The global pet care market is expected to expand considerably through 2032 owing to the surging prevalence of mobile pet grooming. In addition, the soaring demand for pet insurance is likely to fuel market growth in the forthcoming years.
The companion animal services market, such as mobile pet grooming, is propelling at a fast pace. The demand for mobile pet grooming has surged because of the busy schedules of pet owners and the aging population. Mobile grooming facilities have proven helpful for the elderly population with restricted mobility, which has considerably increased the popularity of these services. The demand for mobile pet care services is rising as people become more aware of their advantages. These advantages include professional care, individualized personal attention, and no exposure to other pets.
The rising cost of veterinary care, combined with expanding pet adoption for companionship, as well as the growing demand of branded pet food, is expected to boost the market growth. Similar drivers are expected to speed up industry expansion in developing nations, including the enormous growth of the pet care business, rising pet adoption rates, the emergence and expanding penetration of pet insurance, as well as rising pet care costs.
For instance, in May 2019, Nestle Purina Pro Plan Veterinary Supplements launched Calming Care, a modern management option for pet owners whose dogs indicate anxious behaviors. This new launch assisted the business in diversifying its product offering.
The pet care market has been divided in terms of type, animal, distribution channel, and region.
Based on type, the services segment is slated to exhibit more than 9% CAGR through the forecast period due to the increasing pet care services and surging disposable income.
With respect to animal, the birds segment is speculated to witness over 5.5% CAGR from 2023-2032 credited to the low maintenance costs and significant adoption of birds. For instance, countries like Italy, Spain, and Turkey, among others, are frequently home to exotic birds. Additionally, the stress-relieving benefits of avian companionship for their owners are anticipated to greatly spur market growth in the future.
In terms of distribution channel, the e-commerce segment is poised to garner approximately $139 billion market valuation by 2032.
From the regional perspective, the Asia Pacific pet care market registered over $84 billion worth of market valuation in 2022 and is anticipated to proliferate at a considerable CAGR attributed to a number of factors, including rising pet adoption rates, the introduction and surging use of pet insurance, and high pet care costs. Additionally, market players are increasing their investments in emerging markets to tap into possibilities that will be favorable for their organizations’ expansion.