The global pet care market, estimated at US$179.4bn in 2020, is projected to reach US$255.4bn by 2027, growing at a CAGR of 5.2%.
Pet food, the key segment analysed in the latest report from ResearchAndMarkets.com -‘Pet Care – Global Market Trajectory & Analytic’ – is projected to record a 4.8% CAGR to reach US$113.9bn by the end of the analysis period.
The pet care market in the US is estimated at US$76.8bn in the year 2020. And China – the world’s second largest economy – is forecast to reach a projected market size of US$8.5bn by 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.
In the global OTC/supplies segment, the US, Canada, Japan, China and Europe will drive the 5.4% estimated for this segment. These regional markets, accounting for a combined market size of US$32.2bn in 2020, are forecast to reach a projected size of US$46.4bn by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$23bn by the year 2027, while Latin America will expand at a 6.8% CAGR through the analysis period.
The 197 businesses featured in the report include Ancol Pet Products (based in the UK), Champion Petfoods, Hill’s Pet Nutrition, Mars, Nestlé Purina PetCare and Petmate.
KEY DRIVERS
Market ‘trends and drivers’ noted include:
> A shift towards sustainable products
> Custom-made foods and products with healthy ingredients
> Telemedicine gaining prominence
> Advanced wearable collars
> Gains for private brands
> Online ordering and social media
> Pet humanisation trends driving owners to increased spend on pet care
> Pet health and wellness becoming an overriding theme in the pet care market
> Functional pet treats grow in importance
> Premiumisation trends in pet foods
> Dry food preferred over wet foods
> Rise in preference for raw pet foods and animal protein
> Rising demand for pet nutraceuticals adds new growth opportunities
> Over-the-counter pet medications: growing awareness about pet health supports demand
> Pet grooming services: focus on appearance and hygiene drives growth
> Pet grooming products gain popularity
> Pet insurance finds acceptances among pet owners
> E-commerce platforms register dramatic growth
> Direct-to-consumer business model supports personalisation
> Emerging trends in pet technology to transform pet care market
> Digital revolution transforms pet care distribution landscape.
