Global Companion Animal Care Market - Growth, Trends, and Forecast (2018 - 2023)
The global companion animal care market is projected to register a CAGR of 6.3% during the forecast period, 2018 – 2023. Humanization has influenced the purchasing decisions to a great deal. Therefore, the changing perception of the consumers toward pet health and increasing trend of the nuclear family are a few major factors boosting the market growth.
Increase in Pet Adoption, Mostly by Nuclear Families
With increasing nuclear families trend across the world has accelerated the pet ownership trend and is expected to continue during the forecast period.
Over the years, the trend of imbuing pets with human characteristics has increased the health and safety concerns among pet owners. According to a survey conducted by the American Veterinary Medical Association, in the recent years, found that the expenditure towards pet’s health and veterinary care has witnessed a rise by 40%. This rise owes to the growing human-animal bond, which defines consumers’ willingness to spend more money for their pets. Further, the rising demand for pet health care insurance in US is expected to support this argument.
Increasing Online Shopping and Home Delivery is driving the Product Sale
The high internet connectivity, in many regions of the world, has encouraged the pet care products sales via e-commerce sites, making it an effective distribution channel. The notions of convenience, exclusivity, safety, and market awareness play a crucial role in this channel development for sales, particularly in the developed countries. Further, the rapid urbanization and connectivity programs envisaged by these economies are expected to boost the market. In addition, owning a pet, grooming it and spending on its proper care marks a social status, thus, driving the market in the developed part of the world. The unreliability of local goods in developing economies is forcing on these regions to rely on foreign goods through online channels. The slow embrace of online retail of pet care products in the minor markets, such as Vietnam is due to the low product awareness. However, these regions offer nascent market advantages of low regulations and competition.
Asia-Pacific Has High Potential for Market Players Looking To Expand
The APAC region is an important and high potential market. The western matured markets contrast with the Asian countries that are showing higher growth potential, during the forecast period. Further, over the past several years, the market has witnessed a steady growth, owing to the changing perception of pet treatments and the increasing nuclear family system, in the region.
The region is endowed with a diverse set of markets. The Australian and Japanese markets are more aware of the products and have a quality-conscious pet owners. The buying pattern and social culture of the pet owners make them stand out from most of the other countries in the region. The Indian, Chinese, and Indonesian markets are the rapidly emerging markets, with a great potential for growth during the forecast period. The great economies, such as Taiwan, Malaysia, and South Korea are few ideal targets for the pet care companies.
Key Developments in the Market:
March 2017: GroomPro POS launched a software system for pet groomers nationwide. The software solution includes an array of tools, online booking, menu and customer management, marketing, Virtual Point of Sale (VPOS) and analytics to assess how it’s all going
March 2017: Rover acquired DogVacay, its biggest online dog-sitting competitor in the marketplace
January 2017: Heads Up For Tails, an Asian retailer of pet products, raised an amount of USD 2 million in a pre-series- A round from a group of high net worth individuals (HNIs). The amount is to be invested in technology to enhance the end-user experience. In addition, the company plans to expand their business in domestic as well as overseas markets. Furthermore, the company is set to open more retail stores
Major Players: Mars INCORPORATED, SNYDER MANUFACTURING, BEAPHAR, ANCOL PET PRODUCTS LIMITED, CEVA amongst others.
Reasons to Purchase this Report:
Latest technology trends adopted by the manufacturers in the companion animal care market
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis
Study on the product type that is expected to dominate the market
Study on the region and country that are expected to dominate the market
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