Natural and organic ingredients in pet care products provide health benefits that pet owners are aware of. The demand for organic and natural formulations has benefited from this.
Pet owners prefer goods that are devoid of artificial colours and preservatives and provide a well-balanced nutritional profile for their animals.The growing awareness of the substances used in pet food has made pet owners more cautious when choosing food for their pets.
Product launches with value-added quality ingredients supports the demand for pet care products contributing to long term growth prospects. Taking advantage of this prevailing trend, companies in the market are expanding their offerings to include natural and organic options.
According to the Association for Pet Obesity Prevention, 55 percent of dogs and cats in the United States are fat. This creates a great potential for producers to use high-quality ingredients and diet research to launch value-added products in response to rising customer demand for premium goods
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For instance, the Kroger Co. offers natural food products for pets with proteins and essential nutrients. Besides, GMO (genetically organism free) food products are also available for pets in the market.
The rise in the number of pet owners and the growing awareness of veterinary health and investments into animal health organizations are swiftly boosting the prospects of manufacturers through the upcoming decade.
Key Takeaways from the Pet Care Market Study
- Pet food is expected to hold a noteworthy revenue share of over 65% of all product sales. The growth is attributed to the demand for premium, natural, and organic ingredients.
- Pet care for dogs is expected to contribute revenue share of 35.1% in 2021. The role of dogs as companions and the resulting humanization drives associated sales.
- The U.S. leads the North America market accounting for 90% value share by 2031 owing to higher purchasing power.
- The U.K. accounts for more than 25% of the Europe market with concerns over pet health and investments into product innovation.
- China and South Korea are considered high growth markets for pet care in East Asia, reflecting a CAGR of over 14% with the penetration of key players with premium products.
“Growing acceptance of technologically advanced automated pet care products, and increasing expenditure driven by trends of pet humanization will influence the revenue generation opportunities in the pet care market through 2031,” says an FMI analyst.
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Who is Winning?
Major players present in the pet care market are focusing on aggressive promotional strategies, advertisements, and new product launches have driven sales growth of pet care products and services globally.
Some of the leading players in the industry
- Procter & Gamble Co.
- JM Smucker Co
- Nestlé Purina Pet Care Co
- Monge & C. Spa
- Hill’s Pet Nutrition SNC
- Royal Canin SAS
- Affinity Petcare France SA
- Champion Pet Foods LP
- Cargill, C & D Foods
- Aller Petfood, Bob Martin
- Blue Buffalo Co. Ltd.
- Cambrian Pet Foods Ltd.
- Crosswind Industries Inc.
- and Crown Pet Foods Ltd.
Get Valuable Insights into Pet Care Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global pet care market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the pet care market based on the service (product{ pet food, pet healthcare, fashion, toys, and accessories}, professional service {day care, grooming boarding, pet breeding and training} value added services {insurance, veterinary care, pharmacy, adoption and charity, crisis relief service}) pet type (dogs, cats, birds, fish and reptiles, small pets, and horses & other livestock), service channel (modern trade, convenience stores, care services centres, veterinary clinics, online retailers, support care centres and pet specialty stores across seven major regions.
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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