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Pet Care Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global pet care products market was valued at USD 134.5 billion in 2022 and is projected to expand at a CAGR of 5.5% from 2023 to 2030. The growth of the market is attributed to the rising ownership of pets and increasing disposable incomes. The rising trend of pet humanization is driving the demand for pet care products. Pet owners are increasingly spending on pet care products such as foods, treats, toys, and accessories, as they consider their pets to be an integral part of their family. Moreover, factors such as the rising trend of vegan and organic pet food, increasing demand for pet insurance, and the emergence of pet-friendly lodging and transportation services are further driving the market growth.
In recent years, the pet care industry has witnessed an influx of new products, including premium and specialty pet foods and treats, eco-friendly pet products, and pet supplements. For instance, in February 2021, Nestlé launched NesPets, a premium pet food brand that claims to be made with natural ingredients and without artificial flavors, colors, or preservatives. Furthermore, the increasing adoption of pet health insurance is also driving the market growth. According to the American Pet Products Association, in 2019, approximately 10% of all pet owners had pet health insurance.
The increasing demand for pet accessories such as collars, leashes, and grooming products is driving the market. Furthermore, pet owners are increasingly spending on pet care services such as grooming, pet hotels, and pet training. For instance, in May 2021, Petco launched Petco Grooming, a full-service pet grooming salon offering a variety of services, from haircuts and baths to teeth cleaning and nail trimming. Additionally, the increasing number of pet-friendly restaurants and hotels is further driving the market.
Moreover, the rising trend of online shopping for pet care products is propelling the market growth. Online retailers are offering a wide range of pet care products at discounted rates, which is further driving the online sales of these products. Furthermore, the presence of key players such as Petco and PetSmart is also supporting the market growth. The companies are introducing new products to meet the rising demand from pet owners and are also investing heavily in marketing activities.
Product Insights
The pet food segment dominated the market and accounted for a share of around 47.4% in 2022. The pet food segment is primarily driven by the increasing number of pet owners globally. According to a survey by the American Pet Products Association (APPA), the number of pet owners has increased from 78.2 million in 2012 to 95.6 million in 2020. Furthermore, increasing disposable income, rising demand for premium and organic pet food, and advancements in pet nutrition are some of the key factors driving the segmental growth.
The pet accessories segment is expected to expand at the fastest CAGR of 7.2% over the forecast period. Increasing emphasis on pet health and growing trend of pet humanization are some of the key factors driving the segmental growth. According to an article by the American Pet Products Association (APPA), in 2018, U.S. pet owners spent $3.3 billion on pet accessories. In addition, rising demand for pet apparel, increasing demand for pet toys, and growing trend of online shopping are some of the other factors driving the segmental growth.
Distribution Channel Insights
The pet stores segment is anticipated to expand at a CAGR of 8.7% over the forecast period. The segment captured the major share of over 36.5% in 2021. Pet stores are the primary source for pet owners to purchase pet products such as food, toys, and other accessories. These stores provide convenience to pet owners as they can find a variety of pet products in one place. Moreover, pet stores offer advice to pet owners about pet care and help them choose the right product for their pet.
The supermarkets and hypermarkets segment is expected to expand at the highest CAGR of 9.5% during the forecast period. The growth of the segment is mainly attributed to the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase pet care products. Additionally, these establishments also provide a reasonable selection of products and assist customers in making rapid purchasing decisions.
The online segment is expected to witness lucrative growth over the forecast period. The growth of the segment is mainly driven by the rising adoption of the internet among the pet owners and the increasing number of online pet stores. Moreover, e-commerce websites provide a wide range of pet care products at discounted prices, which is further driving the segment growth.
Type Insights
The dry pet food segment dominated the market in 2022, accounting for a revenue share of 47.6%. The increasing demand for dry pet food is attributed to its high nutrition value and longer shelf life. Moreover, pet owners prefer dry pet food as it is easy to store and transport. The manufacturers are also introducing innovative products such as grain-free and gluten-free pet food. For instance, in April 2021, Nestle launched a grain-free pet food product line called “Simply Natural” for cats and dogs.
