Pet Services Global Market Growth Forecast Report 2022: A $50 Billion Market Opportunity by 2030 – GlobeNewswire
Dublin, May 26, 2022 (GLOBE NEWSWIRE) — The “Pet Services Market Size, Share & Trends Analysis Report by Pet Type (Dogs, Cats), by Service Type (Pet Boarding, Pet Grooming), by Delivery Channel, by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global pet services market size is expected to reach USD 50.1 billion by 2030. The market is expected to expand at a CAGR of 9.1% from 2022 to 2030.
The key factors driving the market include an increasing number of pet owners and spending on pets. As per FEDIAF’s 2020 report, 33% of or 88 million European households own a pet. This number is anticipated to increase owing to the declining human birth rate in key markets, increasing disposable income, and pet humanization.
The pet services business decreased as a result of the COVID-19 epidemic, notably in 2020. This negative impact is primarily due to the closure of pet services and restricted access to them as a result of social distancing norms and lockdowns. At the start of the epidemic, key players witnessed a significant drop in appointments and payment volume as per PocketSuite- a mobile-first, business management app for pet service providers.
However, the market recovered gradually in 2021. For instance, as per the data published by the American Pet Products Association (APPA), pet parents in the U.S. spent about USD 9.5 billion on services like boarding, grooming, insurance, training, pet sitting, and pet walking in 2020, up 3.9% from 2019. People stayed largely at home and took good care of their pets due to the recurrent lockdowns. This boosted the demand for pet services and products, resulting in significant market growth.
Furthermore, demand for pet grooming among pet owners will have a favorable impact on the market and contribute significantly to its growth throughout the forecast period. Pet owners, particularly the wealthy, place a high value on displaying their lifestyles by purchasing comfortable and luxury things for their pets. Many market competitors are responding by launching a slew of new grooming and accessory goods. Pet sitting, grooming, traveling, training, pet hotels, and customized subscription boxes for pets are among the pet services available.
- An increase in the number of pet owners and increased spending on pets are the key factors contributing to the market growth.
- The dogs pet type segment dominated the market in 2021 owing to the increasing pet ownership, expenditure on pets, pet humanization, and premiumization of pet products and services. Other factors include a rise in nuclear households, the declining birth rate in key markets, and increasing adoption of pet insurance.
- The pet boarding service type segment held the largest revenue share in 2021. The pet grooming segment is expected to register the highest CAGR over the forecast period. The key factor expected to drive the segment includes the return-to-work trend post-COVID leading pet parents to choose pet sitting, pet daycare, and overnight boarding services.
- The commercial facilities delivery channel segment held the largest revenue share of over 55.0% in 2021. The enormous number of commercial facilities providing pet care, the great range of service portfolios, and the use of omnichannel sales and marketing tactics are the main reasons for this significant share.
Key Topics Covered:
Pet Services Market Variables, Trends & Scope
- Market Lineage Outlook
- Penetration & Growth Prospect Mapping, 2021
- Pet Services Market Dynamics
- Porter’s Five Forces
- PEST Analysis
- Regulatory Landscape
- Estimated Pet Population, by species & by key markets
COVID-19 Impact Analysis
- COVID-19 Prevalence Analysis
- Current Impact & Future Scenario
- Impact on Market Players
Chapter 5. Pet Services Market: Segment Analysis, by Pet Type, 2017-2030 (USD Million)
- Pet Type Market Share Analysis, 2021 & 2030
- Pet Services market, by Pet Type, 2017 to 2030
- Dogs market, 2017-2030 (USD Million)
- Large Breeds
- Medium Breeds
- Small Breeds
Pet Services Market: Segment Analysis, by Service Type, 2017-2030 (USD Million)
- Service Type Market Share Analysis, 2021 & 2030
- Pet Services market, by Service Type, 2017 to 2030
- Pet Boarding
- Pet Training
- Pet Grooming
- Pet Transportation
- Pet Walking
Pet Services Market: Segment Analysis, by Delivery Channel, 2017-2030 (USD Million)
- Delivery Channel Market Share Analysis, 2021 & 2030
- Pet Services Market, by Delivery Channel, 2017 to 2030
- Commercial facilities
Pet Services Market: Regional Market Analysis 2017-2030 (USD Million)
- Regional Movement Analysis, 2021 & 2030
- Regional Market Snapshot
Pet Services Market-Competitive Analysis
- Market Participant Categorization
- Company Market Position Analysis, heat map analysis
- Synergy Analysis: Major Deals & Strategic Alliances
- Market Leaders & Innovators
- List of Key Companies
- A Place for Rover, Inc.
- Pets at Home, Inc.
- Wag Labs, Inc.
- Highland Canine Training, LLC
- Dogtopia Enterprises
- Pooch Dog Spa
- American Pet Resort, LLC
- Pawz and Company
- Airpets International
- Paradise 4 Paws, LLC
For more information about this report visit https://www.researchandmarkets.com/r/6p5kf2
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