Pet Care Market Size Expected To Reach USD 597.51 Billion By 2033

(MENAFN- GlobeNewsWire - Nasdaq) The global pet care market size is calculated at USD 324.19 billion in 2024 and is expected to reach around USD 597.51 billion by 2033, registering a solid CAGR of 7.03% between 2024 and 2033.

Ottawa, Aug. 20, 2024 (GLOBE NEWSWIRE) -- The global pet care market size is predicted to increase from USD 302.89 billion in 2023 to approximately USD 597.51 billion by 2033. The market is showing a remarkable CAGR of 7.03% from 2024 to 2033, According to Precedence Research. The pet care market growth is driven by the rising awareness about animal welfare and increasing adoption of pets.

The pet care market is a broad sector devoted to products, services, and solutions aimed at improving the welfare, health, and general care of pets. The pet care industry is projected to expand significantly due to rising pet ownership and increasing spending on pet items, such as food, healthcare, insurance, and grooming.

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Wearables that measure vital signs and AI-powered pet language translation are two instances of technology changing the pet care industry. Primary pet care includes regular grooming, such as bathing, brushing, trimming nails, and flea/tick treatment.

Pet Care Market Key Insights

• North America dominated the pet care market in 2023.
• Asia Pacific is expected to grow at the fastest rate during the forecast period.
• By type, the pet food products segment held a large share of the market in 2023.
• By type, the pet care products segment is expected to grow at a significant rate during the forecast period.
• By animal, the dogs segment accounted for the major market share in 2023.
• By animal, the cats segment is likely to register the highest growth rate during the forecast period.
• By distribution channel, the stores segment dominated the market in 2023.
  

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U.S. Pet Care Market Size, Growth and Forecasts 2024 to 2033

The U.S. pet care market size was evaluated at USD 89.05 billion in 2023 and is anticipated to reach around USD 176.92 billion by 2033, expanding at a solid CAGR of 7.10% from 2024 to 2033.

Regional Analysis of the Pet Care Market:

North America accounted for the highest market share of 42% in 2023.

Growing concern about animal welfare in the region has resulted in more products related to pet care. The pet care industry encompasses wearables, food, toys, and other products required for pets. Key companies in the region, such as Mars Incorporated and Nestle, are committed to providing nutritional and calorific value while offering palatable animal food products to attract a large number of pet owners.

• For instance, in January 2024, J&J Snack Foods introduced Dogsters in the US market. Dogsters is the frozen dairy-free treat for dogs who have sensitive stomachs. Made with real pumpkin and probiotics, low in fat and low in calories, this product is formulated for every canine. Dogsters come in four flavors and each with about 100 calories, making them dogs' favorite food.
  

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Asia Pacific is expected to grow at the fastest CAGR during the forecast period.

New entrants to the Japanese pet care market include the pharmaceutical business Rohto Pharmaceutical and drinkable yogurt manufacturer Yakult Honsha. Therapeutic pet food is gaining immense popularity in South Korea due to the growing population of elderly cats and dogs.

The online channel remains dynamic in the Asia Pacific region; the biggest online sales shares of pet care were seen in South Korea and China. Cats are likely to outnumber dogs in China, as cats are considered cute, quiet, peaceful, and clean.

Pet Care Market Companies

• Spectrum Brands Inc
• Zetis
• Zooplus AG
• Nestle Purina PetCare(Nestle SA)
• Hill's Pet Nutrition(Colgate Palmolive company)
• Freshpet
• Champion Petfoods
• Chewy Inc
• J.M. Smucker
• PetSmart Inc
• Blue BUffalo Pet Products Inc.
• Mars Inc
• Petmate Holdings Co
• Ancol Pet Products Limited

Company Name	Mars Inc.
Headquarters	McLean, Virginia, United States
Recent Development	In July 2024, Mars Inc. completed the acquisition of Cerba HealthCare's ownership stake in Cerba Vet and ANTAGENE, bringing them under Mars Petcare's Science & Diagnostics division's diagnostics portfolio.

Recent Developments:

• In August 2024 , Godrej Consumer Products Ltd intends to establish its subsidiary, Godrej Pet Care, in FY 2026. The company is set to invest ₹500 crore over five years in production and R&D by collaborating with Godrej Agrovet Ltd (GAVL), which currently works in the animal feed and agricultural industries.
  
• In April 2024 , Swiggy, an online food delivery company, launched a new 'Paw-ternity' policy to assist staff with pet care. This policy is intended to commemorate the link between humans and furry angels.

Pet Care Market Report Coverage

Report Attribute	Key Statistics
Pet Care Market Size in 2024	USD 324.19 Billion
Pet Care Market Size by 2033	USD 597.51 Billion
Growth Rate from 2024 to 2033	CAGR of 7.03%
Base Year	2023
Historical Year	2021-2022
Forecast Year	2024 to 2033
Quantitative Units	Revenue/Size in USD Million/Billion and CAGR from 2024 to 2033
Segments Covered	Type, Animal, Distribution Channel, and Region
By Type	Pet Food Products Pet Care Products Services
By Animal	Dogs Cats Birds Fishes Horses Others
By Distribution Channel	Stores E-commerce Others
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Country Scope	U.S., Canada, UK, Germany, France, Italy, Spain, Norway, Sweden, Denmark, Japan, China, India, Australia, South Korea, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Kuwait

Pet Care Market Segment Analysis

Analysis by Type:

The pet food products segment dominated the market with the highest market share of 55% in 2023.

