The pet market (purchasing of pets) is anticipated to be worth US$ 16,607.2 Mn in 2022. Sales are anticipated to grow at a 7.5 percent CAGR from 2022 to 2032, valuing the entire market at US$ 34,140.7 Mn by that year.
Rapid urbanisation, rising disposable income, and health concerns are driving an increase in pet adoption and ownership, which is driving pet sales globally. Currently, houses with pets account for 70% to 8% of all households.
Similar to this, the expansion of the pet grooming and pet care industries, together with the rising trend of humanization, would likely fuel market growth throughout the projection period.
A rising number of individuals regard their dogs like part of their families, providing them with food and treats based on the nutritional requirements of their pets or their own beliefs and eating habits, such as veganism.
Key Takeaways from the Pet Market (Purchasing of Pets) Study:
- By pets’ type, dogs and cats’ segments currently form the largest share of the global pet market and the trend is likely to continue during the forecast period.
- Based on gender, male segment is likely to be most remunerative in the global pet market over the assessment period.
- Argentina holds a significant share of the global pet market (purchasing of pets).
- Demand for pets in Australia is anticipated to rise at a robust pace during the next decade.
- With rising consumer inclination towards adopting pets, the U.S, will continue to dominate North American pet market (purchasing of pets) during the forecast period.
“Rapid urbanization and rise of pet humanization have boosted triggered pet adoption and ownership, thereby creating chances to improve profitability in the market”– says the FMI Analyst
Who is Winning?
Leading suppliers in pet market (purchasing of pets) are focused on promotional policies, online services, advertisements, and new launches and offers that have driven sales growth of the pet market (purchasing of pets).
Major players present in the pet market (Purchasing of Pets) are Petco, Pet finder, PetSmart, Pet mate, Petco Foundation, Adoptapet, Best Friends Animal Society, The Shelter Pet Project, Petango, Petland, and others.
Information Source: https://www.futuremarketinsights.com/reports/pet-market