Notable Rise in Pet Ownership Creates Conducive Environment for Companion Animal Health Market
From taking pets for regular health check-up, and vaccinating at intervals, to buying them fancy diet food, automated feeders, specific medicines, and wearable devices, the world of pet care has transformed remarkably. Over the years, companion animal health has been gaining ground among the rapidly growing population of pet owners worldwide. While cattle farmers have been traditionally indulged in maintaining companion animal health since centuries, the trend has come a long way, and now is popular among a remarkable number of consumers parenting all kinds of pets. A marked rise in pet ownership is expected to push the growth of the global companion animal health market during the forecast period. The American Pet Products Association’s (APPA) National Pet Owners Survey 2019 – 2020 suggests that around 85 million households in the US alone own a pet. The US pet industry reached a whopping US$99 Bn in 2020, finds Petpedia, and nearly 12% adults went for pet adoption for their kids during the lockdown situation in 2020. An upsurge in trend of adopting, and buying companion animals is likely to uplift the prospects of the companion animal health market. Favourable government initiatives towards animal health and welfare will further catalyse market growth.
Nutrition intake of pets will remain the core area of pet owners, thereby encouraging companies to include functional food products within the pet food category. Nutritional feed additives, and dietary supplements are thus likely to be the sought-after products in the companion animal health market. Medicinal feed additives are also set to witness a surge in demand as a variety of diseases remain prevalent among companion animals. Among therapeutics, vaccines are expected to remain the bestselling category as a greater number of consumers make it a priority to get their companion animals vaccinated at regular intervals.
Companion Animal Health to Gain Ground with Rocketing Pet Spending; E-commerce Instrumental to Market Growth
With dramatically shifting lifestyles, the spending power of consumers is also increasingly considerably. While this allows them to parent a pet or two, a sizeable population of pet owners willingly spend a premium on the health, food, grooming, accessories, and other companion animal products available on local markets. However, the dynamics of pet products have been changing rapidly as e-commerce takes over the conventional shopping styles of pet parents, especially owing to a growing number of millennial pet owners around the world. Global leaders in online pet supplies like Petco, Petsmart, and Chewy in addition to online retail biggies like Amazon, and Walmart+ have been enjoying stupendous profits through proliferating online demand. Brisk progress of e-pharmacies like VetRXDirect, and 1-800-PetMeds also points to the soaring preference for buying pet medicines online.
The statistical data published by Fortunly suggests that Americans continue to create the largest market for pets, or companion animals, and the American pet spending has more than doubled over just the past decade. Around 45% of households owing pets prefer spending the same amount money on companion animal health as they do on their families. More than 20% of pet owners in the US are spending more than usual during the global COVID-19 pandemic, indicates Petpedia. More recently, one out of 10 American pet owners are even considering to rather put off having their own kids but maintain their spending on companion animals. Although the numbers indicate solid growth prospects for the companion animal health market, high costs associated with diagnostics, surgical treatments, and frequent instances of product recalls will continue to be the major barriers facing market participants in the long run. An insignificant rate of pet insurance is also a concern for the pet care industry.
North America Reigns Supreme; Companies to Witness an Influx of Opportunities in Asia Pacific
While North America is projected to continue its lead with the US at the forefront, Europe will also remain an important market banking on the government tax relief across most European countries that encourages pet adoption and healthcare. The region has been experiencing escalating demand for a broad range of veterinary services recently. Asia Pacific also represents significant growth potential on the back of thriving pet culture, and rising awareness about pet healthcare. Although China, Indonesia, and India are projected to be the key investment pockets for pet supply companies across Asia, consumers in Japan, and Australia will most likely create interesting business opportunities with their social culture, and purchasing patterns that stand out. India’s noteworthy dairy production will further foster the growth of market. Efforts by governments in the region are likely to push awareness levels about pet adoption, pet health education, zoonotic disease risks, vaccination, and companion animal health surveillance. Attractive pet insurance schemes emerging in countries like China, Nepal, Sri Lanka, and Thailand are adding value to the market in Asia Pacific.
Recent Notable Developments in Companion Animal Health Market
Key Companies Participating in Companion Animal Health
Merck & Co, Ceva Sante Animale, Bayer AG, Zoetis, Agrolabo S.p.A, Elanco Animal Health Incorporated, Nutreco N.V. Inc, Virbac, IDEXX Laboratories Inc, C.H. Boehringer Sohn AG & Co. KG, Perrigo Company Plc., and DRE Veterinary.
Key Elements Included In The Study: Global Companion Animal Health Market
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