Owners typically select a commercial pet food to feed their pet due to the convenience of the product, cost, and variety. Several pet food manufacturers are formulating a wide array of recipes with varying textures and flavor profiles that assure nutritional adequacy, quality, and safety.

Nutrition-rich pet foods provide a balanced intake of energy, protein , fat, vitamins, and minerals. With wet and dry pet foods, a pet owner can mix and match the packages as per their requirements to ensure that their pets get adequate nutrition.

The pet care products segment is expected to expand at a significant CAGR during the forecast period.

The segment growth is attributed to the rising demand for luxury and natural pet care products. Natural pet care products have several advantages, including better health, financial savings, human safety, sustainability, and support for local companies.

They are safer for pets since they are durable and made of natural and organic materials. Many companies are making efforts to create natural pet care products and maintain environmental balance.

• For instance , in June 2024, Some Grub launched with a mission to“kick-start Britain's insect food revolution.” Some Grub, a pet care brand that produces natural pet food, has been created to meet burgeoning consumer demand for pet care products to support pet health while maintaining environmental sustainability.
  

Analysis by Animal:

The dog's segment dominated the pet care market with the biggest market share in 2023

Owing to the increasing adoption of dogs as companions. A study in PLOS One revealed that having a pet grants many benefits, including companionship, physical activity, emotional support, social contacts, and a sense of duty. It was noticed that petting a real dog and toy dogs of the same size and shape increased activity in the areas of the frontal brain, thus proving that interaction between humans and animals enhances emotional and cognitive function.

The cats segment is expected to grow at a significant CAGR during the forecast period.

The cat ownership is increasing rapidly due to the rising awareness about health benefits linked to cats. Owning a cat can provide various health advantages, including less stress, improved cardiovascular health, enhanced socializing, a stronger immune system, a higher feeling of purpose, and reduced loneliness.

According to a study, spending time with a cat can reduce health problems such as depression, heart disease, stroke, blood pressure, and cholesterol levels, as well as community participation.

Analysis by Distribution Channel:

The stores segment has recorded the largest market share of 66% in 2023.

Physical stores offer a wide range of products under a single roof, which increases convenience. They often offer discounts and run campaigns to attract more customers. Pet stores also provide medical consultation facilities, thereby enhancing the buying experience.

Pet Care Market Dynamics:

Driver: Rising pet ownership

The pet care market is experiencing significant growth due to the rising pet ownership worldwide. The number of pet owners is rising, particularly in middle-income countries, due to the increasing benefits of having pets among people. Pets provide companionship and emotional support during challenging times. Having a pet helps in reducing blood pressure, risk of heart attack, increased physical activity, sensory stimulation, emotional support, and general well-being.

• The ASPCA reports that 40% of dogs and 46% of cat owners in the US get their pets from word of mouth. Most pets are acquired from shelters, friends/family, breeders, and private sources. Homeowners' own pets more frequently than renters, with 58% owning dogs and 36% owning cats.
  

Browse More Insights of Precedence Research:

• Pet Food and Supplements Market: The global pet food and supplements market size was valued at USD 105.4 billion in 2022 and is expected to reach around USD 179.18 billion by 2032, poised to grow at a CAGR of 5.50%.
  
• Animal Feed Market: The global animal feed market size was USD 448.61 billion in 2023, calculated at USD 465.65 billion in 2024, and is expected to reach around USD 705.15 billion by 2034, expanding at a CAGR of 4% from 2024 to 2034.
  
• Functional Food Market: The global functional food market size accounted for USD 349.20 billion in 2024 and is predicted to reach around USD 671.99 billion by 2034, growing at a CAGR of 7.5% from 2024 to 2034.
  
• Artificial Intelligence (AI) In Animal Health Market : The global artificial intelligence (AI) in animal health market size was estimated at USD 0.99 billion in 2022 and is projected to hit around USD 5.76 billion by 2032, growing at a CAGR of 19.30%.
  
• Animal Nutrition Market : The global animal nutrition market size was valued at USD 22.18 billion in 2022 and is expected to hit around USD 43 billion by 2032, poised to grow at a CAGR of 6.93.
• Organic Food Market: The global organic food market size was valued at USD 183.35 billion in 2022 and is expected to be worth around USD 546.97 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.60%.

Restraint: Rising Cost

Rising cost of pet care services is a major factor restraining the market. The cost of pet food, veterinary treatment, and other pet care items and services have increased significantly over the past decade. The average annual cost of owning and maintaining a dog is US$ 1,331 and for a cat it is US$ 1,112. This may deters low-income people from adopting pets.

Opportunity: Personalized pet care

Rising personalization in pet care services creates immense opportunities in the market. Personalization of pet care is important, given that pets have their own needs according to breed, age, lifestyle, and genetics.

However, tailoring pet care services according to individual pets ensures that they receive the best possible care according to their requirements. Customized workout and health programs are an affirmative approach to the best possible treatment for improving health .

Segments Covered in the Report
By Type

• Pet Food Products
• Pet Care Products
• Services
  

By Animal

• Dogs
• Cats
• Birds
• Fishes
• Horses
• Others
  

By Distribution Channel

• Stores
• E-commerce
• Others
  

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait
    

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