Pet Care Industry Data Book - Pet Product, Pet Food and Pet Supplements Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030
The global Pet Care Industry was valued at USD 159.10 billion in 2022 and is anticipated to increase at a significant CAGR of 5.1% from 2023 to 2030.
Grand View Research’s 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.
Pet Food Market Insights
The global pet food market size was estimated at USD 72.27 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. The demand for products is anticipated to be driven by growing consumer inclination toward the adoption of pets along with rising concerns regarding their health. Improvement in overall digestion and performance of pet animals owing to consumption of nutritious food is also likely to boost market growth in the forecast period. The pet food products that are available in the global market rarely vary. This, in turn, has prompted manufacturers to include multi-functional and innovative ingredients in their products to curb such similarity bias. Convenience is likely to play a vital role in driving this industry, given the increased popularity of prepared pet food. The other segment is organic pet food, a recent and growing trend in the market.
Increasing availability of organic products in a variety of flavors and the inclusion of essential ingredients such as probiotics and antioxidants are factors that are likely to induce a positive impact on global market growth. On the other hand, low product penetration owing to its slightly high price may restrain organic segment growth in the coming years as every household would not be able to purchase high-priced products.
The market value chain is characterized by the presence of raw material suppliers, manufacturers, distributors, and end-users. The raw materials which are used for production include meat, meat byproducts, cereals, grains, and specialty proteins derived from animals, palatants, flavors & sweeteners, vitamins, minerals, and enzymes among others.
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Pet Supplements Market Insights
The global pet supplements market size was estimated at USD 2.57 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. The rising demand for the market can be attributed to rise in pet humanization, leading to significant expenditure on pet food, supplements, and other related products to keep them active and healthy. Supplements enhance pets’ concentration, focus, and energy levels, strengthen their immune system, and improve heart health. Anti-stress, anti-anxiety, or calming supplements are also in high demand and are anticipated to gain further traction among pet owners.
Increased spending on pet care across the globally is one of the key factors propelling market growth. Pet owners are willing to spend a lot of money to ensure the health of their pets, which has led to an increase in the health expenditure of pets. A study by the Consumer Expenditure Survey of the Bureau of Labor Statistics estimates that from 1996 to 2012, spending on pets increased by 60%. For instance, according to the 2020 statistics report by the American Pet Products Association, a total of USD 103.6 billion was spent on pets in the U.S. in 2020, where the majority sales breakdown was as follows: pet food & treats USD 42.0 billion.
Pet supplements provide essential nutrients that help improve the immune system and reduce the risk of heart disease, cancer, inflammation, and diabetes. In addition, supplements such as fish oil, biotin, and amino acids improve skin health and enhance the ability to fight common problems, such as bacterial infection, itchy skin, and environmental allergies. They also improve cognitive development by providing antioxidants such as vitamin E, vitamin C, L-Carnitine, and Coenzyme Q-10.
Go through the table of content of Pet Care Industry Data Book to get a better understanding of the Coverage & Scope of the study
Pet Care Industry Data Book Competitive Landscape
The manufacturers aim to achieve optimum business growth and a strong market position through the implementation of various strategies such as acquisitions, new product launches, collaborations, and strengthening of distribution networks in the global as well as regional markets.
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
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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