Tails & Trends: Updates from the Pet Care Market

The global pet care industry has grown at a rapid pace in the last couple of years, with more people attracted towards adopting dogs and cats as pets and considering them as their family members. Apart from this, people are also attracted to installing fish aquariums at their homes, offices, or any institution, and having birds or other small animals as pets. With an increasing awareness related to nutritious pet food, pet owners are concerned more about their pets' health and have started providing them with healthier food options. These ingredients are available in the form of animal derivatives, plant derivatives, cereal derivatives, etc. Apart from better food, pet owners are expected to receive better health care, new age accessories, and better grooming facilities. Pet owners are ready to spend extra to provide the ideal living conditions for their furry friends.

According to the report, ‘Global Pet Care Market Outlook, 2027’, published by Bonafide Research, the market was valued at USD 142 Billion which is anticipated to reach around USD 195 Billion during the forecast period, registering a CAGR of above 5%. The increasing popularity of subscription-based dog and cat toy services among their owners is expected to fuel demand for animal toy items. Rising demand for premium-quality animal hygiene products is further likely to support market growth. Nowadays, companies are implementing various initiatives regarding developing technologically-enabled animal care products for the industry. This is likely to support the development of innovative animal care products such as location tracker devices, cardboard pet feeder devices, smart laser cat toys, and others, thereby driving the market growth. For instance, in February 2020, Nestle S.A. launched "Unleashed," the global pet care industry's international innovation program. By the end of March 31st, 2020, this program aimed to provide a total funding of 51,922.4 USD to start-up companies associated with the manufacturing of various pet care items from Europe, North America, and the Middle East.

Increasing spending by people on different kinds of pet care-related products such as food, healthcare, grooming, and others is likely to ease such products’ consumption rates, thereby driving the pet care market growth. According to the data presented by the Pet Food Industry Association of Australia, in 2019, Australia’s spending on pet and veteran-related pet services reached USD 2,600 million, up from USD 2,200 million in 2016. Other factors, such as increasing infrastructural facilities of pet care stores in many countries worldwide, are further likely to support such products' consumption rates, thereby driving the market growth. Having a cat is considered a prestigious symbol among high-class societies. Therefore, changing the global population's lifestyles is further likely to drive the demand for such products.

Moreover, the increasing awareness about pet humanization and the increasing purchasing power of consumers, coupled with a rise in the demand for premium pet care products, are driving the growth of the market. Due to urbanization, people have been living in smaller residential spaces. This has,however, increased the adoption of smaller pets such as dogs, fish, hamsters, cats, and so on. In high-class societies, having a cat is considered a status symbol. As a result, changing lifestyles among the worldwide population are projected to increase the demand for cat care products. Consumers are looking to plug the familial gap with their pet companions. Also, developing pet care store infrastructure in several countries throughout the world is projected to enhance the consumption rate of pet-related products, consequently driving market growth.

Major companies present in the market:- Nestlé Enterprises SA , Mars Petcare , 高露洁 , The J.M. Smucker Company - Scottsville, KY , Blue Buffalo , Champion Pet Food , United Petfood , Spectrum Brands, Inc , PLB International , Scott Pet Products Inc , Unicharm , Laroy Group nv , Deuerer Pet Care France , heristo AG , WELL PET , Nicoluzzi Industria De Racoes , raw gold , Promeal Pet Nutrition , Heritage Foods Ltd. , Lider Pet Food Yem San. ve Tic. A.?. , Peter de Haan