Global Pet Care Market Outlook & Forecast Report 2024-2028: Fragmentation and Dominance of International Players and Trends in Product Diversification and Health-Conscious Offerings

News provided by

Mar 29, 2024, 12:45 ET

DUBLIN, March 29, 2024 /PRNewswire/ -- The "Global Pet Care Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

he global pet care market is expected to surpass $400 billion by 2028 from $295 billion in 2022, growing at a CAGR of 5.22%

The global pet care market is highly fragmented as multiple players exist across various market attributes. The pet food segment has witnessed the presence of numerous entities in the market; however, the global pet care market share has been dominated by international players such as Mars Inc., Nestle Purina, and J.M Smucker Company. Further, multiple local companies create healthy competition, leading competitors to diversify their product portfolio. With an increasing demand for chemical-free and safe products, companies have started manufacturing more nutritious products with fewer chemicals or preservatives.

North America holds the most prominent share of the global pet care market, accounting for over 49% in 2022. Furthermore, the U.S. has a significant stake in the North American pet care market. The U.S. market is driven by specialty stores, mass merchandisers, and modern grocery retailers such as supermarkets and hypermarkets. Also, many private labels have entered the market, seeing the massive potential for new products and variety in the pet food market in the United States.

However, compared to other food industries, pet owners are much more brand loyal; thus, branding is one of the critical factors in the pet food industry. Frequent product recalls might affect the private labels; therefore, they must gain the confidence of the pet owners through branding and promotions.

MARKET TRENDS & DRIVERS

Increasing Technological Integration

Technology has become an essential part of everyday life, and the pet care market is finding ways to integrate it to interact with their pets. In this mobile-centric world, pet owners have found ways to connect with their pets using technology to monitor their health, book grooming appointments, or watch over them through webcams. Technology has allowed pet owners to interact with their pets while still engaging in everyday activities. One of the prominent pet grooming software is MoeGo. The cloud-based solution is designed to help pet grooming salons handle client appointments, communication, and service agreements through a centralized dashboard.

Rising Pet Humanisation

The humanization of pets has created new opportunities and supported the future growth of the pet care market. It focuses on pet health and wellness, sustainable products, and eco-friendly, natural, and locally sourced ingredients. The pet owners' expectations have shifted from high-quality pet food to humanized food. Several pet owners have started buying pet food products that contain natural or organic, human-grade ingredients. The desire to treat pets like a child or a family member drives the sales of pet products and services. Several players like Pet Place, Camp Bow Wow, The Pooch Mobile, and PetSmart offer pet daycare, retail, boarding, and grooming services.

Growing Demand for Chemical-Free Products

Pet owners are willing to pay premium prices to maintain the health and hygiene of their pets. Many pet owners are switching from pet grooming products that contain artificial additives to alternatives comprising natural or organic ingredients, which can ensure the health and well-being of pets. Recently, pet owners have become increasingly aware of the dangers of using chemical and toxic grooming products.

The owners desire safe, sustainable, and eco-friendly alternatives for pet grooming, which can potentially reduce the carbon footprint of their pets. Moreover, natural and non-toxic pet products such as grooming, dental care, and food products, among many others, prevent dangerous diseases and allergies and positively influence pets' overall health.

SEGMENTATION INSIGHTS

The dry pet food segment dominated the global pet care market, accounting for a share of over 42% in 2022. By serving dry pet food, pets do not create a mess; hence, pet owners prefer it.
The veterinary care segment dominated the global pet care market. Veterinary care enjoys a major industry share as pet owners must take them for vaccinations, treatment, and follow-ups.
The global pet care market by beauty & cosmetics is segmented into hair & skin, dental care, and others. The hair & skin segment held the largest segmental market share in 2022.
The global pet care market by pet services is segmented into grooming and training services. The grooming services hold the most prominent segmental share and are projected to witness the highest compound annual growth in the pet services segment.
The global end-user pet care market is segmented into dogs, cats, and birds. Dogs are the most domesticated pets across the globe. Dogs are known to be friendly and protective.
The offline distribution channel had the highest pet care market share in 2022; factors such as the broader reach in areas that lack better connectivity and high consumer trust associated with touching and experiencing the quality of products are driving the growth of this segment.

KEY QUESTIONS ANSWERED:

How big is the pet care market?
What is the growth rate of the global pet care market?
Which region dominates the global pet care market share?
What are the significant trends in the pet care industry?
Who are the key players in the global pet care market?

Market Overview

Pet Humanization
Impact of Pet Humanization on Pet Care Market
Pet Microchips
Contribution of Pet Insurance to Pet Care Market
Ground Breaking Technological Innovation Shaping the Pet Care Market

Market Opportunities & Trends

Increasing Technological Integration
Growing Demand for Chemical-Free and Eco-Friendly Products
Increasing Mobile Pet Grooming Services & Enrolment for Grooming and Expos
Growth in Pet Adoption

Growth Enablers

Rise in Pet Humanization
Increasing Business Opportunity
Availability of Customized and Superfood Online

Market Restraints

Product Recalls due to Possible Contamination
Toxic and Harmful Chemical in Pet Products

Key Company Profiles

Nestle Purina
Mars Inc
J.M Smucker Company

Other Prominent Vendors

Colgate-Palmolive
General Mills Inc.
Diamond Pet Foods
Simmons Pet Food
Ainsworth Pet Nutrition
American Nutrition
Elmira Pet Products
Fromm Family Foods, LLC.
Halo Purely for Pets
Kriser's
Camp Bow Wow
Pet Palace
Preppie Pooch
Canine Studio
Chama's
Oscar's Pet Resort
Canine House of Style
The Zuri Pet Spa & Resort
Fur Frenzy Pet Spa
Rush Direct Inc.
Red Rover

Premium Insights

Key Trends

Increasing Technological Integration
Rising Pet Humanization
Growing Demand for Chemical-Free Products

Product Type

Food Type

Veterinary & Medication
Beauty and Cosmetics
Pet Grooming Services

End-users

Distribution Channel
Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/fdit0r

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets