Global Pet Care Market Growth, Trends, and Forecasts Report 2022-2027: Pet Humanization is Supporting the Market Growth with a Number of Companies Investing in R&D – GlobeNewswire
Dublin, March 21, 2022 (GLOBE NEWSWIRE) — The “Pet Care Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The pet care market is expected to register a CAGR of 7.4% during the forecast period, 2022-2027.
Although the year 2020 was not found to be very promising for all the other industries, in the case of the pet care market, it was a boon, as due to repeated lockdowns, people stayed mostly at home and took good care of their pets. This stimulated the demand for pet services and products and encouraged significant growth in the pet care market.
For instance, according to American Pet Products Association’s National Pet Owner survey, total pet industry expenditures in the United States totaled to USD 69.5 billion in 2017, which increased to USD 103.6 billion by the end of year 2020. This steady growth in pet products expenditure in United States indicates the rising spending culture among pet owners to create the best experiences for their companion animals.
The growing interest in pet humanization, coupled with a rise in demand for premiumization in pet care products, is one of the factors driving the market growth for pet care products. North America holds a prominent share in the pet care market.
There are significant opportunities in the market despite the increasing maturity and greater competition prevailing in the region. Colgate-Palmolive, Nestle SA (Purina), and General Mills Inc. (Blue Buffalo) are some of the pet care manufacturers with a significant share in the market.
Key Market Trends
The Pet Humanization Trend is Driving the Market
The pet humanization trend has a positive influence on the market growth, with rising consumer interest in treating pets as part of their family. Urbanization is forcing people into smaller spaces where larger pets are not economical as their maintenance costs are high compared to smaller pets. Small pets are much more likely to be indulged and humanized than larger pets.
Premium pet care products are natural, of higher quality, and safer than regular pet care products. With the increasing demand for premium pet grooming products globally, several companies are planning to come up with high-quality pet care products to occupy major market shares in this segment. For instance, in November 2020, BASF Care Creations, North America launched three formulations specifically for dog grooming: Creamy Co-Wash for Dogs, Fresh Obsessed Dry Shampoo Mist and Micellar Dog Shampoo.
The pet humanization trend is supporting the market growth with a number of companies investing in R&D to create new and interesting products.
North America is Leading the Pet Care Market
The pet care market in North America is well matured in terms of consumers and available products in the market. Premiumization is playing a key role in driving the sales of pet care products in North America.
There is a growing demand for natural pet food, which is gaining traction among US consumers, owing to obesity risks in pets such as dogs and cats. According to the Association for Pet Obesity Prevention, an estimated 55% of dogs and cats in the United States are obese.
This presents a greater opportunity for manufacturers to add quality ingredients and diets and launch added value products to cater to the growing consumer interest toward premium products. With more product launches with value-added quality ingredients, the demand for pet care products is expected to grow further during the forecast period.
The market is highly concentrated with the presence of international brands such as Mars Incorporated, Colgate-Palmolive, Nestle SA (Purina), and General Mills Inc. (Blue Buffalo).
These companies are using acquisition as their key strategy to consolidate their market shares and strengthen their positions in the market.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study and Market Definition
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Pet Type
5.1.4 Other Pet Types
5.2 Product Type
5.2.1 Pet Food
5.2.2 Pet Care
18.104.22.168 Oral Care
22.214.171.124 Dietary Supplements
126.96.36.199 Veterinary Diets
5.2.3 Grooming Products
188.8.131.52 Shampoos and Conditioners
184.108.40.206 Combs and Brushes
220.127.116.11 Clippers and Scissors
18.104.22.168 Other Grooming Products
5.3 Distribution Channel
5.3.1 Offline Retail Stores
5.3.2 Online Retail Sores
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Incorporated
6.3.3 Nestle SA (Purina)
6.3.4 General Mills Inc. (Blue Buffalo)
6.3.5 The J.M. Smucker Company
6.3.6 heristo aktiengesellschaft
6.3.7 Champion Petfoods LP
6.3.8 The Hartz Mountain Corporation
6.3.10 Tail Blazers
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/hue4hw