Pet Care Industry Development Trends & Business Opportunity Assessment

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The global pet care industry size was valued at USD 246.66 billion in 2023. The industry is poised to expand from USD 259.37 billion in 2024 to USD 427.75 billion by 2032, exhibiting a CAGR of 6.45% over the forecast period. The rise can be attributed to the escalating popularity of pet care products across numerous regions.

Fortune Business Insights™ cites this information in its research report, titled “Pet Care Market, 2024-2032”.

Top Companies Covered in the Pet Care Market:

  • Mars Incorporated (U.S.)
  • Nestle S.A. (Switzerland)
  • Spectrum Brands Inc. (U.S.)
  • Diana Group (Thailand)
  • The J.M. Smucker Company (U.S.)
  • Unicharm Corporation (Japan)
  • Hill’s Pet Nutrition, Inc. (U.S.)
  • SCHELL & KAMPETER, INC (U.S.)
  • Tiernahrung Deuerer GmbH (Germany)
  • Heristo AG (Germany)

Information Source: https://www.fortunebusinessinsights.com/pet-care-market-104749 

Segmentation:

Pet Food Segment to Record Substantial Growth Impelled by Rising Demand for Nutritious Items

By product type, the industry is segmented into veterinary care, pet food products, and others. The pet food segment is expected to expand at an appreciable pace throughout the study period. The surge can be attributed to the increasing demand for nutritious and tasty food items for meeting the daily feeding requirements of pets.

Dog Segment to Register Considerable Expansion Owing to Healthy Nature of Products

Based on pet type, the industry is categorized into cat, dog, and others. The dog segment is estimated to register substantial growth over the projected period. The growth is driven by the healthy nature of products and the happier nature of dogs.

Offline Segment to Gain Traction Driven by Extensive Availability of Products at Various Stores

On the basis of distribution channel, the industry is fragmented into online and offline segments. The offline segment is estimated to record considerable expansion over the study period. The escalation is propelled by the growing availability of pet supplies and rising infrastructural settings associated with pet stores.

Based on geography, the industry has been analyzed across North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Report Coverage:

The report provides an account of the vital factors boosting the global business landscape throughout the forecast period. It further gives an analysis of the major trends propelling the overall business scenario over the projected period. Additional aspects include merger agreements, acquisitions, and the launch of numerous solutions.

Drivers and Restraints:

Market Expansion Favored by Increasing Government Spending

Pet care industry growth is being impelled by an escalation in spending on pet products such as grooming, healthcare, food, and others. The rise is due to increasing infrastructural facilities in several stores which are likely to support the consumption rate of products.

However, the business growth could be restrained by the high cost associated with high-quality products.

Regional Insights:

North America to Lead Driven by Increasing Pet Care Expenditure in U.S. and Canada

North America pet care industry share is set to exhibit remarkable expansion throughout the study period. The rise is propelled by the enormous expenditure in Canada and the U.S.

The Asia Pacific industry is anticipated to record substantial growth over the forecast period. The surge is driven by the increasing presence of major players and manufacturing facilities in countries such as China and India.

Competitive Landscape:

Key Companies Enter Collaborations to Propel Business Landscape

Major companies are centered on the adoption of an array of initiatives for the consolidation of their industry positions. These steps comprise merger agreements, acquisitions, and the rollout of new products. Additional initiatives include a rise in research activities and the development of new solutions.

Key Industry Development:

  • November 2022 – Nylabone, a prominent brand of Central Garden & Pet Company, launched its innovative range of pet toy products that would provide fun pet activities.