Thursday, 17 May 2018

Pet care market is expected to reach $ 202.6 billion by 2025

The global pet care market is expected to reach $ 202.6 billion by 2025. Rise in the adoption of pets and growing demand for premium care products are few factors expected to drive market growth.

Advances in technology are making boarding, grooming, and training facilities more easily accessible to the owners. According to Wakefield Research, 69% of millennials are likely to use technology to keep track of their pets. Apps are allowing owners to monitor health habits, nutritional intake, and playtime. Built-in calendars alert owners to routine care provided by pet care services companies. More millennials and others are embracing the latest innovations in technology related to caring for their pets, including pet cams and automated feeders

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Mobile device apps such as Wag and DogVacay help owners conveniently connect with pet walkers and sitters. Finding Rover uses facial recognition to unite lost pets and their owners. The services industry can anticipate continued innovation.

Enticed by lower start-up costs than maintaining a brick-and-mortar business, more groomers are getting into mobile grooming on their own or through franchises. Mobile groomers typically advertise through veterinary offices and local pet shops.According to estimates of the American Pet Products Manufacturers Association, Americans will spend USD 5.4 billion on pet grooming and boarding services in 2017.

Larger services providers such as retailers PetSmart and PETCO run regular marketing campaigns through use of print, broadcast, digital, and social advertising platforms. Smaller providers rely on word-of-mouth. Mobile groomers advertise with company vans and promote their businesses through retailers and veterinarians.

Further key findings from the report suggest:
  • The global pet care market size was estimated at $ 131.7 billion in 2016 and is expected to grow with CAGR of 4.9% from 2016 to 2025
  • Based on type, dogs held the largest market share owing to increase in the adoption of dogs and health benefits associated with them.
  • Cats are anticipated to witness lucrative growth over the forecast period. Cats help reducing stress and anxiety, decrease risk of stroke and require less training.
  • The pet food segment was estimated to be the largest product segment due to growing demand for premium food products and natural & organic products.
  • Boarding and grooming services segment is anticipated to witness fastest growth over the forecast period owing to advances in technology, making boarding, grooming, and training more easily accessible for the owners
  • U.S. held the largest share in market in 2016 due to rising animal healthcare expenditure and growing awareness of animal health in the country.
  • India is anticipated to witness lucrative growth over the next decade due to increase in adoption of pets and rising disposable income.
  • Some of the key players including PetSmart Inc., PetCo Animal Supplies, Inc., Nestle, Just for Pets and Ancol dominated the pet care market in 2016.
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