Market Trends of Pet Care Industry
Pet Humanization Trend
- According to Pets International, the pet humanization trend positively influences market growth, with more than 90% of people considering pets to be part of their family. The pandemic further fuels this, as more owners have brought pets to their homes due to isolation and pandemic restrictions worldwide.
- Along with pet food and pet grooming products, demand for other pet care products, such as activity tracking collars, has risen recently, especially from the millennial or Gen Y generation, to measure their pet's agility and to play sports. For example, around 100,000 dogs in the United Kingdom have now been fitted with activity monitoring devices, according to PitPat, a leading manufacturer of dog activity monitors.
- Furthermore, the popularity of pet fashion among pet owners has a positive impact on the market and is expected to contribute to significant growth during the forecast period. Some pet owners are very particular about representing their lifestyles by spending on comfortable and luxurious pet products, encouraging many market competitors to launch new and customized products in the pet grooming service segment.
- Due to all these factors, pet care products have become a dominant segment in the pet industry. For instance, According to the American Pet Products Association, the pet care market accounts for over 50% of American pet industry sales, with over USD 64 billion in 2021. Therefore, the pet humanization trend and rising investments in R&D are anticipated to drive market growth in the coming years.
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North America is Leading the Pet Care Market
- The pet care market in North America is well-matured in terms of consumers and available products. For example, millennials now account for a third of all pet owners in the United States and are well aware of the type of pet products they use for their pets. Premiumization is pivotal in driving the sales of pet care products in North America.
- A growing demand for natural pet food is gaining traction among pet owners, owing to obesity risks in pets such as dogs and cats. According to the Association for Pet Obesity Prevention, 55% of dogs and cats in the United States are obese. This presents a more significant opportunity for manufacturers to add quality ingredients and diets and launch added-value products to cater to the growing consumer interest in premium products.
- With more product launches with value-added quality ingredients, the demand for pet care products is expected to grow further during the forecast period.
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