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Pet Healthcare Global market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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The pet healthcare market has experienced significant growth in recent years, projected to rise from $239.29 billion in 2023 to $255.96 billion in 2024, representing a compound annual growth rate (CAGR) of 7.0%. This growth during the historical period can be attributed to trends such as the humanization of pets, advancements in veterinary care, evolving consumer lifestyles, economic prosperity, and regulatory changes.
What Is the Projected Market Size of the Global Pet Healthcare Market and Its Growth Rate?
The pet healthcare market is projected to experience strong growth in the coming years, anticipated to reach $353.66 billion by 2028, with a compound annual growth rate (CAGR) of 8.4%. This expected growth during the forecast period can be linked to factors such as an increasing aging pet population, a rise in pet adoption, an emphasis on preventive care, favorable economic trends, and advancements in veterinary science.
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What are the Key Drivers Fueling Growth in the Pet Healthcare Market?
An increase in the pet population is anticipated to drive the growth of the pet healthcare market in the future. The pet population refers to the total number of domesticated animals kept as pets by individuals or households in a specific geographic area. Pet health products play a crucial role in maintaining and improving the well-being of this population by offering preventive care, therapeutic solutions, and nutritional support, all of which contribute to overall pet health and longevity.
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Who Are the Key Players Driving Growth in the Pet Healthcare Market?
Key players in the market include Nestle SA, Merck & Co Inc., Mars Inc., Indian Immunologicals Limited, Sanofi SA, Boehringer Ingelheim International GmbH, General Mills Inc., Colgate-Palmolive Company, Chewy Inc., Zoetis Inc., Petco Animal Supplies Inc., VCA Animal Hospitals Inc., Perrigo Company plc, Elanco Animal Health Incorporated, IDEXX Laboratories Inc., Royal Canin, Ceva Santé Animale, Phibro Animal Health Corporation, Trupanion, Vetoquinol S.A., Norbrook Laboratories Ltd.
What Are The Emerging Trends Shaping The Growth Of The Pet Healthcare Market?
Key companies in the pet healthcare market are enhancing their focus on the introduction of pet biobanks to gain a competitive advantage. A pet biobank is a facility that collects, stores, and manages biological samples, including tissue, blood, or DNA, primarily from pets.
What Are the Segments of the Global Pet Healthcare Market?
1) By Type: Therapeutics, Diagnostics
2) By Animal Type: Canine, Feline, Equine, Avian, Other Animals
3) By Distribution Channel: Retail, E-commerce, Hospital Pharmacies
Geographic Overview: North America at the Helm of the Pet Healthcare Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is The Pet Healthcare Market Defined?
Pet healthcare involves a strategy that focuses on preventive and therapeutic care to maintain the health of pet animals and keep them free from disease. This approach is essential for promoting a healthy lifestyle for pets and includes a comprehensive assessment by a veterinarian to evaluate the pet's overall health and identify any potential health concerns or risks.
The Pet Healthcare Global Market Report 2024 from The Business Research Company includes the following key information:
.Market size data for both historical and future periods
.Analysis of both macro and microeconomic factors that have impacted the market over the past five years
.Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
.Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Pet Healthcare Market Report: Trends, Opportunities, Strategies, and More
The Pet Healthcare Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into pet healthcare market size, pet healthcare market drivers and trends, pet healthcare competitors' revenues, and pet healthcare market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company
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