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USA has been leading the pet care market, but other countries are not far behind. This can be attributed to the fact that more people are opting to have pets and are also more aware of pet healthcare and wellness.
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The Global Pet Care Market Pets have always had a special place in our hearts and as the trends indicate this space has only been increasing. The pet care industry has seen a gradual growth over the years. It has also been predicted that it will grow at a CAGR of 4.9%. According to a report, the global pet market size was estimated to be at USD 131.70 billion in 2016. The high demand of pet care, grooming and boarding services can be associated with this growth. A rise in adoption can also be a reason for this.
Global Market Share USA has been leading the pet care market, but other countries are not far behind. This can be attributed to the fact that more people are opting to have pets and are also more aware of pet healthcare and wellness. There has been an increase in the number of government animal healthcare organisations as well. 12.2% Growth Rate of India’s Pet Care Market
Millenials and Pets 84% Pet parents said that they show more affection to their pets rather than their partner Perceptions have changed with the changing times. Millenials are choosing animals over children till they are better settled. A large number of Americans feel like their pets are part of their family.
What are pet parents spending on? Supplies/ Accessories Lore. Pet Food Veterinary Services Grooming and Boarding. • Pet food held the largest market share in the year 2016, with an expected CAGR of 4.6%. • There have been advancements in the veterinary care services owing to a significant rise of 5.2%. • The grooming and boarding services are also on a rise all over the world and has been growing at a significant rate of 5.9%. Lorem ipsum dolor sit amet, conse OTC Medication
Growing demand for ancillary pet products The growth in the pet healthcare industry is mainly determined by the mindset that people have and this has been evolving over the years. Thus, the demand for ancillary pet services have also increased, such as- • Grooming • Boarding • Pet specific cafes/ parks Pet parents are more focused on the overall development of their pets which involves better grooming as well as a better environment to live in. Nowadays, pet parents are ready to go the extra mile for their pets, this is not just restricted to their basic needs. Because of this, it has triggered the opening of a lot of secondary services for pets related to healthcare such as grooming salons, at-home medical services etc
Where do dogs stand? 44% 1.6 mil Of American households have a dog Dogs are adopted every year according to the ASPCA There has been a rise in adoption rates with growing awareness among peopleabout the benefits of having pets. Dogs take the top spot here. The increase in adoption also drives an increase in food, supplies and healthcare. Within this market dogs and cats have the largest share.
Scope of the petcare industry For 2019 it is estimated that 75.38 billion dollars will be spent on pets in the US itself. Overall the petcare industry is expected to grow over the years across the globe. Developing countries will also see a rise as the amount of disposable income available is increasing. There is a lot of untapped potential within this market that is showing a global positive growth
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