The pet travel services market is expected to grow significantly, reaching a value of US$ 2.09 billion by 2023. Over the following decade, it is projected to maintain a steady growth rate, with a compound annual growth rate (CAGR) of 10% from 2023 to 2033. By the end of 2033, the market is forecasted to expand further, reaching a valuation of US$ 5.42 billion.
As more and more people travel with their pets, the demand for pet travel services has soared, becoming a significant component of the tourism sector. Many individuals are now choosing comprehensive services to ensure smooth journeys with their furry companions. While pet insurance is widely recognized in Western countries, it’s a newer concept in emerging and developing nations.
Most people owing pets treat them as their companion and they love to travel with their pets and explore various destinations worldwide. Nowadays, pet travel services are growing at a rapid pace as there has been an increase in pet adoption rates across the globe.
Thus, it’s a great option for those people who want to travel and experience new destinations with their pets. Moreover, with the increase in the number of travelers with their pets, there has been a growing number of pet-friendly hotels and travel destinations across the globe.
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Market Dynamics
- Pet owners feel a surge in responsibilities when adopting a pet, leading them to prioritize their pet’s comfort and well-being.
- They are willing to invest in luxuries and various activities, such as traveling and grooming, to ensure their pet’s happiness.
- Millennials, who make up a significant portion of pet owners, view their pets as akin to children and prioritize their needs accordingly.
- During summertime, many millennials indulge in vacations and pamper their pets, contributing to the increased demand for pet travel services.
- This trend is a major driving force behind the growth of the pet travel services market on a global scale.
Trends for Pet Travel Services Market
- The rise in pet travelers has made pet travel services an essential component of the travel industry, playing a significant role in facilitating pet owners’ journeys.
- To mitigate uncertainties associated with traveling with pets, there is a growing trend of people opting for pet insurance.
- While pet insurance is well-established in Western nations, it is a relatively novel concept in developing and emerging economies.
- Pet insurance provides peace of mind to pet owners by offering financial coverage for veterinary expenses, accidents, and other unexpected events during travel.
- As awareness about the importance of pet insurance grows, it is expected to become more prevalent in developing and emerging economies, further fueling the demand for pet travel services.
Opportunities for Pet Travel Services Market
The opportunities for pet hotels are growing with the increase in the number of travellers with their pets. According to the American Pet Products Association, approximately US$ 50 billion is spent by Americans per annum on their pets and 27% of American pet owners admit to having had professional photographs taken of their pets.
Moreover, many luxury hotels also provide pet day-care services and playtime which helps the pet hotels to attract pet lovers by providing services like pet minibars, pet walking services dedicated to pet parks which would help to boom the pet travel service market.
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Key Players
Some of the key players operating in the global pet travel services market are
- International Pet and Animal Transportation Association (IPATA)
- PetSino Happy Tails Travel Inc.
- Fly Pets PetRelocation Inc.
- Pet Travel Inc.
- Air Animal Inc.
- World Pet Travel
- Pet Air Carrier LLC
- Pacific Pet Transporters
- Animal Motel
- Animal Airways
- RoyalPaws
- Animal Travel
- Global Paws
- PETport
- Airvets.com
These players are expected to positively influence the growth of the pet travel service market during the forecast period.
Pet Travel Services Market: Regional Outlook
The pet travel services market classified into seven key areas: Europe, Latin America, North America, East Asia, Oceania, South Asia, and the Middle East & Africa. North America is leading the market followed by Europe and the Asia Pacific in the pet travel services market with an increase in the luxury facilities across the globe is expected to propel the pet travel services market.
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Key Segmentations:
On the Basis of Travel Type:
- Domestic Travel
- International Travel
On the Basis of the Pet Type:
- Dogs
- Cats
- Fish and Reptiles
- Small Pets
- Birds
- Horses & Other Livestock
On the Basis of the Application:
- Mover
- Traveler
- Others
On the Basis of the Luxury Facility:
- Grooming
- Toys
- Bedding
- Pet Tag
- Treats
- Other Facilities
On the Basis of Pet Owners:
- Millennials
- Baby Boomers
- Generation X
- Others
On the Basis of Booking Type:
- Online booking
- Phone booking
- Offline booking
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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