Pune, India -- (SBWire) -- 12/18/2018 --The Global Pet Care Market is growing at a rapid pace; mainly due to the increasing per capita income. In the year 2016, the market had valued at approximately USD 75 BN with about 4% CAGR. The market will continue to grow during the forecast period. The rise in the income levels of individuals is leading to increasing the number of pet adoption which ultimately leads to the increasing demand for pet care.
The trend of nuclear families and increasing average income among individuals has resulted in increased adoption of pets among families in the middle-income group as well. Increased awareness towards animal cruelty has also influenced people awareness and ideologies towards animals. As a result, the pet care market is expected to witness huge accruals on the global platform.
Acknowledging the exponential growth, the market is witnessing currently; Market Research Future (MRFR) in its recently published study report asserts that the global pet care market will perceive colossal accruals by 2023 registering approximately 4% CAGR during the forecast period (2017 to 2023).
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Pet ownership and expenditures have been rising over the past couple of decades. Pet owners are spending per pet more than ever, insisting that their pets should lead the same healthy lifestyles as they do. The pet care market is thriving with the rise in the number of pet ownership and the overall boosting spending.
According to the reports of the American Pet Products Association reports, the overall household pet ownership has been growing phenomenally, years by years.
The rapid expansion of pet care is providing impetus to the embryonic field of pet insurance. Although less than 1% of pets are covered under the insurance plan in the U.S. and Canada, pet insurance premiums have been growing enormously since then.
There are a number of trends supporting the market growth, showing no signs of slowing down. Competition in the market is fierce. There are so many pets requiring so many things, and there are a lot of businesses to deal with their requirements. Large companies offer low prices, leveraging their buying power while, individuals are offering affordable dog walking and sitting services, alongside hands down, niche or specialty offerings. Stores selling foods with special ingredients or health benefits, training services and grooming services are some of the best opportunities.
Key Players:
Some of the leaders in the global pet care market include Aller Petfood LLC, Ancol Pet Products Limited, Beaphar, BHJ, Martin & Martin (Pty) Ltd., Earthbath, J.M. Smucker Company, Nestlé, PetLife LLC, and Platinum Pets.
Pet Care Industry Updates
November 07 2018 – Sniffers Pet Care (UK), a pet food wholesaler and distributor announced the location expansion of its production unit to 6,250 sq ft of industrial space at the Bridge Business Park in Huddersfield. The company has confirmed £3 MN investment for the same.
November 05, 2018 – Mars Petcare (U.S.) announced the launch of two global holiday-related activations for its Pedigree and Cesar Canine Cuisine brands.
In June 2018, a new telemedicine vet care plan was launched in the greater San Francisco area. An endeavor by Fuzzy Pet Health, the new subscription service called the Fuzzy Pet Health connect will let pet owners chat with a vet from their smartphone via the Fuzzy Pet Health mobile app at a subscription charge of 10 dollars per month. It will also allow to exchange pictures and videos to a vet and facilitate access to real-time medical help.
In July 2018, Chewy, an online dealer of pet food and other pet care products entered the pet medications market with the launch of its own online pharmacy. Chewy Pharmacy will allow pet owners to order medications online with the help of a veterinarian prescription.
Global Pet Care Market - Competitive Analysis
Characterized by the presence of numerous big and small players, the global market of pet care appears to be highly competitive and fragmented. Well-established players incorporate acquisition, collaboration, partnership, expansion, and product launch to gain a competitive advantage and thus to maintain their position in the market.
Manufacturers of pet foods are striving to strengthen their supply chain to suffice the growing demand. The market perceives the intensified competition which will get more intensified further during the assessment period. The fierce competition prevalent in the market presages the consolidation among the players. Pet food that is organic, grain-free, natural, and with low-glycemic content is garnering popularity and hence, traction among pet owners, which propels the demand for the pet foods, eventually encouraging manufacturers to formulate new products to meet consumer requirements.
Sales for pet care large and small companies have increased drastically across the board over the past few years which have drawn more companies into the fray. Pet care makes up a growing share of sales for multinational firms. It's no wonder that the industry's biggest names have invested heavily in the space, creating a large degree of market concentration.
Segments for Global Pet Care Market
MRFR has segmented its analysis into three key dynamics for the convenience of understanding;
By Pets: Comprises Dog Care, Bird Care, Cat Care, and Fish Care, among others.
By Products & Services: Pet Food and Pet healthcare among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
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Regional Analysis for Global Pet Care Market
The North America region is estimated to lead the pet care market with a significant market share. Factors such as the growing demand for the quality health care for pets led by the growing number of pet owners substantiate the market growth of this region.
The pet care market in the European region accounts for the world's second-largest market. The region is expected to demonstrate healthy growth throughout the review period. Factors driving the market growth include the well-proliferated pet healthcare sector that is witnessing the growing number of advanced facilities due to the increased expenditures for pet care.
The Asia Pacific market for pet care is emerging as a lucrative market with the rising number of pet owners and the ever-increasing pet lovers. Growing funding support from the government and private organizations are fostering the market growth.
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Pet Care Market USD 75 Bn Revenue Projects a High Growth Trajectory over 2023 by Size, Share, Growth and Demand Analysis by MRFR
Market Research Future firm published a research report as Pet Care Market Research Report - Forecast to 2023. Report include experts analysis by Current Size, Share and Growth. Pet Care Market report exclusively available at MarketResearchFuture.com