Pet Care Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The pet care market is poised to accumulate noteworthy gains in the coming years owing to the increasing awareness regarding pet health, rising adoption of pets, and growing demand for pet care products. Rising cost of veterinary care has rapidly increased the demand for pet insurance. Ongoing advancements in the field of veterinary care have increased the life span of pets substantially. Various veterinary hospitals are now also treating more sick and injured pets due to growing awareness among pet owners. Consequently, increasing pet expenses have led pet owners to opt for pet insurance policies to make veterinary services more affordable for their pets.
Request for a sample copy of this report @ https://www.decresearch.com/request-sample/detail/3387
As per a research report by GMI, pet care market is estimated to exceed $327.7 billion valuation by 2026.
Given the rising adoption of pets, key market players are leveraging the immense opportunities these have created by focusing on consolidating their position through various means. Citing an instance, on 28th January 2020, Whitebridge Pet Brands, an innovative pet food company, reportedly announced acquisition of well-known eco-friendly pet products maker Cardinal Pet Care. The acquisition will lead to new business growth opportunities for Whitebridge and will further strengthen the company’s position in the market.
In terms of product, the pet care products segment is expected to witness substantial gains over the coming years. In 2019, the segment held a valuation of approximately $69.6 billion and is likely to expand gradually at a CAGR of around 3.6% over the projected time period. The pet care products industry is a well-established and has been growing constantly over the last ten years due to increasing per capita income and changing lifestyle preferences. Going forward, e-commerce would play an essential role in boosting the industry growth because of rising number of online websites that are marketing these products. These factors will encourage the segmental growth globally.
With respect to animal, the birds segment is anticipated to showcase rapid growth at 7.0% over the estimated timeframe. Nowadays, birds are more preferred as pets or companion animals due to their intelligence, graceful aerial skills, brilliant and bright colors, and the ability to communicate. The rising adoption of birds as pets or companion animals would majorly stimulate the market demand for pet care products. Additionally, bird owners are increasingly concentrating towards providing a top-quality and balanced diet as well as grooming needs of their birds, which is supporting the segment growth.
On the geographical front, in 2018, Australia pet care market was valued at approximately $12.8 billion and is likely to grow at an impressive CAGR of around 4.0% over the forecast time period. A rise in pet adoption rates in the region will play a key role in stimulating the market growth. As per a recent survey, presently there are approximately 5 million households throughout Australia that have pets. In fact, over 63% of the overall Australian households have approximately 25 million pets. Moreover, the demand for pet food is increasing rapidly in the region since owners are willing to spend more on making sure that their pets get high-quality and healthy food.
Apart from spending on food, other services like DOGTV and pet cremation services are also in high demand among pet owners. In addition, the phenomenon of humanization is further created more growth opportunities across the region. Several companies in the region are also innovating new products in order to consolidate their position in an increasingly expanding domain. Citing an example, on 21st May 2019, The Cannabis Co, Australian hemp company, reportedly launched new product range for dogs. The products include hemp seed oil, hemp dog shampoo among others offering numerous benefits to the pets.
Some of the key players operating in the pet care market are Petco Animal Supplies, Colgate-Palmolive Company, PetSmart Inc., Nestle S.A., and Mars among many others.
Browse full table of contents (TOC) of this report @ https://www.decresearch.com/toc/detail/pet-care-market
Partial Chapter of the Table of Content
Chapter 4. Pet Care Market, By Type
4.1. Key segment trends
4.2. Pet Food
4.2.1. Market size, by region, 2015 - 2026 (USD Million)
220.127.116.11. Market size, by region, 2015 - 2026 (USD Million)
18.104.22.168. Market size, by region, 2015 - 2026 (USD Million)
4.3. Pet Care Products
4.3.1. Market size, by region, 2015 - 2026 (USD Million)
4.3.2. Veterinary Care Products
22.214.171.124. Market size, by region, 2015 - 2026 (USD Million)
4.3.3. Supplies/OTC Medications
126.96.36.199. Market size, by region, 2015 - 2026 (USD Million)
4.4.1. Market size, by region, 2015 - 2026 (USD Million)
4.4.2. Pet Grooming/Boarding
188.8.131.52. Market size, by region, 2015 - 2026 (USD Million)
4.4.3. Live Animal Purchase
184.108.40.206. Market size, by region, 2015 - 2026 (USD Million)
Chapter 5. Pet Care Market, By Animal
5.1. Key segment trends
5.2.1. Market size, by region, 2015 - 2026 (USD Million)
5.3.1. Market size, by region, 2015 - 2026 (USD Million)
5.4.1. Market size, by region, 2015 - 2026 (USD Million)
5.5.1. Market size, by region, 2015 - 2026 (USD Million)
5.6.1. Market size, by region, 2015 - 2026 (USD Million)
5.7.1. Market size, by region, 2015 - 2026 (USD Million)