Pet care market size is expected to grow by $72.82 billion from 2023 to 2027, with increasing number of pet owners driving the market – Technavio

new york, March 13, 2024 /PRNewswire/ — The global pet care market size is $72.82 billion According to Technavio, from 2023 to 2027. The market is estimated to grow at a CAGR of 6% during the forecast period. The global pet care market is steadily growing due to the humanization of pets and the increasing number of pet owners.
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Factors driving the market

Consumer spending on the home pet care category continues to increase as pets are considered part of the family. Key pet care product segments include feeders, bowls, waterers and pet accessories made from sustainable materials. The growth engine includes the small world of cats and dogs, and pet health issues and preventive care for companion animals have become a major concern for pet owners and pet lovers. The pet sector, represented by the American Pet Products Association, reports a CAGR of 4-5% through 2025. Technology and internet purchasing have also impacted the pet care industry, including COVID-19, shelter-in-place orders, and jobs. – Advice from home to increase adoption and foster care. While millennials and their Gen Z consumers are entering adulthood and embracing pet care as a lifestyle upgrade, baby boomers continue to prioritize the health of their pets. Carbon-negative dog food company Neo Bites and other eco-friendly brands are gaining revenue share. Cultural changes towards responsible pet ownership and advancements in the pet care industry are contributing to the market expansion. The pet care category covers many different types of pets, with significant growth in the cat segment for single-person households and the dog segment in developed countries. The CAGR of cat owners in this segment is predicted to be 3-4%. Pet furniture for apartments, flats, lawns and porches will further enhance your pet care experience.

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Trends influencing:

The global pet care market is experiencing significant growth due to the humanization of pets and increasing consumer spending on household members. The demand for pet care fields such as feeders, bowls, waterers, pet furniture, etc. is rapidly increasing. Factors driving this trend include a cultural shift toward pet ownership and pet-loving lifestyles, with Millennials and Gen Z consumers leading the way. The pet division's revenue share is expanding, with the dog division accounting for a significant portion. Drivers of growth include pet health issues, preventive companion animal care, and responsible pet ownership. Small pets like cats require professional care because they are known for anxiety, stress, depression, and loneliness. Her CAGR for the cat pet type segment is higher in single-person households and developed countries. The impact of the coronavirus disease (COVID-19) has led to shelter-in-place orders, work-from-home advice, and an increase in adoptions and foster care. Technology and internet purchasing are revolutionizing the pet care industry, with companies like carbon-negative dog food company Neo Bites offering lifestyle upgrades and sustainable materials like recyclable plastics. The environmental impact of the pet care industry is a concern and emphasis is placed on the use of eco-friendly pet accessories made from sustainable materials.

Segment overview

The market research and growth report forecasts market growth by revenue at global, regional and country levels and provides analysis of latest trends and growth opportunities from 2017 to 2027.

• Application Outlook (USD Billion, 2017-2027)

• Product Outlook (USD Billion, 2017-2027)
• food
• accessories
• grooming

• Regional Outlook (USD Billion, 2017-2027)
• North America
• Europe
• England
• Germany
• France
• Remaining Europe
• Asia Pacific
• middle east & Africa
• Saudi Arabia
• South Africa
• the remaining parts middle east & Africa

Market segmentation by product

The global pet care market is growing at a significant compound annual growth rate (CAGR) of X%. This expansion is being driven by the humanization of pets, leading to increased consumer spending in the home pet care sector. There is a growing demand for treats and treats, especially for small pets such as dogs and cats. Leading vendors are innovating with new variations of fresh, frozen, fresh, and freeze-dried pet care products. Growth in the pet sector is being driven by a cultural shift as Millennial and Gen Z consumers prioritize the health of their pets. The pet ownership rate is at an all-time high, with many animals being adopted or fostered amid shelter-in-place orders and work-from-home recommendations due to the coronavirus pandemic. Pet health issues and preventive care for companion animals have become an essential part of responsible pet ownership. The main categories of pet care include pet accessories made from sustainable materials such as feeders, bowls, waterers, and recyclable plastics. Neo Bites, a carbon negative dog food company, is a notable player in the market. The cat sector accounts for a significant share of revenue, and anxiety, stress, depression, and loneliness are common concerns among cat owners, especially in single-person households. The pet care industry is undergoing lifestyle upgrades, and pet furniture is becoming increasingly popular for apartments, flats, lawns, porches, etc. According to a report by the American Pet Products Association, pet ownership is on the rise in developed countries, making pets an integral part of pet ownership and pet-loving life. Technology and internet purchasing have transformed the pet sector and pet care products and accessories are now easily available online. Canine segments focused on cardiovascular health and exercise continue to dominate the market.

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table of contents:

1.executive summary
2 Market scenery
3 Determining market size
4 Past market size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market segmentation by distribution channel
8 Customer situation
9 Geographic Landscape
10 drivers, challenges and trends
11 Company scenery
12 Company analysis
13 Appendix

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