Pet Care Industry - Humanization And The Rise Of Premium Products

Global pet care industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research. 

The global pet care market  to account for USD 159.10 billion in 2022, growing at a cumulative rate of 5.1% over the forecast period. The primary growth drivers are the growing trend of pet humanization and rising consumer spending in the household and pet care sectors. Due to their ease of humanization and indulgence compared to larger creatures, people are also choosing to adopt small pets (cats, dogs, etc.). People are therefore prepared to invest more to guarantee that their pets receive the greatest care. Consequently, items for caring for pets, such as feeders, bowls, and waterers, have gained popularity.

Pet Product Market Growth & Trends

The global pet care market  to account for USD 84.26 billion in 2022, growing at a cumulative rate of 4.6% over the forecast period. The mainstream media outlets throughout the world have paid a lot of attention to the humanization of pets. A significant and defining trend in the pet food industry, particularly in industrialized nations, is the transition from pet ownership to pet parenting. In affluent nations, more than one-third of families have a pet. According to the National Pet Owners Survey (2019-20), which was done by the American Pet Products Association (APPA), more than 85 million U.S. households have one or more pets, with dogs making up the bulk of those. Thus, it is projected that the pet food sector would grow as pets become more humanized.

The basic hygiene requirements of companion animals are principally responsible for the dominance of the pet grooming product market. The product’s specific formulation for pet care, which is intended to clean, condition, and deodorize the skin and hair of companion animals. Additionally, producers have created medicated shampoos with distinct compositions to address a variety of skin conditions and illnesses in companion animals.  

Pet Food Market Growth & Trends

The global pet food market size is expected to reach USD 72.27 billion in 2022 to expand at a CAGR of 5.6% from 2023 to 2030 as per the new report by Grand View Research, Inc. In response to the rise in pet parenting, pet food manufacturers are now advertising expensive products to pet owners. Some of the key reasons propelling the market growth include an increase in per capita disposable income, the tendency toward nuclear families, and the rapid acceleration of humanization. Pet parents typically use packaged nutritious food to give their animals enough nutrients.

Functional foods are favored by pet owners above other treats because they provide their animals with extra health benefits. Major industry participants are creating new useful treats to satisfy pet owners' desires as a result of this trend. For instance, Hill's Pet Nutrition launched an innovative line of functional dog treats in 2019 that have been developed specifically to help dogs with weight, mobility, food allergies, and dental issues. 

Order your copy of Free Sample of “Pet Care Industry Data Book - Pet Product, Pet Food and Pet Supplements Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Pet Supplements Market Growth & Trends

The global pet supplements market was valued USD 2.57 billion in 2022, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.2% from 2023 to 2030. Pet supplements include vital nutrients that support a stronger immune system and lower the risk of diabetes, cancer, inflammation, heart disease, and other illnesses. Additionally, supplements like fish oil, biotin, and amino acids promote skin health and strengthen resistance to common issues like bacterial infection, itchy skin, and environmental allergies. By giving antioxidants like vitamin E, vitamin C, L-carnitine, and coenzyme Q-10, they also help with cognitive development.

Powdered supplements are simpler to take, easier to mix into food and drink, and more quickly absorbed than tablets or pills. These elements are anticipated to improve product visibility among pet owners, leading to an increase in powder-based products over the course of the forecast period. A variety of powder-based products are offered by major companies. For instance, NOW Foods sells powdered pet supplements that promote the health of both cats’ and dogs' circulatory systems. 

Key players operating in the Pet Care Industry are –

• Ancol Pet Products Limited

• Blue Buffalo Co., Ltd.

• Champion Petfoods LP

• Hill`s Pet Nutrition, Inc.

• Mars, Incorporated