Pet Care Market size set to grow by USD 72.82 bn from 2023-2027, increasing pet ownership will boost market- Technavio

NEW YORK, March 13, 2024 /PRNewswire/ — The global size of pet farming is estimated to grow by USD 72.82 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6% during the forecast period. The global pet care market is experiencing steady growth, driven by pet humanization and increasing pet ownership.
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Factors driving the market

With pets considered members of the family, consumer spending in home pet care categories continues to increase. Key pet care product segments include feeders, bowls, waterers, and pet accessories made from sustainable materials. Growth drivers include the small worlds of cats and dogs, with pet health issues and accompanying animal preventative care being important concerns for pet owners and lovers alike. to pets. The pet sector, represented by the American Pet Products Association, reports a CAGR of 4-5% through 2025. Technology and internet purchases have also influenced the pet care industry, with COVID-19 , shelter-in-place orders, and work-from-home advice leading to more adoptions and fostering. Millennial and Generation Z consumers, as they age, embrace pet care as a lifestyle upgrade, while baby boomers continue to prioritize pet health. Neo Bites, a carbon-negative dog food company, and other eco-conscious brands get a share of the revenue. Cultural changes towards responsible pet ownership and advancements in the pet care industry are helping to expand the market. The pet care categories cater to different types of pets, with cats in single-person households and the dog segment experiencing significant growth in developed countries. The CAGR for cat owners in this segment is expected to be around 3-4%. Pet furniture for flats, apartments, lawns, and porches further enhances the pet care experience.

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Influencing Trends:

The global pet care market is experiencing significant growth, driven by the humanization of pets and increasing consumer spending on household members. Pet care categories, including feeders, bowls, waterers, and pet furniture, are witnessing an increase in demand. Among the factors fueling this trend are cultural shifts toward pet-owning and pet-loving lifestyles, with millennial and Generation Z consumers leading the way. The income share of pet sector, with the dog segment having a major share. Growth drivers include pet health issues, companion animal preventive care, and responsible pet ownership. Small pets like cats, known for anxiety, stress, depression, and loneliness, require special care. The CAGR for the cat pet type segment is high in single-person households and developed countries. Amidst COVID-19, shelter-in-place, and work-from-home, adoption and foster care orders have increased. Technology and internet shopping have revolutionized the pet care industry, with companies like Neo Bites, a carbon-negative dog food company, offering lifestyle upgrades and sustainable materials , such as recyclable plastics. The ecological footprint of the pet care industry is a concern, with a focus on using eco-friendly pet accessories made from sustainable materials.

Segment Overview

The market research and growth report forecasts market growth by revenue at the global, regional and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.

• Application Outlook (USD Billion, 2017 – 2027)

• Product Outlook (USD Billion, 2017 – 2027)
• Food
• Accessories
• Repair

• Regional Outlook (USD Billion, 2017 – 2027)
• North America
• Europe
• UK
• Germany
• France
• Remaining at Europe
• APAC
• Middle East and Africa
• Saudi Arabia
• South Africa
• The rest of the Middle East and Africa

Market Segmentation by Product

The global pet care market is experiencing significant growth, with a compound annual growth rate (CAGR) of X%. This expansion is driven by pet humanization, leading to increased consumer spending in the home pet care categories. The demand for snacks and food, especially for small pets like cats and dogs, is increasing. Large vendors are innovating with new variations, such as fresh, frozen, raw, and freeze-dried pet care products. The growth of the pet sector has been fueled by cultural changes, where millennial and Generation Z consumers are prioritizing the welfare of their pets. Pet ownership is at an all-time high, with many adopting or fostering animals during the COVID-19 shelter-in-place order and work-from-home advice. Pet health issues and accompanying preventative care are becoming important aspects of responsible pet ownership. Key pet care categories include feeders, bowls, waterers, and pet accessories made from sustainable materials such as recyclable plastics. Neo Bites, a carbon-negative dog food company, is a prominent player in the market. The cat segment accounts for a large share of revenue, where anxiety, stress, depression, and loneliness are common concerns for cat owners, especially in single-person households. The pet care industry is undergoing lifestyle upgrades, with pet furniture becoming increasingly popular for flats, apartments, lawns, and porches. The American Pet Products Association reports that pet ownership is a growing trend in developed countries, where pets are becoming an integral part of pet ownership and pet-loving lives. animal Technology and internet shopping have revolutionized the pet sector, with pet care products and accessories easily accessible online. The dog segment continues to dominate the market, with a focus on cardiovascular health and exercise.

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Table of contents:

1 Executive Summary
2 Market Landscape
3 Market Measurement
4 Historical Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Review
13 Appendix

About us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With more than 500 expert analysts, Technavio’s report library consists of more than 17,000 reports and counts, covering 800 technologies, covering 50 countries. Their client base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within the changing market situations.

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SOURCE Technavio