The Global Pet Care market is forecasted to grow at a CAGR of 7.4% during the forecast period (2020-2025).
- The growing interest in pet humanization coupled with a rise in demand for premiumization in pet care products are some of the factors driving the market growth for Pet care products.
- North America holds a prominent share in the global pet care market. There are significant opportunities remain in the market, despite the increasing maturity and greater competition prevailing in the region.
- Colgate-Palmolive, Nestle S.A (Purina) and General Mills Inc (Bluebuffalo) are some of the pet care manufacturers who are significant share in the global pet care market.
Key Market Trends
Pet Humanization trend is Driving the market
The pet humanization is showing a positive influence on the market growth with rising consumer interest in treating pets as one of their family. Urbanization is forcing people into smaller spaces where larger pets are not economical as their maintenance cost is high when compared to smaller pets. Small pets are much more likely to indulged and humanized than larger pets. Hence, consumers are looking to plug the familial gap with a pet companion. These factors have led to a market place led by small animals such as cats and dogs as indulgent pet owners are happy to spend heavily on ensuring the best quality life which has driven the demand for pet care products. The pet humanization is supporting the market growth with the number of companies investing in R&D in order to creat new interesting products.
North America is Leading the Pet Care Market
The pet care market in North America is well matured in terms of consumers and available products in the market. Premiumization is playing a key role in driving the sales of the pet care market in North America. There is a growing demand for natural pet food and is gaining traction across the United States consumers owing to obesity risks in pets such as dogs and cats. According to the Association for Pet Obesity Prevention, an estimated 55% of dogs and cats in the United States are obese. This presents a greater opportunity for manufacturers for adding quality ingredients, diets and launch added value products to cater to the growing consumer interest towards premium products. With more product launches with value-added quality ingredients, the demand for pet care products is expected to grow further during the forecast period.
The market is highly concentrated with the presence of international brands such as Mars incorporated, Colgate-Palmolive, Nestle S.A (Purina) and General Mills Inc (Bluebuffalo) who are operating in this market. These companies are targeting acquisition as their key strategy in order to consolidate their market share and strengthen their position in the market.
May 2016: Agrolimen acquired Nature's Variety, a manufacturer of pet food, to improve the quality of pet food products by incorporating high-quality ingredients in their products.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support