Global Pet Care Market Expected to Grow by USD 72.82 Billion by 2027, Says Technavio

Global Pet Care Market Expected to Grow by USD 72.82 Billion by 2027

The global pet care market is set to experience significant growth, with an estimated increase of USD 72.82 billion from 2023 to 2027, according to a report by Technavio. The market is projected to grow at a CAGR of 6% during this forecast period.

One of the key drivers fueling this growth is the rising trend in pet ownership, as more individuals are choosing to keep pets for various reasons. Pets are increasingly being viewed as integral members of families, leading to a higher demand for pet care products and services. Owners are willing to invest more in ensuring the health and happiness of their animal companions, driving the expansion of the market.

Societal attitudes towards pet ownership are also evolving, with a growing acceptance and accommodation of pets in residential and occupational settings. Factors such as humanization, the availability of pet-friendly accommodations, and the impacts of the COVID-19 pandemic are contributing to the increase in pet ownership.

However, the pet care market faces challenges due to intense competition, particularly from e-commerce platforms that allow new players to enter the market and challenge established brands. The global market landscape is highly competitive, with a wide range of players offering various goods and services. E-commerce platforms have democratized market entry, enabling new entrants to compete with established brands on a global scale.

Despite these challenges, the pet care market is expected to continue growing, driven by the increasing demand for pet care products and services. The market segmentation includes applications such as dogs, cats, and others, products like food, accessories, and grooming, and geographical regions like North America, Europe, APAC, Middle East and Africa, and South America.

Overall, the pet care market is a thriving sector that caters to the diverse needs of pets and their owners. With the increasing focus on responsible pet ownership, sustainable pet care, and innovative pet technology, the market is poised for continued growth in the coming years.