The leading companies in the pet care market are Unicharm Corporation (Japan), Hill’s Pet Nutrition, Inc. (US), SCHELL & KAMPETER, INC (US), Tiernahrung Deuerer GmbH (Germany), Heristo AG (Germany), Mars Incorporated (US) , Nestle SA (Switzerland), Spectrum Brands Inc. (US), Diana Group (Thailand), The JM Smucker Company (US), and Others.
Pet Care Market
Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) — The size of the global pet care industry was valued at USD 235.32 billion in 2022 and is expected to grow from USD 246.66 billion in 2023 to USD 368.88 billion by 2030, showing a CAGR of 5.92 % during the forecast period.
Fortune Business Insights™ cited this information in its research report, titled “Pet Care Market, 2023-2030”.
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List of Key Players Profiled in Pet Care Market:
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Mars Incorporated (US)
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Nestle SA (Switzerland)
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Spectrum Brands Inc. (USA)
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Diana Group (Thailand)
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The JM Smucker Company (US)
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Unicharm Corporation (Japan)
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Hill’s Pet Nutrition, Inc. (USA)
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SCHELL & COMPETITORS, INC (US)
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Animal Food Deuerer GmbH (Germany)
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Heristo AG (Germany)
Report Scope:
The report provides an account of the important factors boosting the global business landscape throughout the forecast period. It further provides an analysis of the key trends driving the overall business scenario in the forecast period. Additional aspects include merger agreements, acquisitions, and the launch of multiple solutions.
Drivers and Restraints:
Market Expansion Favored by Increased Government Spending
The growth of the pet care market is driven by increasing spending on pet products such as grooming, health care, food, and others. The increase is due to the increase in infrastructural facilities in some stores which is likely to support the consumption rate of the products.
However, business growth can be hindered by high costs associated with quality products.
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Impact of COVID-19:
Increase in Market Share Driven by Increased Social Isolation amid Pandemic Period
The COVID-19 pandemic has led to increased social isolation amid lockdown restrictions. This has raised the demand for pet ownership in different regions. Furthermore, dog owners are very conscious about preventing dogs from infections. However, the pandemic has led to the closure of pet food stores in some countries.
What Factors Drive The Applications Of Pet Care Market?
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The increase in pet humanization and the growing trend of pet adoption, leading to higher demand for premium and specialized pet care products and services.
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Increasing awareness about pet health and welfare, resulting in increased demand for veterinary services, nutritious pet food, and advanced pet care solutions.
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Shift consumer preferences toward natural and organic pet products, driven by concerns over the quality and safety of pet consumables and accessories.
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Technological advances in the pet care industry, such as the development of smart pet products and advanced health care devices, facilitate better monitoring and management of pet health.
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Expansion of e-commerce platforms, which provide convenient access to a wide range of pet care products, contributing to the growth of the market worldwide.
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Rising disposable income in emerging economies, leading to higher spending on pet care products and services, and driving market expansion in these regions.
Segmentation:
By Product Type
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Pet Food Products
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Veterinary Care
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The others
By Pet Type
Through the Distribution Channel
By Geography
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North America
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Europe
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Asia-Pacific
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the Middle East and Africa
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South America
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Regional Perspectives:
North America to Lead Increase in Pet Care Spending in US and Canada
The pet care market share in North America is set to exhibit impressive expansion throughout the study period. The increase was driven by massive spending in Canada and the US
The Asia Pacific market is expected to record significant growth during the forecast period. The surge is driven by the increasing presence of major players and manufacturing facilities in countries such as China and India.
Detailed Table of Contents:
TOC continues…!
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Competitive Landscape:
Major Companies Enter Partnerships to Advance the Business Landscape
Major companies are focused on adopting a range of initiatives for consolidating their market positions. These steps consist of merger agreements, acquisitions, and launching new products. Additional initiatives include increasing research activities and developing new solutions.
Key Industry Developments:
Read Related Insights:
Pet Grooming and Equipment Market to Value USD 116.23 Billion by 2030 | At a CAGR of 6.98%
Pet Clothing Industry to Worth USD 7.0 Billion by 2028 | With a 4.4% CAGR
Pet Toys Market Size to Explode $12.63 Billion by 2029 | At 6.73% CAGR
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