The latest study conducted by the Future Market Insights (FMI) on the pet care market provides in-depth insights in to market size, dynamics, and historic data. The report offers comprehensive overview of pet care market demand outlook. It also segments the market on the basis of category including service, pet type, and service channel
Future Market Insights (FMI), Dubai: As per the latest FMI study, the global pet care market is poised to reach US$ 189 billion in 2021. Driven by rapidly changing perceptions regarding pets and increasing pet adoption among millennial, the market is estimated to expand at a healthy CAGR of 6.0% over the forecast period 2021-2031 in comparison with 4.2% CAGR registered between 2016 and 2020.
Increasing demand for luxury pet care products and services, growing awareness pertaining to veterinary health, and rising interest in pet humanization are the key factors anticipated to drive the pet care market. This, coupled with growing per capita spending on pets, is expected to spur the sales, enabling the market register year-on-year (YoY) growth of 1.8% in 2021.
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The market is largely driven by the increasing adoption of pets such as dogs, cats, birds, and fishes among others. According to the report published by the American Veterinary Medical Association (AVMA), the percentage of pets adopted has increased from 51.49% in 2019 to 58.36% in 2020. The report also states that over 45% of households in the U.S. are currently owning at least one pet. This rise in pet adoption is expected to provide lucrative revenue generation opportunities for the market in the coming years.
As per FMI, dogs are anticipated to outrank the other pets in pet type segment, accounting for nearly 3/4th of the overall sales. Dogs, being the highest adopted pets across the world, the demand in the segment is projected to witness increase at a CAGR of more than 5.6% during the assessment period.
“Increasing adoption of technologically advanced automated pet care products and rising investments into animal health organizations are expected to swiftly create sales prospects for manufacturers in the coming decade,” says the FMI analyst.
Key Takeaways from Pet Care Market Study
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As per FMI, the leading players in the pet care includes Nestle Purina Pet Care Co., Champion Pet Food, C& D Food, and Aller Pet Food. These players are expected to account nearly 9% of the share in the global pet care market.
Key player in the market are aiming at establishing strategic collaborations and partnerships with other players to expand their product manufacturing capabilities to address the increasing the demand of an expanding patient pool. For instance,
Some of the key players in the market profiled by FMI are:
More Insights on the Pet Care Market Survey
The latest market study on the pet care market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global pet care market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
By Pet Type:
By Service Channel:
For information on the Research Approach used in the Report, Request Methodology@ https://www.futuremarketinsights.com/askus/rep-gb-11841
Key Questions Covered in Pet Care Market Report
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