Pet Care Market Overview:
According to the European Pet Food Industry Federation (FEDIAF), the daily diet requirement for a dog and a cat are 37 and 40 nutrients respectively. This daily requirement of nutrients is largely fulfilled by canned pet foods which throws light on the essentiality of pet products in modern-day life. Pet care is a lucrative market growing rampantly in U.S. and U.K. owing to growing instances of pet ownership in these regions. The pet care market also includes items for pet grooming, pet accessories, pet shops, pet essentials, pet care clinics, pet care insurance, and many others. As a result of this increase in pet adoption, consumers are now spending colossal amounts of their income on pet care thereby ballooning the demand for pet products. Furthermore, ease of pet training and grooming facilities has considerably boosted the global pet care market which offered opportunities worth $125 billion as of 2018. During the forecast period 2019-2025, the pet care and grooming market is projected to grow at a CAGR of 6%.
Pet Care Market Outlook:
Advancements in pet grooming accessibility, professional pet boarding and sitting, and convenient veterinary care centers chiefly abound in the U.S.. Additionally, contemporary food markets, shopping malls, and e-commerce websites offer pet products, thereby benefiting the pet owners in the region. As per the statistics of North American Pet Health Insurance Association (NAPHIA), pet insurance in North America attained the value of $2.1m in 2018 owing to a total of 12 key pet insurance companies in the region. This resonates with an unprecedented demand in the global pet care market owing to the economic stability of the regional population because of which North America held a market share of 32% in 2018. Looking at the pet care industry at a macro level, dog food is the fastest growing market segment and is evaluated to increase at a CAGR of 6% through to 2025. This statistic is reflective of the increasing demand for pet product supplies and the associated revenue.
Pet Care Market Growth Drivers:
· Professional pet grooming centers generate huge demand owing to benefits like facilitating healthy skin and fur for the pet, reducing their risk to infection as well as providing pet owners a repose from their everyday schedule · Reliable pet boarding service which provide quality kennel shelters, adequate attention and medical care, safety, and proper diet considerably boosts the pet care market.
· Growth in the pet care market is majorly boosted by advanced technologies such as GPS pet tracker, pet treadwheel and treadmill, smart feeder, automatic pet feeder, pet camera and feeder, and associated technological advancements which help maintain location tracks and accomplish daily pet chores conveniently.
Pet Care Market Challenges:
The pet care business is gaining pace, however, certain challenges may hamper the overall market size. Pet handling, particularly with regard to canine pets, might be a threat with occasional accidental incidents posing a serious threat both to the professionals and the people around. Additionally, a lack of knowledge about the business leads to a lack of assistance in an unexpected medical emergency. Proper knowledge about the pet care industry and associated training for emergency situations will ensure that such risks are overcome in the future.
Pet Care Market Key Players:
Pioneers in the global pet care market include Nestle, Ancol Pet Products, Mars, Diamond Pet Foods, Incorporated, Spectrum Brands, Aller Petfood, Unicharm Corporation, Inaba Petfood, Colgate-Palmolive Company, The J.M. Smucker Company, and others.
Diamond Pet Foods is well-known pet food manufacturing and distributing company delivering high-quality dry and canned foods, and pet treats. Diamond Naturals, Diamond, and Diamond Naturals Grain-Free incorporate essential ingredients for meeting daily requirement of pets at a convenient price. Moreover, they offer Diamond care specialty pet foods for pets suffering from renal disorder, skin sensitivity, digestive problems, and weight management for pet dogs and cats.
Pet Care Market Trends:
· Smart Tech Pet Beds:
Pet owners have a strong desire to incorporate innovation for improving their pet care while also keeping eye on their comfort. ZenCrate smart dog crate is efficiently designed to provide pets with a relaxed atmosphere and reduce anxiety caused by surrounding disturbances. The WiFi-enabled smart bed for pets with a computer controlled anti-anxiety playlist and music system, sound and vibration inhibiting design, waterproof foam, and automatic fan installation relieves the stress level of pets significantly.
· Advanced Tracking Pet Wearable:
Tracking the location and routine health condition of pets is a crucial concern for their owners, and modern technological advances in pet care products provides a platform for ease of assessing the levels of pet fitness. Devices in the pet wearables segment such as the FitBark device, when installed in pet collars, is a colorful waterproof tracking and monitoring device with features which display the amount of calories burned, track the hours of sleep, activity levels, distance travelled, and many others.
Pet Care Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the pet care market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of pet care in pet care market, and their specific applications in different areas.
Pet Care Market: Industry Coverage:
Global pet care market is divided on the basis of animals, products, and distribution channel. On the basis of animal the segmentation includes dog, cat, horse, fish, and others. Categorization based on products includes food, nail care, body care, scissors, brush, shampoo, and so on. By distribution channel bifurcation includes e-commerce, super market, groomers mall, and many others.
The pet care market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia