MRFR (Market Research Future) expects the pet care products market share to touch USD 205.45 billion while growing at a rate of 5.25% between 2020 and 2027.
Top Growth Boosters and Key Deterrents
Pet care products are speciality items that are available according to the requirements of the pets such as reptiles, cat, dog, and more. These products are experiencing a massive demand on account of the heightened rate of pet ownership all over the world. Some of the popular and in-demand pet care products are feeding, bedding, toys and leashes, which are sold majorly in speciality stores and retail outlets that include hypermarkets, discounters, and supermarkets.
Housing, as well as bedding products, are the most lucrative markets in not just developed countries like the US and the UK, but in emerging countries including Japan, South Korea, and China. In these countries, manufacturers mostly emphasize on product and technology innovation to create brand awareness among consumers. Cats and dogs form the biggest segments for pet care products market, while fish and reptiles are other emerging segments in the worldwide market.
Rising creativity in pet care products, presence of vast ranges of pet toys, heightened interest in pet care and the rise in consumers’ purchasing capacity add to the business value. The sales of a variety of pet care products are further fostered by the soaring concerns regarding fitness of the pets, a trend that is picking up rapid pace in emerging countries such as Thailand, India and Japan. The dramatic expansion rate of the global e-commerce industry should be presenting attractive opportunities to the reputed brands active in the pet care products market.
Pet care products market types covered are Pet Grooming Products, Pet Food, and more.
Pet types are Cats, Dogs, and ore.
Distribution Channels are Store-Based as well as Non-Store-Based. Store-based channels are responsible for most of the product sales and can be divided into segments such as specialty stores, hypermarkets, and supermarkets.
North America generates the highest profits in the worldwide market, given the significant rate of pet ownership rate that raises the demand for a variety of pet care products. The top markets in North America are Canada along with the US, with both countries generating substantial demand for different pet toys. Pet toys are the most popular segment for a number of reasons, as these ensure continuous activity among pets. Emergence of cost-effective and innovative pet supplies, amplified concerns about pet care and the rising expenditure related to the pet’s health as well as comfort could further have a phenomenal impact on the regional industry.
Europe is a robust market, with Italy housing the world’s most extensive pet populace. Europe is experiencing a rapid surge in the number of pet owners who spend heavily on a variety of pet care products including pet leashes and toys.
Asia Pacific could chart a relentless expansion trajectory at the fastest pace, thanks to the dramatic surge in the pet ownership rate and the rise in the pet owners’ disposable incomes. The huge popularity of the e-commerce sector in the region should further ensure rapid progress of the APAC market.
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KONG Company (US), General Mills, Inc. (US), Colgate-Palmolive Company (US), Petmate Holdings Co. (US), PetSmart Inc. (US), Mars, Incorporated (US), Blue Pet Products, Inc. (US), Nestle S.A.(Switzerland), Unicharm Corporation (Japan), Champion Petfoods LP (US), Petco Animal Supplies, Inc. (US), are the top manufacturers of pet care products market in the worldwide.
Better Choice Company has formed a long-term agreement with Phillips Pet Food & Supplies for the introduction of Halo Elevate. Phillips Pet Food & Supplies along with Better Choice expect Halo Elevate to be available in over 500 pet food stores all over the US, with the first shipping anticipated to be in March 2022.
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