Pet Care Market Size By Type (Pet Food {Nutritional, Medicated}, Pet Care Products {Veterinary Care Products, Supplies/OTC Medications}, Services {Pet Grooming/Boarding, Live Animal Purchase)
August 21, 2019 /MarketersMedia/ —
Pet Care Market will exceed USD 269.9 billion by 2025; as per a new research report. Zoonotic diseases possess substantial threat to humans as they are transferred from animals to humans. These diseases are spread through direct contact with the infected animal. The effects of zoonotic disease differ from mild symptoms to lethal circumstances leading to death. In most of the cases, bacteria such as salmonella contaminate animal feed that result into human infection through contact. Hence, growing disease prevalence in pets will augment the veterinary care and products, fueling the market growth.
Dietary protein is crucial for pets to sustain daily life functions. Once protein is converted into amino acids by the digestive system, it is absorbed into the bloodstream. Proteins have numerous functions, such as repairing tissues, building muscle, creating hormones and enzymes, supporting immune function and transporting iron and oxygen in the blood. Proteins are also a source of energy and a major component of cartilage and ligaments. Hence, it is very crucial for the pet animals to gain sufficient amount of proteins in their diet. Hence, growing demand for protein in animal food will boost the business growth in the near future.
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Developing countries such as China and India experience high unmet medical needs along with reduced disposable income. Furthermore, there are several regulations with respect to pet-keeping in China. For instance, Beijing government has restricted adoption of more than one pet dog in its nine districts. Stringent regulations and dearth of disposable income spent on pet healthcare will hinder pet care market growth of developing countries.
Pet care services market held significant market share and was valued at USD 55,763.9 million in the year 2018. Rise in pet services market is attributed to increasing disposable income of middle-class as well as upper-class group. People have started considering pets as an irreplaceable member of their families; thus, they tend to invest more on pet care services in order to pamper and protect their pets. Hence, rising per capita income coupled with increasing pet adoption rate will augment segmental growth.
Pet care market for fishes is estimated to grow at 4.7% over the projection period. Fishes are gaining more importance as companion animals across the pet market globally. As per a study conducted by the Pet Food Manufacturers? Association (PFMA), fish accounts for the third largest species adopted as pets in UK. Major reason for growing demand of fishes as pets is low maintenance. Increase in pet adoption of fish across the globe will result in augmenting the business growth in the near future.
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Distribution of pet care products via stores was valued at USD 130,216.3 million in the year 2018. Increasing pet care spending will be the major impact rendering factor for growth of pet stores in major markets around the globe. Additionally, high demand for premium, generic and natural pet food and other diet-related products will further boost growth of pet stores in the future.
UK dominated the Europe pet care market and was valued at USD 4,937.1 million in the year 2018. As per the recent statistics, around 49% of UK adults own a pet with total of 11 million cats and 8.9 million dogs. Increase in number of pet adoption across the region along with presence of favorable pet insurance facilities in the country will augment the pet care market growth over the upcoming years.
Industry players having a strong foothold in the global market include Nestle S.A., Mars, Colgate-Palmolive Company, PetSmart Inc. and Petco Animal Supplies. To expand their market presence, several established firms are entering in high potential regions. Introduction of new products in emerging nations by these companies will enable them to cater to unmet needs and expand revenue sources.
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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com
Source: MarketersMedia
Release ID: 88910495
