The Market Research Future (MRFR) in its latest report projects that the Global Pet Care Market will expand at 4.1% CAGR during the review period (2017-2023).
The perception towards pets and their wellbeing has changed to a significant extent in the modern world. Today, pet owners are much more aware about the care that is need to be given to pets. As a result, there has been a considerable uptick in demand for pet care products and health services for pets. Stats from American Pet Products Association (APPA) suggested that in the year 2016, the U.S. pet industry expenditures stood at $66.75 billion an increase of more than 4% from the previous year. These figures point out towards the fact that pets are receiving greater attention from their owners, especially in advanced economies.
Considering the rising level of attention towards pets’ safety and healthcare, the pet care products have become more versatile and effective. The pet care industry, to an extent, has realized the new opportunities that in front and is acting accordingly. Factors as such are influencing the market for pet care. Moreover, increasing disposable income and the expanding middle class population is creating opportunities for vendors in emerging markets.
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Latest Industry Trends and News:
Mars Petcare has recently announced the acquisition of DNA diagnostics specialist OptiGen LLC, which is also known for its expertise in treating inherited eye condition in canines. The acquisition will allow Mars Petcare access to an array of genetic diseases test patented in the Australia, the U.S and several European countries along with a “biobank” of over 150,000 samples of canine eye diseases, which have been collected during the span of two decades.
Leading canned dog food company butcher’s pet care has recently unveiled its digital and on pack communications to better assist buyers in understanding that company only uses high ingredients for manufacturing its products. The company has been involved in dog food manufacturing business for more than three decades now.
Global Pet Care Market – Segmental Analysis
Based on type, the market is segmented into cat, dog and others. Demand for pet care products that cater to dogs and cats are relatively higher. Therefore, the cat segment and the dog segment present a key opportunity for market players. Based on product & services, the market has been segmented into pet healthcare products, pet food and others. The pet healthcare product segment is further sub-segmented intro vaccines, medicines and others. Taking pets for regular health check-ups and feeding them quality food is an important part of pet care. Moreover, modern pet owners are extremely wary of the consequences of not giving at least the minimum care pets deserves. Animal organizations are coming out in full voice to spread awareness and inform pet owners about the importance of providing sufficient care to pets.
Pet Care Market Regional Overview:
On the basis of region, the global market for pet care has been segmented into Asia Pacific (APAC), Europe, Americas and the Middle East & Africa (MEA). Among these, the market in Americas is expected to remain highly attractive throughout the assessment period. This is primarily owing to the growing pet humanization trends where pets receive a near-equal treatment to that of human beings. Meanwhile, Asia Pacific pet care market is also expected to exhibit a healthy growth over the next couple of years. Factors such as increasing discretionary spending and improving lifestyle are making a positive influence on the region’s market.
Global Pet Care Market – Competitive Landscape:
Nestlé, Platinum Pets, Ancol Pet Products Limited, BHJ, earthbath, J.M. Smucker Company, Aller Petfood Llc, Martin & Martin (Pty) Ltd., Beaphar, and PetLife LLC some of the key companies operating in the global market for pet care.
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