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Pet Care Market Size Worth $236.16 Billion By 2030

Pet Care Market Size Worth $236.16 Billion By 2030 | CAGR: 5.1%

September 2022 | Report Format: Electronic (PDF)

Pet Care Market Growth & Trends

The global pet care market size is expected to reach USD 236.16 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 5.1% from 2022 to 2030. The year 2020 was not very promising for many industries, but it has been a boon to the pet care industry due to repeated lockdowns and the work-from-home culture leading people to take better care of their pets. This has stipulated the demand for pet services and products to a significant rise in the industry.

Moreover, the growing awareness about pet humanization, increasing purchasing power of consumers, and a rise in the demand for premium pet care products are the factors driving the growth of the industry. Due to urbanization, people have been living in smaller residential spaces, this has however increased the adoption of smaller pets such as dogs, fish, hamsters, and cats. Consumers are looking to plug the familial gap with pet companions.

In addition, premium pet care products are natural and of higher quality, and safer than regular pet care products. With the increase in demand for premium pet grooming products globally, several companies are trying to occupy majority shares in this segment. For instance, in 2020, BASF Care Creations in North America launched 3 formulations for the dog grooming segment: Creamy Co-Wash for Dogs, Fresh Obsessed Dry Shampoo Mist, and Micellar Dog Shampoo.

According to Pet Biz Marketer, pet food makes up about 3/4s of all pet industry sales. There has been a noticeable increase in the trend of pet food brands gaining market share via niche pet foods. One of the fastest-growing niche food categories is freeze-dried dog food, it is a dog food that’s freeze-dried to extend shelf life. Petfoodindustry.com reports that sales for non-traditional pet food formats are growing faster than traditional pet food.

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Pet Care Market Report Highlights

Based on pet type, the dog segment accounted for the largest revenue share of over 39% in 2021, due to a considerable increase in dog adoption as a result of changing lifestyles and growing knowledge of the benefits of dog companionship. Moreover, they have been shown to help with anxiety, stress, and depression, as well as loneliness, cardiovascular health, and exercise which is expected to bode well for the growth of the segment
Based on type, the product segment is projected to register the fastest CAGR of 5.0% from 2022 to 2030. Innovation in products such as moisturizers, creams, and lotions is likely to propel the growth. For instance, in 2021, Pure and Natural Pet, a U.S.-based pet care company launched new products to their line of pet grooming and health essentials which are USDA certified
North America is expected to contribute a majority of the global revenue share in 2021. During the forecast period, the rising demand for natural and premium goods is expected to drive the growth of the regional industry