Pet Care Market 2022 Outlook, Current and Future Industry Landscape Analysis 2031

The global pet care market is set to enjoy a valuation of US$ 199 Bn in 2022, and further expand at a high CAGR of 6.1% to reach US$ 338.5 Bn by the year 2031.

Pet Care Market Size (2022)US$ 199 BnRevenue Forecast (2031)US$ 338.5 BnGlobal Market Growth Rate (2022–2031)6.1% CAGRProduct Segment Share61.9%

Pet owners are aware about health benefits of natural and organic ingredients in pet care products. This has been giving tailwinds to the demand for organic and natural formulations. Pet owners prefer products that are free from artificial colours and preservatives, while providing a balanced nutritional profile for pets.

As per a report by the Association for Pet Obesity Prevention, it is estimated that 55% of dogs and cats in the U.S. are obese. This presents a huge opportunity for manufacturers to add quality ingredients and diet research to launch value added products to meet growing consumer interest towards premium products.

Product launches with value-added quality ingredients supports the demand for pet care products contributing to long term growth prospects. Taking advantage of this prevailing trend, companies in the market are expanding their offerings to include natural and organic options.

For instance, the Kroger Co. offers natural food products for pets with proteins and essential nutrients. Besides, GMO (genetically organism free) food products are also available for pets in the market.

The rise in the number of pet owners and the growing awareness of veterinary health and investments into animal health organizations are swiftly boosting the prospects of manufacturers through the upcoming decade.

Key Takeaways from the Pet Care Market Study

• Pet food is expected to hold a noteworthy revenue share of over 65% of all product sales. The growth is attributed to the demand for premium, natural, and organic ingredients.
• Pet care for dogs is expected to contribute revenue share of 35.1% in 2021. The role of dogs as companions and the resulting humanization drives associated sales.
• The U.S. leads the North America market accounting for 90% value share by 2031 owing to higher purchasing power.
• The U.K. accounts for more than 25% of the Europe market with concerns over pet health and investments into product innovation.
• China and South Korea are considered high growth markets for pet care in East Asia, reflecting a CAGR of over 14% with the penetration of key players with premium products.

Impact of COVID-19 on the Market

The outbreak of the novel coronavirus has resulted in an economic downswing owing to disruptions in business operations in various verticals. The retail industry is one of the hardest hit sectors in this crisis. Reduction in the overall discretionary spending, is a temporary challenge for the players.

Many daycare centers and pet hotels were made temporarily non-operational, which has further caused a temporary decrease in the overall revenue of the pet care market. In light of this situation, players are now focused on improving online penetration, as this provides an opportunity to access a wider consumer base at once within minimum costs.

Who is Winning?

Major players present in the pet care market are focusing on aggressive promotional strategies, advertisements, and new product launches have driven sales growth of pet care products and services globally.

Some of the leading players in the industry are Procter & Gamble Co., JM Smucker Co, Nestlé Purina Pet Care Co, Monge & C. Spa, Hill’s Pet Nutrition SNC, Royal Canin SAS, Affinity Petcare France SA, Champion Pet Foods LP, Cargill, C & D Foods, Aller Petfood, Bob Martin, Blue Buffalo Co. Ltd., Cambrian Pet Foods Ltd., Crosswind Industries Inc., and Crown Pet Foods Ltd., among others.

Information Source@
https://www.futuremarketinsights.com/reports/global-pet-care-market