Pet Care Market Size, Share, Sales, Analysis, Forecast, Industry Competition & Player Profiles 2023-2032
Rising Adoptions of Pets, and Nutritional Varieties to Drive Tremendous Growth
The pet care market remains a promising landscape during 2023-2032, as injection of technologies like pet-monitoring cameras to track the development of pets, and nutritious pet food varieties continue to drive growth. As per recent news reports, the pet food business received a major boost during the COVID-19 crisis as isolation, and despondency driven by the pandemic boosted pet care in many ways.
On one hand, it led to more adoptions of pets in countries like the United States, one of the largest market for the global pet care market. Additionally, it also led to the wealthy pet owners to invest far more in pet care as compared to the usual. For example, dog diapers jumped 202% to US$24 million in August, 2020, thanks to rising number of professionals working from home, and additional burden of household responsibilities.
Moreover, the stay-at-home work culture also lead to more veterinary visits for pet owners, and rising sales of items likes leashes, and even scams-related to pet goodies. Moreover, surveys during the pandemic also reported adoption of more dogs, and cats.
Pet Adoption Remains on the Rise Despite Increase in Abandons Initially
As organizations like the WHO stated initially, there was no danger of virus transmission from animals to humans. However, despite the warning, the apprehension, misinformation, and fear led to many people abandoning their pets during the initial phase of the pandemic.
The fall in incomes may have also led to drop in numbers of adoption across pet shelters. The pet shelter data management company, PetPoint suggested that adoptions in October were down by. 19% lower for dogs, while 11% for cats. However, the market will likely pose strong growth as news of vaccination, advisory from organizations like WHO, and opening up of the economy in key regions promises to deliver growth.
Soon after the initial abandonment, the price for fostering a pet shot through the roof in countries like the UK, reaching near US$500 for application. Moreover, similar trends were witnessed in countries like India, where urbanization continues to provide upward mobility to youth. Similar trends were witnessed in metropolitan cities like the New York, and Los Angeles, which remained a key battleground for Covid-19 pandemic, and suffered precious loss of human life. Some reports suggest that the pet adoption in these cities increased by as much as 500% during the pandemic.
High-Tech Developments to Make Way for New Growth in the Pet Care Market
Wealthy pet owners increasingly adopt high-tech to monitor, and ensure safety of their pets. This development is likely to be aided further as wearables continue to become cheap, and can monitor key vitals for pet including body temperature, heart rate, GPS location, among others.
The entry of major Chinese players like Xiaomi into the wearables market have also ensured lowered costs of wearable, expanding the scope of pet care further to include consumers from all income segments. Despite its tremendous promise, the pet care tech products and services continue to suffer from lack of awareness, and visibility.
The rising number of veterinary cares in emerging nations will also provide a major impetus for growth for the pet care market in the near future.
The Pet Care Market is Segmented as Below:
By Type
- Pet Food
- Pet Care Products
- Veterinary Care Products
- Supplies/OTC Medications
- Services
- Pet Grooming/Boarding
- Live Animal Purchase
By Animal
- Dogs
- Cats
- Birds
- Fishes
- Horses
- Others
By Distribution Channel
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
