dublin, March 14, 2024 /PRNewswire/ — The “Pet Veterinary Diets – Market Share Analysis, Industry Trends & Statistics, and Growth Forecasts 2017-2029” report has been added. ResearchAndMarkets.com Recruitment.
The market size of pet veterinary diets is estimated as follows: $21.24 billion expected to be reached in 2024 $33.63 billion till 2029, growing at a CAGR of 9.63% during the forecast period (2024-2029).
Dogs dominate the global pet veterinary diet market due to their increased susceptibility to various diseases
- As the global economy grows rapidly due to increased rates of urbanization and industrialization, global pet ownership rates are steadily increasing. Attitudes towards pets have evolved over the years, especially in developing countries. As a result, the global animal diet market is $17.64 billion This growth is being driven by the growing trend of humanizing pets.
- The dog segment accounts for a major share in the global pet animal diet market, and its value is $9.11 billion This dominance is thought to be due to the large number of dogs and the fact that dogs are susceptible to various diseases due to their lifestyle and genetic factors. Additionally, as dogs grow larger, the demand for veterinary diets that meet canine-specific nutritional needs increases.
- The cat segment has emerged as one of the fastest growing segments in the global pet animal food market, projected to register a CAGR of 7.5% during the forecast period. This is because the cat population has increased significantly as a result of the increased popularity of cats as pets, as they require less maintenance and are more cost-effective than other pets.
- Other pets also have important veterinary diet requirements to prevent a variety of potential health problems. However, other pet populations are declining due to legal and environmental restrictions. As a result, other pet veterinary diets market is $2.76 billion In 2022.
- Rising awareness among pet owners and growing pet population are estimated to drive the global pet veterinary diet market during the forecast period.
As pets become more humanized, an increasing number of pet owners pay attention to their pets' health, driving the pet veterinary food market
- In the global animal diet market, North America held the largest market share, accounting for 47.9% of the market in 2022. US is the largest market and its value is $7.54 billion In the same year.high market share US This can be attributed to the prevalence of pet-specific diets and the growing trend towards humanizing pets, where they are considered part of the family and receive professional care.
- Europe It has the second largest share of the global pet animal diet market and is valued at $4.64 billion Growth in the region is largely driven by pet owners' increasing awareness of their pets' health and well-being. Veterinary diets are gaining great importance throughout the region. European Driven by the growing pet population in the region, the pet veterinary diet market grew by 44.6% between 2017 and 2021, from 290.5 million animals to 290.5 million animals in 2022.
- Asia Pacific It accounts for 17.6% of the market and its value is $3.1 billion In 2022. Asia Pacific They accounted for 32.8% of the world's pet population during the same period, accounting for a large share. There is growing awareness among pet owners about pet health concerns and the humanization trend of pets. Asia Pacific grew the pet animal diet market in the region by 40% between 2017 and 2021.
- south america It is the fastest growing region in the pet veterinary diet market and is expected to register a CAGR of 14.2% during the forecast period. This is likely due to the fact that pets are becoming more humanized and more and more owners are placing importance on their pets' health.
- Increasing global pet population and humanization of pets are the factors expected to drive the market during the forecast period.
Cats are the second most commonly kept pets in the world, due to increasing acceptance of pets as pets and increasing awareness of the benefits of owning a cat.
- Globally, the number of cat adoptions is decreasing compared to the number of dog adoptions. In 2022, the cat population will account for 24.8% of the world's pet population, and between 2017 and 2022 the population will increase by 19.2%. Europe Because they consider them symbols of good luck and wealth.This has been the case since recorded history, especially Russia, It is a large country with a large population of cats as pets. The rapid increase in the number of cats worldwide is due to the increasing humanization of pets. Cats require less space to live than dogs and can spend long periods of time alone in the house while there is no one to care for them. For example, between 2017 and 2022, more than 70% of pet parents, including cat parents, Russia and US We consider our cats to be family members, friends, and children.
- Additionally, cat adoptions have increased significantly as people have had to stay indoors during the pandemic. Cats can spend time indoors without being confined to the house, and they are quieter animals than dogs. US Due to the work-from-home culture, more people adopted cats as pets during the pandemic, increasing the demand for companionship and increasing the number of pet owners among millennials. For example, in 2022, Millennials made up 33% of pet parents. US. The increase in cat adoptions during the pandemic is expected to have a positive impact on the pet food market growth in the long term. Factors such as increase in cat adoptions and purchases, and increasing humanization of pets are expected to help increase the pet cat population, further aiding the growth of the pet food market during the forecast period.
The pet animal diet market is fragmented, with the top five companies accounting for 34%. The major players in this market are Colgate-Palmolive, General Mills, Mars, Nestle, and Schell & Kampeter.
Main topics covered:
1 Overview and main findings
2 Report offer
3 Introduction
Four major industry trends
4.1 Pet population
4.2 Pet expenses
4.3 Regulatory framework
4.4 Value chain and distribution channel analysis
5 Market segmentation
5.1 Subproducts
5.1.1 Diabetes
5.1.2 Gastrointestinal hypersensitivity
5.1.3 Oral care diet
5.1.4 Kidney
5.1.5 Urinary tract diseases
5.1.6 Other veterinary diets
5.2 Pets
5.2.1 Cat
5.2.2 Dogs
5.2.3 Other pets
5.3 Distribution Channel
5.4 Region
6 Competitive environment
6.1 Major strategic moves
6.2 Market share analysis
6.3 Company situation
6.4 Company Profile
- Affinity Pet Care
- alltech
- clearlake capital group
- Colgate-Palmolive Company
- general mills
- Helist
- Mars
- nestle
- PLB International
- shell & campeter
For more information about this report, please visit https://www.researchandmarkets.com/r/2jdmgd.
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