The global pet care market size is expected to reach USD325.74 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period.The growing shift towards plant-based andnutritious food among animal owners will foster healthy growth of the pet caremarket, states Fortune Business Insights, in a report, titled “Pet Care Market Size, Share &Industry Analysis, By Product Type (Pet Food Products, Veterinary Care, andOthers), Pet Type (Dog, Cat, and Others), Distribution Channel (Online andOffline), and Regional Forecast, 2021-2028.” The market size stood at USD 207.90billion in 2020.
The coronavirus occurrence has causedcolossal loss to several industries across the globe. The governments ofseveral countries have instigated lockdown to thwart the spread of this deadlyvirus. Such plans have caused disturbances in the production and supply chain.But, with time and resolution, we will be able to combat this stern time andget back to normality. Our well-revised reports will help companies to receivein-depth information about the present scenario of every market so that you canadopt the necessary strategies accordingly.
SalientFeatures of the Report
The report on the pet care market highlights:
· Wide-ranging analysisof the market
· Noteworthyinformation about prominent players
· Grand data about thesegments
· New developments inthe market
· Thorough analysis ofCOVID-19
Market Driver:
Introduction ofAdvanced Pet Care Products to Favor Growth
The development ofinnovative animal care products by prominent companies such as location trackerdevices, cardboard pet feeder devices, smart laser cat toys, and others willhave a tremendous impact on the market. For instance, in February 2020, NestleS.A. launched ‘Unleashed’ a global pet care industry's global innovationprogram. This program was aimed to provide total funding of USD 51,922.4 to thestart-up companies associated with the manufacturing of the various pet careitems from Europe, North America, Middle East by the end of 31stMarch 2020. Moreover, the heavy demand for premium quality animal products isexpected to spur the pet care market's opportunities in the forthcoming years.
Prevalence ofCoronavirus in Animals to Uplift Market during Pandemic
The increasing concerns regarding thespread of coronavirus in dogs have accelerated demand for dog healthcareproducts among dog owners. For instance, from 1st December 2019 to 1stFebruary 2020, Fox News reported a tenfold increase in the sales of the totalnumber of dog face masks in China. Moreover, the surging pet ownership willconsequently favor the growth of the market amid coronavirus. According to asurvey ‘2019-2020 APPA National Pet Ownership’ conducted by American PetProducts Organization, as of 2020, 67% of the U.S. households owned a pet over56% in 1988.
Regional Analysis:
HighSpending on Animal Care to Boost Market in North America
North America's market is expected toexpand radically during the forecast period due to the high-spendingon-animalcare products and services by the Canadian and U.S. population. According tothe Statistical Department's data, Government of Canada, in 2019, Canadianhousehold expenditure on pet insurance, veterinary, and other related servicesreached USD 2,720 million, up from USD 2,550 million in 2018. Asia Pacific isexpected to hold a significant share during the forecast period due toprominent companiessuch as Mars Incorporated, Nestle S.A., and others. Besides,the expansion plans of companies can have an excellent effect on the market inthe region. For instance, in May 2020, Nestle S.A. invested USD 103.2 millionto inaugurate two manufacturing facilities of pet supplies in China.
Key Development:
December 2020: Bark, a U.S.based dog products company,announced an agreement with Northern StarAcquisition Corp. The transaction of approximately $1.6 billion wasinvolved in the merger.
The Report Lists the Key Companies inthe Pet Care Market:
· Mars Incorporated (Virginia, U.S.)
· Nestle S.A. (Vevey, Switzerland)
· Spectrum Brands Inc. (Wisconsin, U.S.)
· Diana Group (Bang Krachao, Thailand)
· The J.M. Smucker Company (Ohio, U.S.)
· Unicharm Corporation (Tokyo, Japan)
· Hill’s Pet Nutrition, Inc. (Kansas,U.S.)
· SCHELL & KAMPETER, INC (Missouri,U.S.)
· TiernahrungDeuerer GmbH (Bretten,Germany)
· Heristo AG (Bad Rothenfelde, Germany
Informationsource
https://www.fortunebusinessinsights.com/pet-care-market-104749
