Global Pet Care Products Market Set to Grow during the forecast period
Market Highlights
Considering the global
trend, pet care industry is one of the emerging markets as majority of pet
owners are often willing to spend extra money on their pet’s healthcare and
other requirements.
In the recent years, a
tremendous technological advancements has been observed in pet care. By taking
pet’s healthcare and their requirements in mind, few technologies have been
introduced, such as, computerized feeders, pedometers, etc. A number of factors
such as, increasing power of e-commerce, rising trend of bringing pets, increase
in pet population, and increasing disposable incomes in middle income groups
are propelling the growth of pet care market. Furthermore, choosing prime
healthcare and food products for pets by their owners is another key factor
driving the pet care market to a great extent.
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Despite the growth of
global pet care market, a number of factors like increasing prices of pet care
products, strict regulations imposed by government, and chances of allergy from
animal-associated allergens may hamper the growth of the market over the
assessment period.
Segmentation
The pet care market is
classified on the basis of type, and product & services
On the basis of type,
the market is segmented into dog, cat, and others.
On the basis of
product & services, the market is segmented into pet food, pet healthcare
products, and others. Pet healthcare products is further segmented into
medicines, vaccines, and others.
Regional analysis
Geographically, the
global pet
care market is classified into the Americas, Europe, Asia Pacific, and
the Middle East & Africa. The Americas accounts for the largest share of
pet care market due to rising trend of pet humanization and increasing
expenditure on pet’s food and healthcare by their owners. According to the
American Pet Products Association (APPA), the actual U.S. Pet Industry
Expenditures for the year 2016 is $66.75 billion and the number has increased
by 4.2% from the previous year.
Owing to the
increasing disposable income, Asia Pacific is the fastest growing market and
among Asia Pacific region, India commands the highest market share in the
market.
Increasing awareness
about healthy pet foods and altering socioeconomic status may intensify the
growth of the pet care market in the Middle East also.
Key Players
Some of the key player
in the market are Aller Petfood Llc, Ancol Pet Products Limited, Beaphar, BHJ,
Martin & Martin (Pty) Ltd., earthbath, J.M. Smucker Company, Nestlé, PetLife
LLC and
PLATINUM PETS.
In the last few years,
pet care market has been experiencing a significant growth in terms of
technological advancements and innovation, for instance, PetLife LLC introduced
a high-tech pet motion, activity and consumption tracker. This high-tech
product is operated via Bluetooth and Wi-Fi.
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