The global pet daycare and lodging market is expected to post a CAGR of more than 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Many market vendors are offering a combination of veterinary services, interactive activities for pets, multilevel pet condos, and outdoor pet runs in their service portfolio to attract pet owners. Some vendors are offering specific pet services as per customers' requirements such as private pet suites and pet sitters in a cageless stay-n-play environment. The availability of such services is encouraging pet owners to rely on these services for their varying requirements. Thus, the availability of a wide range of option in global pet daycare and lodging market is expected to boost market growth.
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As per Technavio, the adoption of smart pet care products in daycare and lodging services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Pet Daycare and Lodging Market: Adoption of Smart Pet Care Products in Daycare and Lodging Services
Market vendors are making significant investments to develop technologically advanced products for their daycare and lodging services to attract customers. For instance, some vendors are introducing smart pet beds that track various parameters such as pet weight, periods of rest and activity, along with climate control options that can be controlled either manually or automatically. The introduction of such smart pet care products is expected to have a positive impact on the growth of the market during the forecast period.
"Strict compliance with the stringent regulations and growing inclination toward premiumization in pet care services are other factors that are expected to boost market growth during the forecast period," says a senior analyst at Technavio.
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Global Pet Daycare and Lodging Market: Segmentation Analysis
This market report segments the global pet daycare and lodging market by type (dog daycare and lodging, combined daycare and lodging, and cat daycare and lodging) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the growing awareness about the availability of full-time and experienced service providers who offer security and safety of pets. Moreover, the high affordability limit of pet owner in the region is contributing to the growth of the market.s
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Five Forces Analysis
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