Global Pet Care Market 2016-2020
ABSTRACTAbout Pet Care
Pet owners treat their pets as family members and pamper them with a variety of pet food; this is directly contributing to an increase in the sales of pet care products. Pet owners have also started preferring healthy and natural food products for their pets. Therefore, pet food manufacturers are focusing on formulating pet food products with new ingredients to provide better nutrition.
Technavio’s analysts forecast the global pet care market to grow at a CAGR of 4.72% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global pet care market for 2016-2020. To calculate the market size, the report considers the revenue generated through the retail sales of pet food and pet grooming products to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pet Care Market 2016-2020
Technavio recognizes the following companies as the key players in the global pet care market: Ancol Pet Products, Beaphar, JM Smucker, Mars, and Nestlé Purina.
Other Prominent Vendors in the market are: Aller Petfood, Barking Heads and Meowing Heads, BHJ Pet Food, Blue Buffalo, Bob Martin, BOSHEL, Chelsea Dogs, Diamond Pet Foods, Earthwhile Endeavors, Ferplast, Inaba Petfood, Just for Pets, Oster, Pet Brands, Pettex, Platinum Pets, Rolf C Hagen, Rosewood Pet Products, Tetra, The Hartz Mountain, Vitakraft, Yantai China Pet Foods.
Commenting on the report, an analyst from Technavio’s team said: “The growing demand for fortified pet food is a recent trend gaining traction in the market. Many health problems and diseases such as skin allergies, arthritis, brain aging, digestive disorders, and obesity are common among pets such as dogs, cats, and horses. This can create serious concerns for pet owners. Increasing health consciousness among pet owners has given rise to health-driven food options for pets such as fortified food products, nutraceuticals, and functional food products. A growing number of pet products are being promoted as products containing added vitamins and minerals, antioxidants, all-natural ingredients, and no preservatives, artificial colors, or flavors. Manufacturers are formulating pet food products with vitamins, minerals, fiber and other ingredients due to consumer demand for balanced diet for pets.”
According to the report, high profit margins for manufacturers is an important driver contributing to this market’s growth. Pet care manufacturers are leveraging on the growing number of pet owners and their willingness to pay for premium products by offering a wide range of innovative, specialized, and premium products. Pet retail stores are estimated to have gross profit margins of 35%-45%. Pet food manufacturers are experiencing high profitability as pet owners continue to purchase special food formulations to maintain the health and well-being of their pets. With strong demand and rising sales, manufactures are expected to achieve even higher profit margins. Products such as food and pet supplies have high mark-ups and drive the profitability of manufacturers.
Further, the report states that the high instances of pet allergies is a major challenge this market is facing. Animals are carriers of harmful bacteria such as Campylobacter jejuni. Diseases like cryptosporidiosis are often transmitted to humans, especially children, via animals. In addition, many furred and feathered animals, primarily cats and birds, cause allergies in humans. Some proteins found in the saliva and urine of pets like cats and dogs may also cause skin allergies in people. Fifteen to thirty percent of allergies in human beings are caused due to allergic reactions to dogs or cats. Pets such as cats and dogs can cause allergic diseases such as asthma and allergic rhinitis in human beings. People with weaker immune systems and certain health conditions such as asthma are more susceptible to such allergies. Therefore, they are advised not to keep pets at home. These factors tend to limit pet adoption and hinder the growth of the pet care market.
Ancol Pet Products, Beaphar, JM Smucker, Mars, Nestlé Purina, Aller Petfood, Barking Heads and Meowing Heads, BHJ Pet Food, Blue Buffalo, Bob Martin, BOSHEL, Chelsea Dogs, Diamond Pet Foods, Earthwhile Endeavors, Ferplast, Inaba Petfood, Just for Pets, Oster, Pet Brands, Pettex, Platinum Pets, Rolf C Hagen, Rosewood Pet Products, Tetra, The Hartz Mountain, Vitakraft, Yantai China Pet Foods.
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