Pet Care Market: Global Industry Analysis and Growth Outlook 2027

The pet care market size will expand lucratively during the forecast timeframe due to the increase in animal healthcare expenditure.

Delaware , United States – August 5, 2021 /MarketersMedia/ —

With pet adoption rate rising globally, the pet care market is projected to witness substantial growth in the coming years. Intensifying demand for premium, organic, and protein-rich pet food will be one of the major factors stimulating market growth. While growing expenditure on pet care by caretakers may further contribute to this growth. According to a report published by Global Market Insights, the industry share is expected to exceed USD 350.2 billion by 2027.

Highlighting some of the emerging trends in this industry:

1) Rising number of pet adoptions

The number of pet adoptions has increased significantly in recent years. People are adopting animals for companionship extensively worldwide. U.S., Brazil, and China are the top countries having the highest pet population across the world. Pet fair trades which include IIPTF (The India International Pet Trade Fair) are showcasing a wide range of pet care products, impacting the business growth positively.

Rising use of pets in movies and campaigns for ads have also prompted the trend of pet adoption among the general population. The recent trend has been shifted from pet owners to pet parents, where pets are treated as part of the family. All these factors may contribute to further propel the market growth in the estimated timeframe.

To access a sample copy or view pet care market report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/3387

2) Surging demand for pet care in Australia

The pet care market of Australia was valued at more than USD 13.3 billion in 2020 and is anticipated to expand at a 3.9% CAGR from 2021 to 2027. Growing elderly population, surge in the demand for premium pet food, and several people opting for pet adoption will result in regional market growth. According to a survey, over 5 million households in Australia own more than 25 million pets.

3) Developments by top players

Some of the industry players operating in the pet care market are PetSmart Inc., Nestle S.A., Colgate-Palmolive Company, Mars, and Petco Animal Supplies. These companies are concentrating on taking various strategic initiatives such as collaborations, mergers, acquisitions, new product development, partnerships, and product launches to consolidate their market position. For instance, in October 2020, Spectrum Brands Holdings, Inc. announced the acquisition of Armitage Pet Care Ltd. which is mainly into premium toys and pet treats. This acquisition helped the company to strengthen its market position and enhance its customer base.

4) Popularity of cats in Europe

According to the European Pet Food Industry Federation (FEDIAF) article, published in 2019, cats are one of the most popular pets in European households, with a population of 77.4 million in the European Union and 106.4 million in Europe and Russia.

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Name: Arun Hegde
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Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/pet-care-market

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