retailers specializing in pet products are driving the growth of the market.
The major players operating in the global pet care market have adopted various development strategies to expand their market share and increase the market profitability. Key Players profiled in this report are Beaphar, BV, Colgate Palmolive Company, EBOS Group Limited, General Mills, Inc., Heristo AG, Mars, Incorporated, Nestle SA, Pet AG, PetEdge, Petlife International Ltd., Schell & Kampeter, Inc., Thai Union Group Plc, The JM Smucker Company, Unicharm Corporation and Versele-Laga NV
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Main results of the study
The global Pet Care Market size was valued at USD 138,270.0 Million in 2020 and is projected to reach USD 269,497.5 Million by 2030, registering a CAGR of 6.2% from 2021 to 2030 .
By product type, the cat litter segment is estimated to be the fastest growing, registering a CAGR of 7.9% during the forecast period.
In 2020, by animal type, the dog segment was valued at $47,949.3 million, or 34.6% of the global pet care market share.
In 2020, the United States was the largest market in North America and is expected to reach $58,666.2 million by 2030, growing at a CAGR of 5.3% over the period of forecast.
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