Pet humanization as a trend is more popular than ever. This coupled with the rising pet adoption has increased per capita spending on pet care products. Future Market Insights (FMI) forecasts the pet care market to surge at a CAGR of 6% between 2020 and 2030.
In its report on the pet care market FMI offers exhaustive details pertaining to the factors influencing growth. The 2020 version of the report captures prevalent trends and gauges the impact of changing socio-economic and cultural dynamics on the market.
Overall, the spending on luxuries as well as necessities for pet care has increased. Consequently, there is a higher demand for pet clothing, beds, medications, and veterinary and grooming services.
Millennial and generation Z as they enter adulthood have shown greater likelihood of embracing pet ownership. Their pet-loving lifestyle has a greater impact on the pet care market, spurring sales of various discretionary and luxury goods.
There is also improved cautiousness with an increasing number of pet owners choosing healthier ingredients in their pet foods. As a result, the pet care market is currently witnessing a higher demand for fresh and organic diets.
Driven by the aforementioned factors, FMI projects the pet care market to surpass US$ 343 Bn by the end of 2030. Some of the key highlights from the report are as follows:
For More Detailed Insights on Pet Care Market
- Among pet products available in the market, the demand for food will surge globally
- Among pet types, dogs will enjoy the spotlight and dog owners are likely to spend 2.5 times more for innovative pet care products
- Based on service channel, FMI projects the modern trade channels to emerge as the more popular one
- Online retailing will rise at an impressive pace especially on account of the higher adoption of omni-channel approach by various brands
“Despite an impressive trajectory in the past few years, the ongoing pandemic has negatively affected the pet care supply chain, resulting in decelerated product sales in Q1-Q2, 2020. However, by Q3 the market is expected to show recovery. Expansion of sales channels and strategic collaborations with local dealers will help companies to revive sales,” said a lead analyst at FMI.
Advent of Mobile Pet Grooming Salons to Attract Better Sales Prospects to Pet Care Market
Pet grooming services have become highly sought-after and are expected to give a big push to the pet care market. Fast paced lifestyle has made it more difficult for pet owners to spend time on pet grooming at home. Instead they are looking for professional services for routine grooming practices.
Mobile pet grooming salons have proven very helpful for owners who are pressed with time. These salons bring grooming services at home unlike their conventional counterparts that required pet owners to take their pets to the physical outlets.
The advent of mobile pet grooming salons has been a key breakthrough enabling growth in the global pet care market.
Who is winning?
Some of the key players operating in the global pet care market are Affinity Petcare France SA, Bob Martin, Brochibeto, S.L., Hill’s Pet Nutrition SNC, Mars Pet Care, Monge & C. S.p.a, Nestlé Purina Pet Care Co., Procter & Gamble Inc. Royal Canin SAS, Cargill, Ainsworth Pet Nutrition, Champion Pet Foods LP, Blue Buffalo Co. Ltd., C & D Foods, Crown Pet Foods Ltd., Cambrian Pet Foods Ltd., Irish Dog Foods Ltd., Bynsa Mascotas S.L., Crosswind Industries Inc., among others.
Besides innovation, some of the key players are prioritizing collaborations to strengthen their foothold in the market. Some of the examples are:
- In 2018, JM Smucker acquired Ainsworth Pet Nutrition for about US$1.9 Bn to expand its pet food business across the globe. This strategy proved to be an exploring option for company’s U.S. baking business.
- In 2018, the Mars Incorporated acquired AniCura from the company named Nordic Capital, and Fidelio Capital.
- In 2018, Archer-Daniels Midland (ADM) had two acquisitions in the company's nutrition business. The company acquired Neovia, a global animal nutrition company based in France, for nearly US$ 1.8 billion.
Get Valuable Insights into Pet Care Market
Future Market Insights, provides an unbiased analysis of the global pet care market in its new offering, giving historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the Pet Care market based on service [product (pet food, pet healthcare, and pet breeding and training), professional service (day care, grooming/ boarding, and pet breeding and training), and value added service (insurance, veterinary care, pharmacy, adoption and charity, crisis relief service)], pet type (dog, cat, birds, fish & reptiles, and small pets), service channel (modern trade, convenience stores, care service centres, veterinary clinics, online retail and support care centres), across seven major regions
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.