The global pet care market size is expected to reach USD 325.74 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period. The growing shift towards plant-based and nutritious food among animal owners will foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Pet Care Market Size, Share & COVID-19 Impact Analysis, By Product Type (Pet Food Products, Veterinary Care, and Others), Pet Type (Dog, Cat, and Others), Distribution Channel (Online and Offline), and Regional Forecast, 2021-2028.” The market size stood at USD 207.90 billion in 2020.
The coronavirus occurrence has caused colossal loss to several industries across the globe. The governments of several countries have instigated a lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Introduction of Advanced Pet Care Products to Favor Growth
The development of innovative animal care products by prominent companies such as location tracker devices, cardboard pet feeder devices, smart laser cat toys, and others will have a tremendous impact on the market. For instance, in February 2020, Nestle S.A. launched ‘Unleashed’ a global pet care industry’s global innovation program. This program was aimed to provide total funding of USD 51,922.4 to the start-up companies associated with the manufacturing of the various pet care items from Europe, North America, Middle East by the end of 31st March 2020. Moreover, the heavy demand for premium quality animal products is expected to spur the pet care market growth opportunities in the forthcoming years.
Prevalence of Coronavirus in Animals to Uplift Market during Pandemic
The increasing concerns regarding the spread of coronavirus in dogs have accelerated the demand for dog healthcare products among dog owners. For instance, from 1st December 2019 to 1st February 2020, Fox News reported a tenfold increase in the sales of the total number of dog face masks in China. Moreover, the surging pet ownership will consequently favor the growth of the market amid coronavirus. According to a survey ‘2019-2020 APPA National Pet Ownership’ conducted by American Pet Products Organization, as of 2020, 67% of the U.S. households owned a pet over 56% in 1988.
High Spending on Animal Care to Boost Market in North America
North America’s market is expected to expand radically during the forecast period due to the high spending on animal care products and services by the Canadian and U.S. population. According to the Statistical Department’s data, the Government of Canada, in 2019, Canadian household expenditure on pet insurance, veterinary, and other related services reached USD 2,720 million, up from USD 2,550 million in 2018. Asia Pacific is expected to hold a significant pet care market share during the forecast period due to prominent companies such as Mars Incorporated, Nestle S.A., and others. Besides, the expansion plans of companies can have an excellent effect on the market in the region. For instance, in May 2020, Nestle S.A. invested USD 103.2 million to inaugurate two manufacturing facilities of pet supplies in China.
Information source: https://www.fortunebusinessinsights.com/pet-care-market-104749