Global Pet Care Market Size, Insights, Drivers, Opportunities, By Type (Dog, Cat, Fish, Bird, Others), By Product (Pet Food, Veterinary Care, Pet grooming/boarding, Supplies/OTC Medications, Live Animal Purchase) By Region, Growth, Trends and Forecast from 2019 to 2027
Global Pet Care Market Size, Insights, Drivers, Opportunities, By Type (Dog, Cat, Fish, Bird, Others), By Product (Pet Food, Veterinary Care, Pet grooming/boarding, Supplies/OTC Medications, Live Animal Purchase) By Region, Growth, Trends and Forecast from 2019 to 2027
Historic years: 2015 to 2017 Base Year: 2018 Forecast Years: 2019 to 2027
Number of pages: 100 Category: Consumer Goods Report Id: MISCG5002
Market Insights
The global pet care market was valued at USD 159.65 billion in 2018 and is estimated to reach a value of USD 270.62 billion in 2027. The market is analyzed to rise at a CAGR of 6.04% over the forecast period of 2019 to 2027. The major drivers affecting this growth are the increasing disposable income of pet owners and the clustering trend of nuclear families. Unlike old traditional times people have started single independent lives wherein they are adopting pets as family.Global pet care market size by region, 2018 (USD Billion)
Other key factors playing an important role include faster economic growth, the demographics of our (human) population. Pet ownership has also shown positive effects on human health with higher survival rates in myocardial infarction and a much-reduced risk of asthma and cardiovascular diseases. In a recent study conducted on pet owners by Tufts University- Cummings School of Veterinary Medicine it was observed that dogs and cats were among the most adopted pets. The study also suggested that the companionship of pets alleviate depression. Medical associations are further investigating the impacts of human – animal relationship.
Type Insights
The global market has witnessed a substantial growth in the dog and cat adoption. Pets that were once the strange creatures have turned to an integral part of the families. Dogs category was the largest and fastest growing market. Dogs are known to be of functional importance because of their multiple roles which range from status symbol to companion. Rare breeds of dogs like the English Bull dog and Lowchen are expensive (USD 2500 to USD 9000) but are owned because of their rare existence. There are other guide dogs that support blind and deaf people as companions. Fishes are the third in ranking when it comes to pet ownership. They are an important part of today’s modern home décor and are easy to maintain. According to a study by Pet Food Manufacturers Association 16 % of owners now own fishes with cats own the second rank with 19 % and dogs are at 23 % as the most lovable companions. The major reason of this drift of fishes as pet, owes to the fact that people have slowly started moving to smaller rental places and further it is not possible town a dog or cat.Product Insights
As pet owner consider pets to be a part of their own family, these pets are no longer just pets. Their health, wellness and food habits are taken care organically leading to the rising demand of quality, nutritious organic food and medicines. Pet food market is showing an inclined trajectory in the forecast as per the market report. The rapid humanization of pets and significant awareness about pet health has led to the global pet care market growth. For instance Pet supplies plus launched Redford Natural a specific food for cats to give them a healthy meal with added value.Global pet care market share by product, 2018 (%)
Additionally, organizations here are diversifying their pet food supplies to products which are grain free, allergen free and non-GMO. Beside pet foods, veterinary care and pet grooming is the key market in the global scenario. The animal health market includes medical feeds, pharmaceuticals, diagnostic tools and centers. The global market at 2018 was valued at 40.63 billion dollars and is growing at a rate of XX % over the period of 2019 to 2027. While the challenges which might become hurdles in the growing sector are strict cultural and government regulations. Incidents reported from allergies in pets and and the surging prices of pet care products.