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New Study Reports “Pet Care Market 2019 Global Market Opportunities, Challenges, Strategies and Forecasts 2025”.
As per a new report, the global pet care market is set to grow at a higher compound annual growth rate (CAGR) between 2019 and 2025. The global Pet owners treat their pets as part of their family and pamper them with a variety of pet food and other products which in turn is increasing the pet care products market.
Many different factors are expected to influence the market growth and one of the most common factor that will drive the market include an increase in number of pet owners which in turn will expand the pet care market globally. Also, growing popularity of e-commerce websites, opening of new brick and mortar stores coupled with increasing per capita income of people are some other factors that will propel pet care market during the forecast timeframe.
Meanwhile, the life span of pets has also increased mainly due to better treatment of injured and sick pets. The increasing expenditure on pet care will push the demand for pet insurance which in turn will fuel the pet care market growth as well. However, lack of awareness regarding pet care products and services especially in the developing countries might hinder the growth of pet care market in the coming years.
Important Key Players Analysis: Ancol Pet Products, Beaphar, JM Smucker, Mars, Nestle, Aller Petfood, Barking Heads and Meowing Heads, BHJ Pet Food, Blue Buffalo, Bob Martin, BOSHEL, Chelsea Dogs, Diamond Pet Foods, earthbath, Ferplast and more.
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The segmental analysis of the market has been conducted based on type and application. On the basis of type, the market has been divided into Pet Food, Pet Accessories and Pet Grooming. On the basics of application, the market has been segmented into dog, cat, fish and birds. The population of dogs has increased mainly due to growing willingness of owners to take more care for their animals’ health and use the best pet related products for them.
On the basis of region, the market has been divided into North America, Europe, Asia Pacific (APAC), Latin America, South America, Middle East & Africa and Rest of the World (RoW). North America is anticipated to generate maximum revenues during the coming period as it represents more than 40% of the total market. Growing rate of humanization of pets has resulted in retailers coming up with new pet care products which are expected to fuel the market size in the future. Also an increase in the demand for higher-quality food has boosted sales dramatically over the last few years and will continue to fuel in the future as well. APAC region is also expected to witness a sound growth during the coming years which is mainly driven by higher number of pet owners in the region. Growing adoption of pets in nuclear families and increasing usage of e-commerce websites for purchasing pet care products and service will grow the European pet care market as well in the future.
Pet Care Manufacturers
Pet Care Distributors/Traders/Wholesalers
Pet Care Subcomponent Manufacturers
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The intensifying competition among eminent market players is likely to work in favour of the global market of pet care market. In order to attract more number of pet owners with lucrative pet products, companies might enter into partnerships & agreements or mergers and acquisitions to increase their presence in other markets which in turn will leave a positive impact on the market in the coming years.