Increasing Demand for High-end Pet Products Along With the Growing Popularity of Organic Food Brands Are Boosting the Growth of the Pet Care Market During the Forecast Period 2023-2030

Pet Care Market Overview:

The Pet Care Market size is estimated to reach $253 billion by 2030, growing at a CAGR of 8.0% during the forecast period 2023-2030, according to a recent report published by IndustryARC. The pet care industry is expanding due to the increasing co-dependency of pet parents on their pets. Apart from this, the rising disposable income along with the growing popularity of organic food brands also have a synergistic effect in boosting the Pet Care Market.

Read the Full Report Here - Pet Care Market By Pet Type (Dog, Cat, Rabbit, Bird, Fish, Ferrets & Others), By Product Type (Pet Food, Pet Product, Veterinary care & Others), By Sales Channel (Offline Platforms & Online Platforms), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030.

North America Accounted for Significant Market Share:

North America dominated the Pet Care market share with 37.0% of the overall market in 2022. A study conducted by AphaWise in 2021 reported that there were 5 million more pets in the U.S. since the pandemic began. The data also concluded that 32% of respondents aged 18 to 34 had acquired a new pet in the last six months. It established the fact that younger Americans are fueling the pandemic pet frenzy, which is set to significantly contribute to the growth of the Pet Care Industry.

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Pet Care Market Growth Drivers:

Entry of Pet Insurance Policies associated with Increasing Veterinary Costs:

According to the North American Pet Health Insurance Association's State of the Industry Report 2022, the total premium volume for pet insurance in the United States was approximately $2 billion. Nearly 3.9 million pets were insured by the end of 2021. The rise in veterinary costs attributed to the emergence of the pet insurance trend, which successfully persuaded many seasoned insurance providers such as Lemonade, Spot and others to enter the segment. Following the lead, many businesses (primarily focusing on pets) have also cropped up, e.g., PetFirst, Petplan, Embrace, etc. This influx of enterprises surrounding pet insurance is poised to flourish in the years to come with a large ocean of opportunities.

Growth in High-end Product Portfolios and Popularity of Premium Organic Food Brands:

With an increase in dispensable income, there has also been a noticeable trend for animal humanization, which formed the basis for the growing trend of organic pet food. Organic food items are on average 50% more expensive than conventional ones, as reported by Consumer Reports. Thus, an increase in the expenditure pattern is expected, which is set to further propel the Pet Care market growth. Apart from this, the entry of designer brands like Hermes, Zara Home, Lois Vuitton and others would successfully amalgamate with the organic food frenzy to drive the market, thereby contributing to the Pet Care market trends.

Scope of Report:

• In June 2022, Mars Petcare, Inc., launched the world’s first pet biobank to drive breakthroughs in disease diagnosis and prevention.
• In October 2021, Blue Buffalo launched their very own mobile app called “Buddies” in order to help pet owners create friendly relationships with their pets.

Pet Care Market: Competitive Landscape

Key companies profiled in the Pet Care Market are Mars Petcare, Inc., Nestle Purina Pet Care, J.M. Smucker Company, Cargill, Unicharm Corporation, Spectrum Brands Inc., Blue Buffalo Co. Ltd., Trupanion, Inc., Royal Canin SAS and Petmate Holdings Co.