Pet Care Market Size Worth $202.6 Billion By 2025 Owing To Growing Demand For Premium Care Products | Grand View Research, Inc.
The global pet care market size is expected to reach USD 202.6 billion by 2025 at a CAGR of 4.9% over the forecast period. The pet care industry is expected to be driven by high demand for pet products, grooming services, and a global increase in pet adoption. Pet adoption and pet-loving lifestyles are becoming increasingly common with consumers. This trend is more prominent in generation Z and millennial consumers to some extent. Millennials prefer dogs and cats over children until they are more stable in their lives. As a result, consumers are opting for a canine friend to fill the maternal void.
The pet care market has developed into a multi-billion-dollar industry, thanks to the introduction of pet care centers and the launch of virtual services to help people train their pets. Despite extreme financial pressure or economic instability, the pet care industry continues to expand, with a rising number of pet owners placing a higher priority on their pet’s health and welfare than on their own. Furthermore, the recent technological advancements have made it easier for pet owners to interact with their canine companions.
Pet Care Market Report Highlights
• Based on the type, dogs held the largest market share accounting for 39.79% of the pet type segment in 2016. This is due to an increase in the adoption of dogs and the health benefits associated with them.
• Cats segment held a significant market share in the type segment in 2016 and is expected to grow at a CAGR of around 4.7% during the forecast period.
• On the basis of product, the pet food segment dominated the pet product segment in 2016 and is anticipated to maintain its dominance with a CAGR of 4.6% over the forecast period. In addition, the grooming and boarding facilities is growing at a significant growth rate of 5.9% over the forecast period owing to the rise in the adoption of pet and growing preference of pet owners regarding pet care.
• North America region dominated the global pet care industry in 2016 owing to the growing number of pet owners along with increasing awareness about good veterinary health in the region.
• In February 2020, Nestlé launched Unleashed, a new accelerator program in pet care. The program aims to identify and support dynamic and creative start-ups that integrate science and technologies into innovative products and services for pets.
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Pet Care Market Segmentation
Grand View Research has segmented the global pet care market on the basis of type, products and region:
Pet Care Type Outlook (Market Revenue in USD Million, 2014 – 2025)
• Dog
• Cat
• Fish
• Bird
Pet Care Product Outlook (Market Revenue in USD Million, 2014 – 2025)
• Pet Food
• Veterinary Care
• OTC/Supplies
• Live Animal Purchase
• Pet Boarding/Grooming
Pet Care Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• The U.S.
• Europe
• Germany
• U.K.
• Asia Pacific
• India
• Japan
• Latin America
• Brazil
List of Key Players of Pet Care Market
• PetSmart, Inc.
• PetCo Animal Supplies, Inc.
• Nestle
• Ancol
• Just for Pets
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