The wet pet food segment is expected to register the highest CAGR of 8.3% over the forecast period. The rising trend of convenience and health consciousness among pet owners is driving the demand for wet pet food. Moreover, the growing popularity of wet pet food for cats and dogs by leading companies such as Mars, Incorporated and Nestle is likely to support the segment growth in the coming years.
Regional Insights
Europe held the largest revenue share of over 33.2% in 2022 due to the rising awareness about pet welfare and the growing demand for pet care products in the region. Consumers in the region are willing to spend more on pet care products and services, which is expected to drive the market in the forecast period. For instance, in April 2022, the Czech Republic-based pet care company, PetBees, has launched a new line of pet care products, including shampoo, conditioner, and toothpaste.
Asia Pacific is expected to witness the fastest growth in the forecast period, owing to the increasing pet humanization trend in the region. Since people are becoming more conscious about their pet’s health, they are willing to spend more on their pet’s needs and products. For instance, in November 2021, Mars Petcare launched a new range of pet care products in India to meet the rising demands of pet owners in the region.
Financial Projections
In this part of the pet care products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your pet care products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a pet care products business comes from the sale of pet care products such as food, toys, treats, grooming supplies, and other pet-related items. Here you will find a list with a description of each of these products and other possible sources of profit such as online sales, subscription-based services, and wholesale sales.
Projecting Expenses
In this section, all the regular expenses related to keeping the pet care products business running will be described. The list of operating expenses includes inventory costs, wages, shipping, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the pet care products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Mars Petcare launched a new line of pet food products that are 100% natural and made with no artificial ingredients.
– In August 2022, Nestle Purina PetCare launched a new line of pet food products that are grain-free and made with only the best ingredients.
– In October 2022, Hill’s Pet Nutrition launched a new line of pet food products that are formulated with the latest nutritional science to provide optimal nutrition for pets.
Some of the prominent players in the pet care products market include:
– Mars Petcare
– Nestle Purina PetCare
– Hill’s Pet Nutrition
– The Iams Company
– PetSmart, Inc.
– Blue Buffalo Company, Ltd.
– Royal Canin
– J.M. Smucker Company
– Petco Animal Supplies, Inc.
– Pet Valu, Inc.
Global Pet Care Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global pet care products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Food
– Treats
– Grooming
– Accessories
– Health Care
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Pet Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation in Pet Care Products?
[A]: Product innovation is a critical factor for the growth of the pet care products market. Companies are introducing new product lines to meet the changing needs of pet owners, such as health-conscious pet food, organic pet food, and pet treats. Additionally, manufacturers are introducing pet care products with natural ingredients, such as vitamins and minerals, to meet the demands of pet owners. This is expected to drive product innovation and the growth of the pet care products market.
[Q]: Who are the Key Players in the Pet Care Products Market?
[A]: Key players in the global pet care products market include Mars, Inc., Nestlé S.A., Colgate-Palmolive Company, Procter & Gamble Co., The JM Smucker Company, Unicharm Corporation, and Central Garden & Pet Company.
[Q]: What are the Factors Driving the Pet Care Products Market?
[A]: A number of factors are driving the pet care products market, including the increasing number of pet owners, the rising demand for natural and organic pet food, and the increasing demand for pet health supplements. Furthermore, the rise in awareness about pet health and nutrition is also driving the market.
[Q]: What are the Major Trends in the Pet Care Products Market?
[A]: Some of the major trends in the pet care products market include the increasing demand for natural pet food, the growing popularity of pet health supplements, the rising demand for pet treats, and the increasing availability of pet care products online. Additionally, the growing integration of technology in pet care is also driving the market.
[Q]: Which Region Offers the Largest Opportunity for Sales of Pet Care Products?
[A]: North America is expected to be the most lucrative region for the pet care products market, with an absolute dollar opportunity of $33.1 B (USD). This is attributed to factors such as the increasing number of pet owners, the rising demand for natural pet food and pet health supplements, and the growing availability of pet care products online.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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