Pet Care Market - Forecast(2021 - 2026)

 Pet Care Market Overview:

According to the European Pet Food Industry Federation (FEDIAF), the daily diet requirement for a dog and a cat are 37 and 40 nutrients respectively.[1] This daily requirement of nutrients is largely fulfilled by canned pet foods which throws light on the essentiality of pet products in modern-day life. Pet care is a lucrative market growing rampantly in U.S. and U.K. owing to growing instances of pet ownership in these regions. The pet care market also includes items for pet grooming, pet accessories, pet shops, pet essentials, pet care clinics, pet care insurance, and many others. As a result of this increase in pet adoption, consumers are now spending colossal amounts of their income on pet care thereby ballooning the demand for pet products. Furthermore, ease of pet training and grooming facilities has considerably boosted the global pet care market which offered opportunities worth $125 billion as of 2018. During the forecast period 2019-2025, the pet care and grooming market is projected to grow at a CAGR of 6%.

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Pet Care Market Outlook:

Advancements in pet grooming accessibility, professional pet boarding and sitting, and convenient veterinary care centers chiefly abound in the U.S.. Additionally, contemporary food markets, shopping malls, and e-commerce websites offer pet products, thereby benefiting the pet owners in the region. As per the statistics of North American Pet Health Insurance Association (NAPHIA), pet insurance in North America attained the value of $2.1m in 2018 owing to a total of 12 key pet insurance companies in the region.[2] This resonates with an unprecedented demand in the global pet care market owing to the economic stability of the regional population because of which North America held a market share of 32% in 2018. Looking at the pet care industry at a macro level, dog food is the fastest growing market segment and is evaluated to increase at a CAGR of 6% through to 2025. This statistic is reflective of the increasing demand for pet product supplies and the associated revenue.

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Pet Care Market Growth Drivers:

·        Professional pet grooming centers generate huge demand owing to benefits like facilitating healthy skin and fur for the pet, reducing their risk to infection as well as providing pet owners a repose from their everyday schedule ·      Reliable pet boarding service which provide quality kennel shelters, adequate attention and medical care, safety, and proper diet considerably boosts the pet care market.

·        Growth in the pet care market is majorly boosted by advanced technologies such as GPS pet tracker, pet treadwheel and treadmill, smart feeder, automatic pet feeder, pet camera and feeder, and associated technological advancements which help maintain location tracks and accomplish daily pet chores conveniently.

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Pet Care Market Challenges:

The pet care business is gaining pace, however, certain challenges may hamper the overall market size. Pet handling, particularly with regard to canine pets, might be a threat with occasional accidental incidents posing a serious threat both to the professionals and the people around. Additionally, a lack of knowledge about the business leads to a lack of assistance in an unexpected medical emergency. Proper knowledge about the pet care industry and associated training for emergency situations will ensure that such risks are overcome in the future.

Pet Care Market Key Players:

Pioneers in the global pet care market include Nestle, Ancol Pet Products, Mars, Diamond Pet Foods, Incorporated, Spectrum Brands, Aller Petfood, Unicharm Corporation, Inaba Petfood, Colgate-Palmolive Company, The J.M. Smucker Company, and others.

Diamond Pet Foods is well-known pet food manufacturing and distributing company delivering high-quality dry and canned foods, and pet treats. Diamond Naturals, Diamond, and Diamond Naturals Grain-Free incorporate essential ingredients for meeting daily requirement of pets at a convenient price. Moreover, they offer Diamond care specialty pet foods for pets suffering from renal disorder, skin sensitivity, digestive problems, and weight management for pet dogs and cats.