The growth of the global pet care market is driven by increasing urbanization and migration towards nuclear families in emerging countries along with the rapid growth of pet stores.
Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Pet Care Market by Product Type (Brush, Shower & Bath Accessories, Toothpaste, Grooming Wipes, Shampoo/Conditioner, Cat Litter, Pet Comb, Tick Repellent, Dry Food, Wet Food, Treat & Snack, and Others), Animal Type ( Dogs, Cats, Birds, and Others), and Distribution Channel (Supermarkets, E-Commerce, Specialty Pet Shops, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030According to the report, the global pet care industry reached $138.2 billion in 2020, and is expected to gain $269.4 billion in 2030, registering a CAGR of 6.2% from 2021 to 2030.
Main determinant of growth
The growth of the global pet care market is driven by increasing urbanization and migration towards nuclear families in emerging countries along with the rapid growth of pet stores. However, high mortality rate of pets and strict government standards on pet food production are hindering the market growth. On the other hand, the growing popularity of pet cafes creates lucrative opportunities in the coming years.
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The dogs segment on dominate during the forecast period
On the basis of animal type, the dogs segment generated the largest share in 2020, holding more than one-third of the global pet care market, and is expected to maintain its leading position during the forecast period. Factors such as population increase in urbanization, increase in dog population, increasing trend of pet adoption among millennials and generation Z, shift towards nuclear families, and adoption of pets of geriatric population drives the segment. However, the birds segment is expected to show the largest CAGR of 7.0% from 2021 to 2030, due to the increasing popularity of small companions.
The dry food segment in maintain its lead throughout the forecast period
On the basis of product type, the dry food segment contributed the highest market share in 2020, holding nearly one-third of the global pet care market, and is expected to dominate throughout the forecast period. , because it offers sufficient nutrition to domestic animals. and good for dental and oral health. On the other hand, the cat litter segment is registered to grow at the highest CAGR of 7.9% from 2021 to 2030, due to the increasing adoption of cats as pets worldwide.
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North America in lead the way by 2030
On a regional basis, North America contributed the largest market share in terms of revenue 2020, holding more than one-third of the global pet care market, attributed to increasing health awareness of pets. However, the market across the Asia-Pacific region is expected to exhibit the fastest CAGR of 7.0% during the forecast period, owing to the trend of nuclear families, apartment culture, and cohabitation needs.
Leading Market Players
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The report provides a detailed analysis of the key players of the global travel retail market. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements, etc. to increase their market share and maintain dominant shares over others. different regions. The report is important in highlighting the business performance, operating segments, product portfolio, and strategic moves of the market players to present the competitive scenario.
Country Reports We Have in this Industry:
• Pet Traction Ropes Market : Global Opportunity Analysis and Industry Forecast, 2023-2032
• US Pet Travel Accessories Market : Opportunity Analysis and Industry Forecast, 2021-20311
• US Pet Boarding Market : Opportunity Analysis and Industry Forecast, 2021-2031
• US Pet Clothing Market : Opportunity Analysis and Industry Forecast, 2021-2031
• US Functional Pet Treat Market: Global Opportunity Analysis and Industry Forecast, 2022-2032
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