Pet care market growth drivers in 2020 & Challenges by 2026

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 A research study conducted by Global Market Insights, Inc., suggests that Pet Care market is likely to exceed the $327.7 billion mark by 2026, in terms of revenue. The pet care industry is poised to accumulate noteworthy gains in the coming years owing to the increasing awareness regarding pet health, rising adoption of pets, and growing demand for pet care products. Rising cost of veterinary care has rapidly increased the demand for pet insurance.


On the geographical front, in 2018, Australia pet care market was valued at approximately $12.8 billion and is likely to grow at an impressive CAGR of around 4.0% over the forecast time period. A rise in pet adoption rates in the region will play a key role in stimulating the market growth. As per a recent survey, presently there are approximately 5 million households throughout Australia that have pets. In fact, over 63% of the overall Australian households have approximately 25 million pets.


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With respect to animal, the birds segment is anticipated to showcase rapid growth at 7.0% over the estimated timeframe. Nowadays, birds are more preferred as pets or companion animals due to their intelligence, graceful aerial skills, brilliant and bright colors, and the ability to communicate. The rising adoption of birds as pets or companion animals would majorly stimulate the market demand for pet care products. Additionally, bird owners are increasingly concentrating towards providing a top-quality and balanced diet as well as grooming needs of their birds, which is supporting the segment growth.


In terms of product, the pet care products segment is expected to witness substantial gains over the coming years. In 2019, the segment held a valuation of approximately $69.6 billion and is likely to expand gradually at a CAGR of around 3.6% over the projected time period. The pet care products industry is a well-established and has been growing constantly over the last ten years due to increasing per capita income and changing lifestyle preferences. Going forward, e-commerce would play an essential role in boosting the industry growth because of rising number of online websites that are marketing these products. These factors will encourage the segmental growth globally.


Given the rising adoption of pets, key market players are leveraging the immense opportunities these have created by focusing on consolidating their position through various means. Citing an instance, on 28th January 2020, Whitebridge Pet Brands, an innovative pet food company, reportedly announced acquisition of well-known eco-friendly pet products maker Cardinal Pet Care. The acquisition will lead to new business growth opportunities for Whitebridge and will further strengthen the company’s position in the market.


Browse key industry insights spread across 300 pages with 490 market data tables & 38 figures & charts from the report, “Pet Care Market Size, By Type (Pet Food {Nutritional, Medicated}, Pet Care Products {Veterinary Care Products, Supplies/OTC Medications}, Services {Pet Grooming/Boarding, Live Animal Purchase), By Animal (Dogs, Cats, Birds, Fishes, Horses), By Distribution Channel (Stores, E-commerce), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/pet-care-market


Apart from spending on food, other services like DOGTV and pet cremation services are also in high demand among pet owners. In addition, the phenomenon of humanization is further created more growth opportunities across the region. Several companies in the region are also innovating new products in order to consolidate their position in an increasingly expanding domain. Citing an example, on 21st May 2019, The Cannabis Co, Australian hemp company, reportedly launched new product range for dogs. The products include hemp seed oil, hemp dog shampoo among others offering numerous benefits to the pets.


Some of the key players operating in the pet care market are Petco Animal Supplies, Colgate-Palmolive Company, PetSmart Inc., Nestle S.A., and Mars among many others.


About Global Market Insights:


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.


Contact Us:

Arun Hegde

Corporate Sales, USA

Global Market Insights, Inc.

Phone:1-302-846-7766

Toll Free: 1-888-689-0688

Email: sales@gminsights.com

Web: https://www.gminsights.com/

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