Technavio anticipates that the global pet care market size is expected to grow USD 42.60 billion from 2018 to 2022. According to Technavio, the major factor leading to rapid growth for the pet care market is a demand-shift towards natural and organic pet care products among consumers. The impact of technology in our daily lives and the constantly changing online purchasing patterns among consumers are some of the other key factors driving growth for the pet care market.
Global pet ownership trends are changing the way leading companies approach selling their products. Pet care is all about taking care of your pet; it starts with food, safety, nourishment, exercise, and the medical attention your pet needs. In addition to a shift towards quality pet care products, the global pet care market size is also driven by the changing socio-economic and cultural factors that have led to household pets being regarded as a member of the family.
Due to pet humanization, spending on pet care has increased over the years and continues to drive growth for the industry. It’s no longer just about the essentials such as pet food and health but also includes all types of services such as dog walking, pet grooming, boarding, pet sitting, pet fashion, and pet cleaning services. All these factors have a direct correlation to the global pet care market size increasing over the next 4 years.
The scale of the pet care industry is growing and currently, the market is highly fragmented with several key players occupying a good chunk of the market share. Sales are up drastically — and expected to continue soaring. Technavio predicts that the global pet care market will post a compound annual growth rate (CAGR) of 5% between 2018 to 2022.
The key segment driving this growth is the pet food segment, making up 70% of the market share. The focus from consumers seems to be on quality pet food products and ingredients — especially in the USA — where the focus leans towards preventive health care. Another key trend shaping up in the pet food market is a shift towards DIY pet foods.
Due to the need for quality products among consumers, we are seeing pet owners stay away from supplements and gravitating towards DIY pet foods. Several major brands are offering products that can be personalized or used in combination with other products.
For 2018, the year-over-year growth rate affecting the global pet care market size was at 4.32%. Growth projections in the global pet care market in terms of both market value and CAGR is projected to continue climbing by 2022.
Technavio’s global pet care market research report does a deep dive analysis of the various factors affecting the global pet care market size and growth. According to Technavio, the top companies leading the market are Colgate-Palmolive Company, Nestlé, Spectrum Brands, The J.M. Smucker Company, and Unicharm Corporation. From a regional standpoint, the Americas continue to lead the way for the global pet care market making up 40% of the market share, followed by the APAC and EMEA regions.
Technavio's report covers the 3 main segmentations in the market, starting with the dog care market — with the dog food market leading the way — cat care market and the other pets segment. A deep analysis and accurate predictions for the market are also made in the report including leading trends in the market such as pet fashion. To get access to more detailed stats in the market look at Technavio's free market snapshot.
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As the global pet care market value continues to climb — 46% of the market share in the pet care market will be coming from the Americas. Other key regions expected to see major growth are the APAC and EMEA regions. Technavio’s report will go through each geographical segment and define the various factors fueling the growth for the global pet care market size.
Technavio’s report is highlighted by an in-depth analysis and predictions on customer behavior patterns in the pet care market by 2022. Technavio’s market insights also cover the variety of factors accelerating growth in the global pet care market and the growth of related markets such as the pet care gifts industry. Comprehensive analysis of the global as well as regional markets of the pet care market; including a detailed analysis of what is leading to growing demand from the Americas, EMEA and the APAC region.
Technavio is a global market research company specializing in niche and emerging technologies. The company has published over 15,000 reports on hundreds of industries and technologies, serving more than 1,000 organizations globally and over 100 Fortune 500 companies. Its offerings include syndicated research, subscription services, and custom research offerings to help businesses make fast, effective, well-founded decisions.
Headquartered in London, UK and with offices across 7 countries, Technavio’s 500 in-house analysts and 16 years of experience allow the company to offer unmatched insights into countless markets. Discover what Technavio can do for you at https://www.technavio.com/.
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