Pet Care Market revenue to cross USD 327 Bn by 2026: Global Market Insights, Inc.

SELBYVILLE, Del., Aug. 25, 2020 /PRNewswire/ -- According to latest report "Pet Care Market by Type (Pet Food {Nutritional, Medicated}, Pet Care Products {Veterinary Care Products, Supplies/OTC Medications}, Services {Pet Grooming/Boarding, Live Animal Purchase}), Animal (Dogs, Cats, Birds, Fishes, Horses), Distribution Channel (Stores, E-commerce), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of pet care will cross $327 billion by 2026.

Increasing cost of veterinary care has escalated the demand for pet insurance. In most of the developing countries, the pet owners opting for pet life insurance are mostly the one's with an expensive pet. Different pet insurance policies offer varied coverage with respect to the pet animal. Also, owing to recent advancements in pet care, the life span of pets has increased considerably, the veterinary hospitals are treating large number of sick and injured pets. Furthermore, advanced medical procedures such as magnetic resonance imaging (MRI), CT scans and blood transfusions are now being preferred in order to treat pets.

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The pet care products segment accounted for USD 69.6 billion pet care market revenue in 2019 and is projected to register a growth of 3.6% through 2026. The pet care products industry is an established business witnessing constant growth over the past decade. Though these products are expensive, consumers are ready to invest in them owing to changing lifestyle habits and increasing per capita income. Moreover, e-commerce is playing an important role in augmenting pet care products market due to increasing number of online websites marketing such products. For instance, Amazon and Walmart are one of the major online suppliers of these products and pet owners tend to buy products from such trusted websites.

Birds segment in the pet care market is expected to expand at 7% CAGR till 2026. Birds are nowadays preferred as companion animals or pets led by the features such as ability to communicate, brilliant and radiant colours, graceful aerial skills and most importantly intelligence. Increase in adoption rate of birds as companion animals or pets will augment the market for pet care products in the coming years. Bird owners are focusing on providing a high-quality and balanced diet to maintain the health of their pets.

The e-commerce channel in the pet care market is anticipated to show significant growth of more than 10% between 2020 and 2026. Increase in preference online purchase or e-commerce websites for pet food and pet care products is growing among pet owners. The pet owners are willing to spend more on pet care products, pet food and pet care services driven by high disposable income and humanisation of pets. Also, several pet care brands and companies are electing to sell their products via online platform as they get a larger number of customers online. Online sales of pet care products have enabled the manufacturers to expand their customer base and market share. The pet owners get more multiple choices and convenient services such as subscriptions, discounts, and several other offers.

Australia pet care market size was around USD 12.8 billion in 2019 and is estimated to grow at a CAGR of 4% during the forecast period on account of increase in pet adoption rate across the country. As per the recent survey conducted by a research article, currently there are more than 5 million households in Australia, i.e. 63% of the total households in the country, owning over 25 million pets. The demand for pet food is growing in the country as most of the pet owners are willing to spend more to ensure that their pets are getting high quality food. Also, other industries such as pet care services and pet care products such as pet toys, custom bedding, pet spa, grooming treatments, etc. are playing vital roles in augmenting the market.

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Some of the major players operating in the pet care market are Mars, Nestle S.A., PetSmart Inc., Colgate-Palmolive Company and Petco Animal Supplies. Companies are focusing on several strategies such as new product development, collaborations, partnerships, mergers, acquisitions, and new product launches to consolidate their market position. For instance, in January 2019, Champion Petfoods announced partnership with Petco. This strategic partnership led to availability of Champion's ACANA and ORIGEN dog and cat foods in all PetCo stores resulting in commercialization of the products. 

Table of Contents (ToC) of the report:

Chapter 3.  Pet Care Market Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 - 2026 (USD Million)

3.3. Industry impact factors

3.3.1.  Growth drivers

3.3.2.  Industry pitfalls & challenges

3.4. Growth potential analysis

3.4.1.  By type

3.4.2.  By animal

3.4.3.  By distribution channel

3.5. COVID-19 impact analysis

3.5.1.  Impact of COVID-19 on 10 major markets

3.5.1.1.  Overview

3.5.1.2.  U.S.

3.5.1.3.  Germany

3.5.1.4.  UK

3.5.1.5.  France

3.5.1.6.  Spain

3.5.1.7.  Italy

3.5.1.8.  China

3.5.1.9.  India

3.5.1.10.  Japan

3.5.1.11.  Brazil

3.5.2.  Impact of COVID-19 on industry segments

3.5.3.  Impact of COVID-19 on industry value chain

3.5.3.1.  Research & Development

3.5.3.2.  Manufacturing

3.5.3.3.  Marketing

3.5.3.4.  Supply

3.5.4.  Impact of COVID-19 on 10 industry competition

3.5.4.1.  Strategy

3.5.4.2.  Distribution network

3.5.4.3.  Product portfolio

3.5.4.4.  Business growth

3.6. Impact of demographics on pet ownership

3.7. Historical growth rate, 2008 to 2019, percent (%)

3.8. Regulatory landscape

3.9. Pet population, by country, 2019

3.10.  Porter's analysis

3.11.  Competitive landscape, 2019

3.11.1.  Competitive matrix analysis

3.12. PESTEL analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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