Pet Care Market
The Pet Care Market is projected to reach $287.96 billion by 2031, growing at a CAGR of 5.9% from 2024 to 2031. This growth is primarily driven by increasing expenditures on pet health and insurance, a rise in pet adoption rates, and higher disposabl
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What Factors are Driving the Pet Care Market to be Worth $287.96 Billion by 2031?
Pet Care Market 2024-2031 The pet care market is projected to reach a substantial $287.96 billion by 2031, experiencing a CAGR of 5.9% from 2024 to 2031. This growth is primarily driven by increasing expenditures on pet health and insurance, a rise in pet adoption rates, and growing disposable incomes in developing countries. The market is also poised to benefit from the introduction of new pet product categories and a growing shift towards premium pet products. Request For Sample Report: https://www.meticulousresearch.com/request-sample- report/cp_id=5907?utm_source=blog&utm_medium=social&utm_campaign=product& utm_content=07-08-2024 Pet Care Market Growth Drivers Rising Expenditures on Pet Health & Insurance: Pets are increasingly seen as integral family members, leading to higher investments in their health and well-being. This trend boosts various pet care segments, including food, grooming products, and veterinary care. The humanization of pets has led to a demand for high-quality products and services, prompting companies to innovate. For instance, the American Pet Products Association estimates that U.S. pet expenditure will rise from $147.0 billion in 2023 to $150.6 billion in 2024, encompassing food, veterinary care, grooming, training, pet sitting, and walking. Pet Care Market Trends Pet Humanization: Many pet owners consider their pets as family members. Companies, from small startups to major retailers, are leveraging this trend to introduce innovative pet care products. During the COVID-19 pandemic, 23 million U.S. households adopted new pets, significantly increasing pet spending. According to the American Pet Products Association, expenditures rose from $90 billion in 2018 to $123 billion in 2021. Emergence of Organic Pet Food: Organic pet food is gaining popularity due to increased pet humanization and higher spending on pet products. Owners are more aware of the impact of diet on pet health, and organic food offers preservative-free, high-quality nutrition tailored to pets' needs. This shift towards organic pet food is expected to drive market growth. Pet Care Market Opportunity Shift Towards Premium Pet Products: Pet owners are seeking innovative ways to provide nutritious, vitamin-rich foods for their pets. Manufacturers are using premium ingredients to produce high-quality pet foods. Similarly, grooming products are now formulated with natural ingredients, free from chemicals like parabens and sulfates. This preference for premium products is expected to create significant market growth opportunities. Major Market Players Page 1 of 2 Meticulous Research| sales@meticulousresearch.com
Pet Care Market 2024-2031 The competitive landscape of the pet care market features major players such as: Mars, Incorporated (U.S.), Hill`s Pet Nutrition, Inc. (U.S.), Blue Buffalo Company, Ltd. (U.S.), Ancol Pet Products Limited (U.K.), Saturn Petcare GmbH (Germany), Nestl S.A. (Switzerland), Doskocil Manufacturing Company, Inc (U.S.), The Hartz Mountain Corporation (U.S.), Tail Blazers (Canada), J.M. Smucker Company (U.S.), Petco Animal Supplies, Inc. (U.S.), A Place for Rover, Inc. (U.S.), American Pet Resort, LLC (U.S.), Wag Labs, Inc. (U.S.), Pooch Dog SPA (Italy), AirPets International (U.S.), Groomer s Choice (U.S.), Coastal Pet Products Inc. (U.S.), World 4 Pets Pty Ltd (Australia), SynergyLabs (U.S.), and 4-Legger, LLC (U.S.) Buy Now: https://www.meticulousresearch.com/Checkout/32176508?utm_source=blog&utm_med ium=social&utm_campaign=product&utm_content=07-08-2024 About Meticulous Research Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 2 Meticulous Research| sales@meticulousresearch.com
