The human-pet bond is one of the most intimate relationships as humans have domesticated animals for thousands of years permitting them to play a prominent role in our history. A major difference between pets and tame animals is the former are genetically modified to be predisposed towards humans while the latter are only trained to tolerate humans. Although pets were initially kept as companions or guards, they have come a long way and are now even prized as status symbols enabling the global pet care market to grow in leaps and bounds.
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Desire of Americans to Pamper Pets Like Family Allows Pet Care Market to Thrive
Pet owning is particularly popular in urban areas and estimates suggest that half the global population have at least one pet. A significant share of people own alternative pets such as amphibians, reptiles, and other invertebrates with approx. 2/5th of Americans spending as much on pet food as they do on their family. The pet care market includes everything ranging from bathing, cleanliness, feeding, hygiene, healthcare, fitness, vaccination, and sleep schedules.
Companies Must Focus on American Trends to Reap Huge Dividends in Pet Care Market
Pets necessitate not only physical care but also have emotional and medical needs. Pet owners actively involve their pets in spas, premium care, magazine photoshoots, vacations and other indulgences. Some owners take it up a notch by paying a hefty premium for top-quality grooming, pet sitters, hostels, and exotic food. The US leads the way and can even be called the land of kitty acupuncture and doggy yoga – so much so that politicians vie for voter attention and dog show champions are feted like royalty. It is almost the norm for every US president to have a Presidential Pet. According to the North American Pet Health Insurance Association, the gross pet insurance premium has risen by a third from 2019 to 2020 alone demonstrating the prospects of key stakeholders in the US pet care market.
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Millennials Responsible for the Surge in Pet Ownership Witnessed in Past Three Decades
During the COVID-19 pandemic, online pet food sales rose exponentially with the US and the UK leading the pack. As per the American Pet Products Association, pet ownership in the country has risen by 10% in the last three decades. This is primarily driven by younger consumers. For e.g. – baby boomers account for a third of pets owned while millennials or Gen Z households comprise more than 3/5th of pet owners. Although pet ownership is lower in the APAC region than Europe or North America, this is rapidly changing as urbanization, an increasing disposable income, and an awareness of pet nutrition becomes commonplace.
A few companies profiled in the report on the pet care market are Blue Buffalo Pet Products Inc., Colgate-Palmolive Company, Nestle S.A, Champion Petfoods, Petmate Holdings Co., Trupanion, Chewy Inc., Freshpet, Heristo akteingesellschaft, Mars Incorporated, Petco Animal Supplies, Inc., PetSmart Inc, Zoetis Inc., Idexx Laboratories Inc., and Zooplus AG.
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