The global pet care industry is expected to reach USD 325.74 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period. The growing shift towards plant-based and nutritious food among animal owners will foster healthy growth of the market. The market size stood at USD 207.90 billion in 2020.
List of Companies Covered in the Global Pet Care Market are:
Introduction of Advanced Pet Care Products to Favor Growth
The development of innovative animal care products by prominent companies such as location tracker devices, cardboard pet feeder devices, smart laser cat toys, and others will have a tremendous impact on the market. For instance, in February 2020, Nestle S.A. launched ‘Unleashed’ a global pet care industry’s global innovation program. This program was aimed to provide total funding of USD 51,922.4 to the start-up companies associated with the manufacturing of the various pet care items from Europe, North America, Middle East by the end of 31st March 2020.
Moreover, the heavy demand for premium quality animal products is expected to spur the pet care market growth opportunities in the forthcoming years.
Prevalence of Coronavirus in Animals to Uplift Market during Pandemic
The increasing concerns regarding the spread of coronavirus in dogs have accelerated demand for dog healthcare products among dog owners. For instance, from 1st December 2019 to 1st February 2020, Fox News reported a tenfold increase in the sales of the total number of dog face masks in China. Moreover, the surging pet ownership will consequently favor the growth of the market amid coronavirus. According to a survey ‘2019-2020 APPA National Pet Ownership’ conducted by American Pet ProductsOrganization, as of 2020, 67% of the U.S. households owned a pet over 56% in 1988.
High Spending on Animal Care to Boost Market in North America
North America’s market is expected to expand radically during the forecast period due to the high-spending on-animal care products and services by the Canadian and U.S. population. According to the Statistical Department’s data, the Government of Canada, in 2019, Canadian household expenditure on pet insurance, veterinary, and other related services reached USD 2,720 million, up from USD 2,550 million in 2018. Asia Pacific is expected to hold a significant pet care market share during the forecast period due to prominent companies such as Mars Incorporated, Nestle S.A., and others. Besides, the expansion plans of companies can have an excellent effect on the market in the region. For instance, in May 2020, Nestle S.A. invested USD 103.2 million to inaugurate two manufacturing facilities of pet supplies in China.
Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
Qualitative Analysis (in relation to COVID-19)
4.5.1 Impact of COVID-19
4.5.2 Supply Chain Challenges
4.5.3 Potential Opportunities due to COVID-19
Global Pet Care Market Analysis, Insights, and Forecast, 2017-2028
Key Findings / Summary
Market Size Estimates and Forecast
By Product Type (Value)
Pet Food Products
By Pet Type (Value)
By Distribution Channel (Value)
By Region (Value)
Middle East & Africa
Key Players to Focus on Facility Expansion & Investment to Strengthen their Market Prospectus
The global market contains a large number of prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market.
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