According to research recently published by Future Market Insights, the global net worth of the pet daycare industry is expected to be close to US$ 3.74 billion in 2022. The entire demand for pet daycare services is anticipated to be around US$ 4.06 billion in the current year, 2023. Additionally, it is anticipated to grow at a CAGR of 8.1% from 2023 to 2033, reaching US$ 8.84 billion.
Moreover, there have been rising cases of depression and anxiety in recent times. To deal with these psychologists believe that adopting pets is an effective way to deal with such psychological issues. With the increase in working hours, people hardly get time to take proper care of their pets. Therefore, they turn to pet daycare to avail their services. This is as well is expected to increase the demand for pet daycare.
The rising pet humanization culture has increased the demand for pet daycare services. Humans have regarded their pets as their friends and family members. Also, they prefer to raise them with the best. With various pet organizations working on enhancing the lives of pets, governments are also spending on animal well-being.
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Moreover, certain conditions like obesity, health getting regularly affected, etc., because pets have a hard time. Pet owners often rely on pet daycare specialists to deal with the above situations effectively.
Another vital factor that has positively impacted the pet daycare market trends is the increase in disposable income. A decade back, availing of this facility was something that pet owners had to ponder upon unless it was a necessity.
Thus, based on the study conducted by the Future Market Insights research team, “Increase in the working hours of the pet owners along with upsurge in the disposable income is expected to drive the demand for pet daycare during the forecast period.”
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Key Takeaways
- The valuation of pet daycare market as on 2022 is US$ 3.7 billion.
- The expected valuation of pet daycare market in 2032 is US$ 6.7 billion.
- The anticipated CAGR during the forecast period is 8%.
- Based on the animal type, dogs occupy the largest chunk of market.
- The Group plays sessions are the most preferred service type in the pet daycare market.
- Based on the country wise insights, USA has the largest market share.
- North America has the largest market share based on the regional insights.
- Asia-Pacific is all set to be the fastest growing pet daycare market based on regional analysis.
Key Companies Profiled
- PACo LLC
- Carey Pet and Home Care
- Best Friends Pet Care Inc
- Camp Bow Wow
- Dogtopia
- Preppy Pet
- Royvon Dog Training & Hotels
- Barkefellers
- Country Paws Boarding
- Puss ‘n’ Boots Boarding Cattery
- Urban Tails Pet Resort
- Camp Run-A-Mutt
- Pet Station Kennels & Cattery
- Paradise 4 Paws LLC
- Preppy Pet Franchises Inc.
- Country Comfort Kennels
- PetBacker
- PetSmart Inc.
Competitive Landscape
Some of the major companies are involved in several strategies such as collaborations, mergers, and acquisitions to maintain their market position. Moreover, they are expanding their presence and are opening many more pet care facilities across the globe.
For Instance:
- In July 2022, Dogtopia announced that it would open second San Antonio location om city’s far Northwest side.
- In 2019, PetBacker started providing guilt-free tours to the pet parents which will arrange a fast online booking for cage-free pet boarding. This initiative was a collaboration with Uber and Airbnb.
Market Segmentation
By Service Type:
- Group Play Sessions
- Exercise
- Poolside DayCare
- Grooming
- Veterinary
- Others
By Animal Type:
- Dogs
- Cats
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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