Pet Care Market Size, Share, Industry Analysis, Trends, Growth, Forecast 2030

Pet Care Industry Prospective:

The global pet care market size was worth around USD 235.40 billion in 2022 and is predicted to grow to around USD 363.19 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.57% between 2023 and 2030.

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Pet Care Market: Overview

Pets are defined as animals under the care of humans. The main purpose of pets is to provide companionship to the owner or for entertainment purposes. Pet animals differ from livestock or animals used in laboratories as the role of the latter involves either producing a secondary commodity that provides monetary gains to the owner or for research purposes. Pets are generally owned due to their attractive appearance and nature. However, there may be several other reasons for procuring pets. Just like humans, animals also have emotional, mental, physical, and medical needs.

Pet care is a segment of the animal care industry where the sole focus is on pets that stay with their owners in their homes or residences. It is one of the fastest-growing industries globally due to the rising number of pet owners. Pet care deals with the overall health of the animals. It deals with providing them with sufficient nutritious food, attention, medical assistance when required, and dealing with every other aspect that may impact the overall well-being of the pets. The increasing trend of accessing services related to pet care through online modes holds tremendous growth potential especially since the pet adoption rate is growing in urban areas.

Key Insights:

• As per the analysis shared by our research analyst, the global pet care market is estimated to grow annually at a CAGR of around 5.57% over the forecast period (2023-2030)
• In terms of revenue, the global pet care market size was valued at around USD 235.40 billion in 2022 and is projected to reach USD 363.19 billion by 2030.
• The pet care market is projected to grow at a significant rate due to the increasing access to medical insurance for pets
• Based on product type segmentation, food was predicted to show maximum market share in the year 2022
• Based on pet type segmentation, canine was the leading segment in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Pet Care Market: Growth Drivers

Increasing access to medical insurance for pets to drive market growth

The global pet care market is projected to grow owing to the increasing access to medical insurance drafted for pets. Until a few years ago, owning pets was financially draining. This was because of the high cost involved in ensuring that pets had access to all their primary needs. Several other factors were also responsible for the low pet adoption rate however, the high cost of medical expenses related to pet care remained one of the primary concerns. In recent times, owing to the increasing number of pet owners globally, several financial institutions have initiated new programs and medical reimbursement policies for animal surgeries and medical intervention.

For instance, in November 2023, the world’s pioneer in terms of preventive pet insurance ecosystem, Lassie, announced that it had procured €23 million in a round of Series B funding. The company goes beyond providing pet insurance as it also facilitates training programs for owners of canine pets to keep them healthy and happy.

In April 2023, Kanguro, another leading pet insurance provider, announced the launch of pet health insurance. The company provides its services 100% digitally and is currently available in English and Spanish languages. Kanguro's vision is to create a seamless experience for obtaining pet insurance for Spanish-speaking Americans. A similar trend can be seen in other parts of the world.

Increasing acceptance of pets in workplaces and other public spaces to encourage more pet adoptions

Due to the initiatives undertaken by several pet care agencies at domestic and international levels, there has been a rise in the social acceptance of pets in public spaces. This includes accommodating pet owners with their pets in restaurants, cafes, recreational centers, workspaces, and public transport systems.

For instance, in October 2023, Australia witnessed another major push that encouraged friendlier laws facilitating pet transportation through public facilities. In Sydney, pets are currently only allowed on buses, ferries, and light rail. However, discussions are being held to create a broader acceptance level in the city thus encouraging the global pet care market.

Pet Care Market: Restraints

Rising inflation rate and overall expenses to restrict market growth

The increasing inflation rate across the globe could directly impact the global pet care industry. Prices of almost all products including everyday items to real estate properties have soared in the last 5 years, especially since COVID-19.

In addition to this, the ongoing war between Russia and Ukraine and the most recent volatile situation in Gaza and Israel have disrupted the supply chain for all essential goods leading to increased market volatility. Consumers are now spending only all essential products and are seeking affordable solutions. Pet care expenses may be restricted as per such trends.

