Orbis Research Comprehensive Report the Global Companion Animal Care Market accounted for about USD XX million and is projected to register a CAGR of 6.3% with USD XX million markets, by 2022.
In 2016, the global companion animal care market accounted for about USD XX million and is projected to register a CAGR of 6.3% with USD XX million market, by 2022. Humanization has influenced the purchasing decisions to a great deal. Therefore, the changing perception of the consumers toward pet health and increasing trend of the nuclear family are a few major factors boosting the market growth.
INCREASED NUCLEAR FAMILIES = INCREASING PETCARE PRODUCTS
The changing demographics are expected to boost the pet ownership trend, worldwide, as people with no children look for pets. Further, the increasing baby boomers and the low birth rate among millennial have accelerated the pet ownership trend and are expected to continue, during the forecast period.
Over the years, the trend of imbuing pets with human characteristics has increased the health and safety concerns among pet owners. According to a survey conducted by the American Veterinary Medical Association, in the recent years, found that the expenditure towards pet’s health and veterinary care has witnessed a rise by 40%. This rise owes to the growing human-animal bond, which defines consumers’ willingness to spend more money for their pets. Further, the rising demand for pet health care insurance in the United States is expected to support this argument. In addition, the global market, particularly in the west and the countries such as Japan and Norway, is driven by the high divorce rate, increasing single population and a large elderly population that prefers a pet as a companion.
The globalization and cultural shift are the two major factors accelerating the trend of companion animals in Asian countries. The 2016’s marriage dissolutions in Singapore increased by 3.1% from the value recorded in 2008. Moreover, China reported that above 4.08 million couples split up in 2016, i.e. an increase of 5.55% from 2008. In South Korea divorces stand mostly among the older population with around 20 years of marriage, thus growing the demand for a pet as a companion and further accelerating the Asia-Pacific animal companion care market.
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INCREASING ONLINE SALES AND HOME DELIVERY IS INCREASING THE PRODUCT SALE
The high internet connectivity, in many regions of the world, has encouraged the pet care products sales via e-commerce sites, making it an effective distribution channel. The notions of convenience, exclusivity, safety and market awareness play a crucial role in this channel development for sales, particularly in the developed countries. Further, the rapid urbanization and connectivity programs envisaged by these economies are expected to boost the market. In addition, owning a pet, grooming it and spending on its proper care marks a social status, thus, driving the market in the developed part of the world. The unreliability of local goods in developing economies is forcing these regions to rely on foreign goods through online channels. The slow embrace of online retail of pet care products in the minor markets such as Vietnam is due to the low product awareness. However, these regions offer nascent market advantages of low regulations and competition.
ASIA-PACIFIC HAS HIGH POTENTIAL FOR MARKET PLAYERS LOOKING TO EXPAND THEIR REACH
The APAC region is an important and high potential market. The Western matured markets contrast with the Asian countries that are showing higher growth potential, during the forecast period. Further, over the past several years, the market has witnessed a steady growth, owing to the changing perception of pet treatments and the increasing nuclear family system, in the region.
The region is endowed with a diverse set of markets. The Australian and Japanese markets are more aware of the products and have a quality-conscious consumer-base. The buying pattern and social culture of the consumers make them stand out from most of the other countries in the region. The Indian, Chinese and Indonesian markets are the rapidly emerging markets, with a great potential for growth during the forecast period. The great economies such as Taiwan, Malaysia and South Korea are few ideal target for the pet care companies.
ASIAN RETAILER HEADS UP FOR TAILS RAISES USD 2 MILLION IN A PRE-SERIES-A ROUND FROM A GROUP OF HIGH NET WORTH INDIVIDUALS (HNIS)
Heads Up For Tails, an Asian retailer of pet products, raised an amount of USD 2 million in a pre-series- A round from a group of high net worth individuals (HNIs). Heads Up for Tails is owned and operated by Precious Pet Services Pvt. Ltd. founded in 2008. Moreover, the brand sells grooming products for dogs and cats along with pet food, toys, apparel and accessories. This funding is a huge milestone and the amount is to be invested in technology to enhance the end-user experience. In addition, the company plans to expand their business in domestic as well as overseas markets. Furthermore, the company is set to open more retail stores. Heads Up For Tails raised around USD 1 million in seed funding, from a group of unnamed investors.
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SOME OF THE MAJOR PLAYERS ARE:
- Snyder Manufacturing Inc.
- Luxury Cat Condos
- Delton Pet Homes
- Rosewood Pet Products Ltd.
- Countrywide Farmers Plc.
- Ancol Pet Products Ltd.
- Leonard F. Jollye Brookmans Parks Ltd.
- Ancol Pet Products Limited
- M. Smucker (Big Heart Pet Brands)
- Mars, Incorporated
- Beaphar International
- Armitage Pet Care
- CEVA Logistics
NOTABLE MARKET DEVELOPMENTS
GroomPro POS launches the software system for pet groomers, nationwide
PetLife says holistic pet health is the next big trend in veterinary medicine
Rover acquires DogVacay, its biggest online dog-sitting competitor in the marketplace
Mars takes a bigger bite of pet care industry with VCA deal
Our report on Global Companion Animal Care Market covers:
Global companion animal care market trends & dynamics
Latest News & developments
Porter’s five force analysis
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