by Pet care products include food, grooming products, bedding and accessories, supplements, toys and others. Adoption of pets such as dogs and cats as companions has increased considerably over the past few years. Pet owners are becoming increasingly concerned about their pet’s well being and health. This has increased the demand for various pet care products to ensure pets live long and healthy lives. Regular use of grooming and hygiene products helps keep pets clean, matt and tangle-free. Bedding and accessories such as beds, kennels, leashes, collars etc provide comfort and safety to pets. Supplements contain necessary vitamins and minerals support pets joint health, digestion, skin and coat among others. Toys enrich the lives of pets and entertains them. The global pet care products market is estimated to be valued at US$ 246.66 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing adoption of pets: Rising levels of urbanization have led to more nuclear families with both partners working. This has increased pet adoption as companions for elderly parents and children living alone. Pets offer unconditional love and affection helping alleviate stress and feelings of loneliness. This growing trend of pet adoption especially dogs and cats is a key driver fueling demand for various grooming products, supplements and other pet care items.
Stringent regulations around pet wellbeing: Many countries and states now have stringent laws around the wellbeing and humane treatment of pets. Proper nutrition, grooming hygiene and regular checkups/vaccinations are mandated by such regulations. This is prompting more pet owners to utilize premium pet care products and services to comply with regulations and ensure the health and safety of their companion animals.
Segment Analysis
The pet care products market can be segmented into pet food, pet care services, and pet supplements. Among these, the pet food segment dominates and accounts for over 50% of the market share. The pet food segment is thriving due to increasing pet adoption rate and humanization of pets among people globally. Owners are willing to spend on high quality, nutritious, and premium pet foods to ensure good health of their pet companion.
PEST Analysis
Political: There are no major political risks affecting the pet care products market. Some countries have regulations regarding ingredients used in pet foods to ensure safety and quality.
Economic: The global economy is recovering post-pandemic which is fueling increased pet ownership and expenditure on pet care. Rising income levels in developing countries also supports market growth.
Social: More people are accepting pets as family members rather than just animals. This is leading to increased humanization of pets and willingness to spend on their health, nutrition, and wellbeing. Growing small households with elderly people also contributes to pet adoption.
Technological: Manufacturers are investing in R&D to develop innovative pet food formulations, supplements, and other products using advanced ingredients. Technologies help ensure longer shelf-life and stabilization of vitamins and nutrients in products. Traceability systems also allow brand owners to track production.
Key Takeaways
The Global Pet Care Products Market Demand is expected to witness high growth over the forecast period.
Regional analysis: North America is expected to continue dominating the global pet care products market during the forecast period. The US has the highest pet spending globally and growing trends of nuclear families is driving pet adoption.
Key players operating in the pet care products market are Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO. Vantage Specialty Chemicals is a leading provider of pet supplements globally while Evonik is a major supplier of specialty ingredients used in pet foods and treats.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