Pet Care Market: Opportunities

Increased access to pet care through online modes will create expansion possibilities

The global pet care market will be subject to new growth opportunities owing to the increased access to all products and services required for effective pet care through online mediums. The thriving pet care e-commerce market is a leading contributor to the overall industry.

In August 2023, Kanine, a supplier of premium pet care products including clothes and accessories, entered the Indian market in collaboration with domestic e-commerce giant Myntra. The distributor enjoys dominance over a significant share of the regional e-commerce industry and is likely to provide Kanine with a large set of consumer databases.

In February 2021, another pet care firm, Patmypets was launched in India. The company has a problem with affordable solutions for pet grooming, training, and onboarding. In a short span, the company has gained confidence from its consumers.

Increasing use of artificial intelligence (AI) in pet care will lead the way in the future

Taking care of pet health is critical to pet care. Veterinarians are increasingly seeking ways to provide better medical services to pets. This has resulted in higher interest in integrating advanced technologies such as AI for early detection of diseases as well as diagnosis.

AI can be used for providing customized care depending on the exact medical needs of pets. The incorporation of AI is likely to promote higher growth in the pet care sector.

Pet Care Market: Challenges

Lack of standardization in terms of pet care products and services is a key challenge

The global pet care market is plagued with a significant lack of standardization policies concerning products and services used in the industry. Every country has specific rules that regulate the content available in the pet care sector. The lack of standardization makes it difficult for pet owners and pet care service providers to create products since the policies depend on the regulatory bodies.

Pet Care Market: Segmentation

The global pet care market is segmented based on product type, pet type, and region.

Based on product type, the global market is segmented into food, accessories, medicines, and others. In 2022, the highest growth was observed in the food segment. It is the most essential part of pet care since food consumed by domesticated animals is significantly different from products eaten by animals in the wild. Pet owners are exceptionally specific about the food content, especially for pets that suffer from serious medical conditions. As per a new study published in 2021, the average amount spent by a pet owner is around USD 111 per month on pet care products or services.

Based on pet type, the global market is divided into canine, reptiles, rodents, marine organisms, and others. In 2022, the canine was the leading segment. Dogs and cats are the most adopted animals across the globe. In addition to this, certain patients suffering from specific medical conditions are assigned companion animals that help them navigate through symptoms associated with the condition. As per the Global pet industry, more than 350 million pets were adopted in Europe in 2021.

Pet Care Market: Report Scope

Pet Care Market: Regional Analysis

North America to register the highest growth during the forecast period

The global pet care market will be led by North America during the projection period. The high growth rate is a result of higher pet adoption rates in the US and Canada regions. The former has the highest number of pet owners thus contributing significant revenue to the global industry for pet care. Additionally, the awareness rate among the owners about the need for proper care in terms of food, accessories, and medical health for pets is equally high. The presence of several pet care service providers as well as the ability of the pet owners to spend significantly on pet care further helps the market gain essential momentum.

In January 2023, Village Pet Care, a US-based pet care service provider, announced its launch. It is funded by General Atlantic and provides a total of 17 services so far. In February 2023, Dog, another Australia-based luxury pet care products provider, launched officially in the US market. The company deals with premium-grade skincare for dogs. The US is one of the few countries that allows an extensive type of animals to be accommodated as pets including canine and certain reptiles. Asia-Pacific is the fastest-growing region as new market players are entering the region. The growing rate of pet adoption and rising earning capacity may aid regional growth.

Pet Care Market: Competitive Analysis

The global pet care market is led by players like:

• Nestlé Purina PetCare
• Mars Petcare Inc.
• Chewy
• Hill's Pet Nutrition
• Trupanion
• Blue Buffalo
• Central Garden & Pet Company
• PetSmart
• Petmatem Petco
• Allivet
• IDEXX Laboratories
• VCA (Veterinary Centers of America)
• PetMed Express (1800PetMeds)
• Zoetis.

The global pet care market is segmented as follows:

By Product Type

• Food
• Accessories
• Medicines
• Others

By Pet Type

• Canine
• Reptiles
• Rodents
• Marine Organisms
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa