 |
| Global Pet Care Products Market Size |
The pet care products market primarily comprises of pet food, pet treats &
chews, toys, pet care equipment, pet clothing & accessories, and others
products that are required for pet healthcare and nutrition. Pet food products
such as dry or canned food and treats dominates the market in terms of sales
and demand. The need for specialty food products for old, sick, and young pets
further aids market growth. Growing humanization of pets along with rising
awareness regarding pet nutrition & wellness has been a key driver for pet
food products industry.
The Global pet care products market is estimated to be valued at US$ 284.16 Mn in 2024 and is expected
to exhibit a CAGR of 6.9% over the forecast
period 2024 to 2030.
Key players operating in the pet care products market are Vantage Specialty
Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar
International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO. These
players are focussing on new product launches, geographical expansion, and
mergers & acquisitions to gain a competitive edge in the market.
The market provides various opportunities such as developing organic, natural,
and healthy pet food products. Companies are investing in R&D activities to
develop innovative food products with added nutritional supplements and
ingredients tailored to pets' needs. Rising pet humanization trend also aids
opportunities in the pet toys, bedding, outerwear, and accessories segment.
North America dominates the Global
Pet Care Products Market Size owing to high pet ownership and
expenditure. However, Asia Pacific region is anticipated to witness highest
growth owing to improving standards of living, rising disposable income, and
rapid urbanization in countries like China and India. Key players are expanding
their manufacturing base and distribution channels in developing economies to
tap the high growth potential markets.
Market Drivers
Growing pet ownership globally especially in emerging economies owing to
changing lifestyle and rising income levels is a key factor driving demand.
Rising humanization of pets and growing pet expenditure on premium and natural
products aids market growth.
Market Restraints
High cost of specialty pet foods, medicines, and other products may limit sales
in price sensitive markets. stringent regulations pertaining to ingredients,
quality, and packaging of pet food products also adds to compliance costs,
restricting market growth to some extent.
Segment Analysis
The pet care products market comprises several sub-segments such as pet food,
pet care, and veterinary care. The pet food segment dominates the overall pet
care products market due to rising disposable incomes and improving standards
of living in developing countries. Pet owners are increasingly buying premium
and organic pet foods with high nutritional value. The younger generation of
pet parents is more aware about pet wellness and nutrition. They opt for
balanced diets and customized foods as per the pets’ health conditions.
Global Analysis
Regionally, Asia Pacific dominates the pet care products market and is expected
to maintain its lead during the forecast period. Rapid urbanization, rising pet
adoption rates, and increasing awareness about pet wellness drive the market
growth in Asia Pacific economies like China and India. In the West, Europe and
North America are mature markets for pet care products. However, these regions
continue expanding their pet supplies and services segments. Growth rates are
comparatively higher in Latin America and the Middle East & Africa. In
Africa, demand is driven by economic development while rising pet ownership bolsters
the market in the Middle East.
Get More Insights On This Topic: https://www.newsstatix.com/pet-care-products-market-is-heading-towards-natural-ingredients-driven/