According to a recent report by Allied Market Research, the global pet care market is expected to reach $269,497.5 million by 2030, with a compound annual growth rate (CAGR) of 6.2% from 2021 to 2030. The growth of the pet care market can be attributed to increased pet ownership worldwide, driven by higher disposable incomes and greater awareness of the health benefits associated with having a companion animal.
Several factors are contributing to the expansion of the global pet care market, including the rise in nuclear families, the humanization of pets, and the growing awareness of pet health. Additionally, the surge in pet ownership among millennials and Generation Z, along with the widespread use of social media and e-commerce platforms, has significantly boosted the market.
The COVID-19 pandemic has also had a positive impact on the pet care industry. During the lockdown period, people became more concerned about their own health and the health of their pets, leading to a significant increase in the adoption of pet food and care products. The e-commerce segment, in particular, experienced rapid growth, benefiting the overall pet care market.
The report categorizes the pet care market based on product type, animal type, distribution channel, and region. Product types include various items such as brushes, shampoos, cat litter, dry food, and treats. Animal types encompass dogs, cats, birds, and others. Distribution channels include supermarkets, e-commerce, specialized pet stores, and others. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions.
Key findings from the study include:
- Dry food accounted for the largest market share (31.2%) in 2020, with the cat litter segment projected to be the fastest-growing due to increasing cat adoption.
- Dogs and cats were the dominant segments in 2020, with cats expected to outnumber dogs in the future due to their lower cost, space requirements, and noise levels.
- E-commerce is anticipated to be the fastest-growing distribution channel, driven by increased smartphone usage and the popularity of online pet product retailers.
Leading players in the global pet care market, such as Mars, Nestle, and Colgate Palmolive, have implemented various strategies to expand their market share and profitability.
In summary, the global pet care market is witnessing significant growth, driven by factors such as increased pet ownership, the humanization of pets, and the rise of e-commerce. The COVID-19 pandemic has further accelerated the market’s expansion, with the e-commerce segment experiencing notable growth. The report highlights key findings regarding product types, animal types, distribution channels, and regional market trends.