The Global Pet Care Market showed a growth of about 4% in 20015, approximately US$ 70 Billion- Forecast to 2027
Insights into the Pet Care Market
Dogs, cats, and other pets have been mankind’s companions since time immemorial. However, it was not until the 1860s that the commercial pet care sector came into existence. Now, almost a century & half later, products have become diverse. The relationship between human beings and animals has transformed, with pets being considered as a part of the family.
The global pet care industry has grown considerably over the years. In 2015, the growth rate was above 3.8%, nearly over USD 68 billion. The market generated staggering sales of more than USD 109 billion in 2017. This will prove ground-breaking for the industry.
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Various drivers of the pet care market exist. The new trend of nuclear families and increased annual incomes has resulted in higher adoption among middle-class families. Another factor, driving the market is awareness pertaining animal cruelties that have influenced people’s ideologies towards animals.
The competitive forecourt of the worldwide pet care market is pictured to be dominated by extended trends & innovations. These trends are quite different from normal pet care products.
Nestlé (U.S.), Zoetis , Aller Petfood Llc, Ancol Pet Products Limited, Beaphar, BHJ, Martin & Martin (Pty) Ltd., earthbath, J.M. Smucker Company, Nestlé, PetLife LLC and PLATINUM PETS are some of the prominent players at the forefront of competition in the global pet care market and are profiled in MRFR Analysis.
Industry Drivers and Hindrances
The pet care market is divided into two categories – pet health care and pet food. The recent surge is propelled by two major trends. The first is the resolution that animal food needs to be as good as human food. The second is the availability of superior quality of human food. These days, pet owners demand the same health, appearance, & wellness services they want for themselves.
Owing to such reasons, the pet care industry displayed a CAGR of nearly 4.5% in 2015. Modern day pet owners treat pets like their own babies. They buy premium foods and creative grooming merchandises for them. All this has led to a rise in the spending limits of the owners. This, in turn, promotes the market.
More pet owners have begun considering their pets like their family members owing to cultural & socioeconomic changes. The same phenomenon has brought about positive changes. In addition to the above mentioned factors, there are two more promising drivers. The first is the increasing average income of the middle class pet owner. And, the second is the rising popularity of nuclear families. These two drivers should also lay a strong foundation for the industry.
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The worldwide pet care market could stop short in its victory run due to strict cultural and governmental regulations. Lately, pets have led to many allergy incidences. The number of pet care products has also sharply risen. However, concerns regarding pets and their increasing number of owners are projected to repair market weaknesses.
1. Report Prologue
2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
3. Research Methodology
3.2 Primary Research
3.3 Secondary research
3.4 Market Size Estimation
4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
5. Market Factor Analysis
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