High spending on pets in key regions such as North America is prophesied to help the global pet care market to expand in the coming years. This is particularly observed in the US where people consider pets such as dogs and cats as a part of their family. According to a press release by the American Pet Products Association in March 2019, Americans spent a record-breaking high of $72.56 Bn on pet care in 2018. This was a 4% jump from the US pet care spending in the previous year. The annual industry-wide pet care spending figures for the US covered live animal purchases, veterinary care, OTC medications, pet food, and other services.
Pet Care Vendors to Make Strategic Collaborations to Achieve Steady Growth
Pet care vendors are expected to maintain steadiness in the global market with the adoption of strategic initiatives and collaborations. Regional expansion could be another tactic that vendors are anticipated to consider for strengthening their position in the global market. Some of the leading vendors included in the report are
PetSmart Inc., Petco Animal Supplies, Inc., Nestle, Just for Pets, and Ancol Pet Products Ltd.
Nestlé Purina Pet Care is one of the leading US-based businesses in the global pet care market with over 400 scientists, including nutritionists, and 18,000 employees in more than 70 countries. In April 2019, it entered into a partnership with Independent Vetcare Group International, a UK-based veterinary services provider.
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Pet Boarding and Grooming Services to Help with Lucrative Business Prospects
- Increase in pet adoption in a number of countries is expected to augment the demand for pet care
- Rise in the demand for pet boarding and grooming services is predicted to augur well for the global pet care market
- Growing need for top-quality pet care products considering the high risk of animal diseases is foreseen to boost the global market growth
- Swelling demand for high-end pet accessories, special medical treatments for pets, and pet training is prognosticated to create opportunities for pet care providers
By Pet Type
- Pet Food
- Veterinary Care
- Supplies and OTC Medications
- Live Animal Purchase
- Grooming and Boarding Services
High preference for the adoption of dogs over that of other pets is predicted to help the dog segment to collect a significant share of the global pet care market. Dogs are mostly preferred as a pet because of their intelligence, loyalty to owners, and ability to understand human behavior and emotions. Among products, pet food is projected to account for a remarkable market share due to factors such as the rising demand for home delivery of pet foods and increasing disposable income of pet owners.
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