Pet Care Industry Data Book – Pet Product, Pet Food and Pet Supplements Market
Pet Care Industry | Forecast 2030
Pet Care Industry Data Book – Pet Product, Pet Food and Pet Supplements Market
The global Pet Care Industry was estimated at USD 159.10 billion in 2022 and is anticipated to increase at a CAGR of 5.1% from 2023 to 2030
Grand View Research’s pet care industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.
Pet Product Market Insights
The mainstream media outlets throughout the world have paid a lot of attention to the humanization of pets. A significant and defining trend in the pet food industry, particularly in industrialized nations, is the transition from pet ownership to pet parenting. In affluent nations, more than one-third of families have a pet. According to the National Pet Owners Survey (2019–20), which was done by the American Pet Products Association (APPA), more than 85 million U.S. households have one or more pets, with dogs making up the bulk of those. Thus, it is projected that the pet food sector would grow as pets become more humanized.
The basic hygiene requirements of companion animals are principally responsible for the dominance of the pet grooming product market. The product’s specific formulation for pet care, which is intended to clean, condition, and deodorize the skin and hair of companion animals. Additionally, producers have created medicated shampoos with distinct compositions to address a variety of skin conditions and illnesses in companion animals.
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Pet Food Market Insights
Pet Food Market InsightsThe global pet food market size was valued at USD 99.1 billion in 2022 and is anticipated to exhibit a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030. The demand for the product is anticipated to be driven by growing consumer inclination toward adoption of pets along with rising concerns regarding their health. Improvement in the overall digestion and performance of pet animals owing to the consumption of nutritious food is also likely to boost market growth in the forecast period. The pet food products which are available in the global market rarely vary. This, in turn, has prompted the manufacturers to include multi-functional and innovative ingredients in their products in order to curb such similarity bias. Convenience is likely to play a vital role in driving this industry, given the increased popularity of prepared pet food. The other segment being organic pet food, a recent and growing trend in the market.
the global pet food market report based on pet type, region: Dog pet type dominated the market with a revenue share of more than 41% in the year 2022. This is attributed to the growing adoption of dogs as a household pet and rising household expenditure towards healthy dog food due to increase in concerns of the owners about their dog health. Dogs are carnivorous species, and therefore, their meals are largely meat-based. For dogs, the requirement of carbohydrate content is relatively low which has driven the demand for the product with higher meat and lower starch content.
Pet Supplements Market Insights
The global pet supplements market size was estimated at a value of USD 2.02 billion in 2022 and is expected to grow compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. The rising demand for the market can be attributed to the rise in pet humanization which has led to consumers spending significantly on pet food, supplements, and other related products to keep them active, and healthy. Supplements enhance concentration, focus, and energy levels in pets, strengthen their immune system, and improve heart health. Anti-stress, anti-anxiety, or calming supplements are also witnessing high demand and are anticipated to gain further traction among pet owners. Pet owners across the globe have been spending significantly on their pets’ well-being and nutrition. According to an article published by Insurance Information Institute, Inc., the total pet industry expenditure in the U.S. was USD 123.6 billion in 2021, up 19% from USD 103.6 billion in 2020.
the global pet supplements market based on type, pet type, form, application, distribution channel, and region. Over-the-counter (OTC) pet supplements dominated the market and held the largest revenue share of 86.71% in 2022. The segment is expected to maintain dominance over the forecast period as these supplements are easily available either supporting a particular aspect of a pet’s health or provide specific nutrients. Moreover, these supplements are quite popular and are readily & easily available at a relatively affordable price. Additionally, a wide range of pet supplements is available through various distribution channels, including online retailers, supermarkets & hypermarkets, pet stores, and others. Some of the most popular over-the-counter supplements consumer purchase for their pets include joint supplements, omega-3 supplements, multivitamins, probiotics, and others.
List of key companies analyzed in this section include
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