The economic value generated by the Pet Care Industry was estimated at approximately USD 159.10 billion in 2022 and is expected to grow at a CAGR of 5.1% by 2030
Grand View Researchs pet care industry data book is a collection of market sizing information forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.
Access the Global Pet Care Industry Data Book, 2023 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory technological framework studies
Pet Food Market Growth Trends
The global pet food market size is expected to reach USD 139.29 billion to expand at a CAGR of 5.6% from 2023 to 2030 as per the new report by Grand View Research, Inc. The growth is majorly driven by rising demand for organic and natural pet food products due to its numerous nutritional properties.
The global pet food products have witnessed substantial demand over the past few years owing to the advent of online purchasing and notable contribution of e-commerce in shaping and strengthening the industry. Trends influencing the growth of this industry include launches of new products, online private brands, treats, and novel technologies.
Consumers do not prefer traditional products for their pets consumption. They try to comprehend the ingredients list and usually opt for healthier available alternative in the market. Consumers prefer made-to-order, frozen, and fresher meals for their pets. Although these types are comparatively expensive, customers are willing to pay more for healthy items for the consumption for their household pets.
The outbreak of COVID-19, which has led to the closure of factories, production units, and manufacturing sites globally, there has been significant decline in the global demand for pet food ingredients and raw materials. Due to the ongoing pandemic, several production plants have been completely or partially shut down while others are running at reduced rates, which may result in a supply-demand gap globally.
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Pet Supplements Market Growth Trends
The global pet supplements market is expected to reach USD 3.20 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.2% from 2023 to 2030. Increasing adoption of pets across the globe is driving the demand for pet supplements. For instance, according to the U.S. Pet Food Industrys pet ownership study, pet ownership rose from 67.0% of households in 2018 to an all-time high of 70% in 2020 as confirmed by the American Pet Product Association APPA. These statistics foretell high market growth over the forecast period.
In addition, pet ownership is a common practice in various countries across the globe. For instance, according to statistics by the National Pet Owners Survey 2021-2022, 90.5 million U.S. families own a pet. With such pet ownership patterns in various countries, people are increasingly spending on pet supplements owing to their various health benefits. These supplements enhance concentration, focus, and energy levels in pets, strengthen their immune systems, and improve heart health.
The over-the-counter (OTC) segment dominated the market and is anticipated to show similar trends during the forecast period. Numerous over-the-counter pet supplements are available that either supports a particular aspect of a pet's health or provide specific nutrients. Moreover, these supplements are quite popular and are readily and easily available at a relatively affordable price. Additionally, a wide range of pet supplements is easily available through various distribution channels, including online retailers, supermarkets hypermarkets, pet stores, and others.
Competitive Landscape
Key players operating in the Pet Care industry are:
- Nestle Purina PetCare
- Petmate Holdings Co
- Saturn Petcare GmbH
- Tail Blazers
- The Hartz Mountain Corporation
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