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Pet Care Market size was valued at USD 222.93 billion in 2019 and is poised to grow from USD 235.41 billion in 2023 to USD 384.42 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

The pet care market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Mars Petcare Inc.', 'Nestlé Purina PetCare Company', 'Hill's Pet Nutrition, Inc. (a subsidiary of Colgate-Palmolive Company)', 'Blue Buffalo Company, Ltd. (a subsidiary of General Mills, Inc.)', 'The J.M. Smucker Company', 'Spectrum Brands Holdings, Inc.', 'Central Garden & Pet Company', 'Diamond Pet Foods Inc.', 'Unicharm Corporation', 'Big Heart Pet Brands (a subsidiary of The J.M. Smucker Company)', 'WellPet LLC', 'Ainsworth Pet Nutrition LLC', 'Champion Petfoods LP', 'Royal Canin (a subsidiary of Mars, Inc.)', 'Fromm Family Foods LLC', 'Colgate-Palmolive Company', 'American Nutrition, Inc.', 'The Hartz Mountain Corporation', 'The Scoular Company', 'NutriScience Innovations LLC'

People's growing expenditure on pet care items such as food, healthcare, grooming, and others is expected to stimulate consumption, hence promoting pet care market growth. Furthermore, the development of pet care store infrastructure in numerous nations throughout the world is expected to increase consumption of pet-related products, hence driving pet care market expansion. Having a cat is regarded a status symbol in upper-class societies. As a result of changing lifestyles among the population, demand for cat care products is expected to rise. Hence, this will contribute to the market growth.

The pet humanization trend is helping market growth by increasing pet owners' interest in treating their dogs as family members. Because larger pets require more maintenance than smaller pets, urbanization is forcing people into smaller places where larger pets are not appropriate. Because of this, small pets are considerably more likely than larger creatures to be petted and humanized. There are natural, higher-quality, and safer pet care products on the market. With an increasing demand for luxury pet grooming products, several companies are attempting to manufacture high-quality pet care products in order to gain a large market share. The popularity of pet fashion among pet owners has a positive impact on the business and is expected to lead to significant market growth during the forecast period. This encourages market participants to launch a flurry of unique and tailored pet grooming solutions. The pet humanization wave is boosting market expansion, with several manufacturers investing heavily in R&D to produce new and creative products.

In 2021, North America is expected to have the biggest share of the pet care market. Among the region, the US pet care market is projected to hold significant share. One of the key factors in the region's supremacy is the high rate of pet adoption in American households. A poll by the American Pet Products Association (APPA) found that around 85 million American families, or 67% of all households in the country, have pets. The adoption of pet humanization and the favorable public perception of it in North America are fostering market expansion for wholesome pet food products. Further, according to data from the Government of Canada's Statistical Department, Canadian household expenditure on pet insurance, veterinarian, and other associated services reached USD 2,720 million in 2019, up from USD 2,550 million in 2018. Furthermore, the region's significant pet owners' need for premium quality products for their pets’ results in higher income creation from such products. In addition, the trend of treating pets as individuals is driving high spending on safe and sustainable pet food in Europe.

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Global Pet Care Market

Product ID: SQMIG30C2118