by Pet care products such as pet foods, supplements, toys, and grooming essentials have become necessity for pets and their owners with rising pet adoption and ownership. Pets help alleviate loneliness and provide unconditional affection and companionship to people of all ages. The increasing humanization of pets along with rise in number of dual-income, childless households and aging population has fueled pet adoption and expenditure on pet care over the years. The global Pet Care Products Market is estimated to be valued at US$ 246.66 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising pet ownership, especially in urban regions across developing economies such as India and China is a major factor contributing to growth of pet care products market. According to the India Brand Equity Foundation (IBEF), India’s pet care market reached US$ 245 million in 2021 from US$ 141 million in 2016, growing at a compound annual growth rate (CAGR) of 13%. Escalating disposable incomes along with increasing perception of pets as valuable companions is boosting pet ownership. This in turn is driving demand for pet care products such as specialty food, toys, apparels and accessories and various grooming products. Growing availability of premium products tailored to specific needs of pets through online and organized retail channels will further aid expansion of the market during the forecast period.
SWOT Analysis
Strength: Growing trend of pet humanization is boosting demand of premium pet care products. Pet parents are increasingly spending on their pet’s nutrition, grooming and health requirements.
Weakness: Higher costs and limited disposable income in developing nations poses challenge for market growth.
Opportunity: Rising internet penetration has opened opportunities for e-commerce channels to offer pet care products and services. Product innovation catering to pet’s special needs also presents opportunities.
Threats: Strict regulations pertaining to ingredients used in pet food and medicines can hamper product development. Rise in prices of raw materials is a concern.
Key Takeaways
The Global Pet Care Products Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis shows North America holds the major share of the global Pet Care Products market and is expected to maintain its leading position over the forecast period. This can be attributed to factors such as increasing pet ownership, growing consumer awareness about pet health, and high disposable income in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising pet adoption, growing pet population, and increasing willingness of pet owners to spend on premium pet products.
Key players operating in the Pet Care Products market focus on expanding their product portfolio catering to varied pet needs through investment in research & development. They also focus on strengthening their distribution channels and increasing their footprint in high potential emerging markets through strategic partnerships and acquisitions. Companies offer novel pet care solutions to leverage opportunities arising from evolving consumer demands.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
