Increasing Tendency Towards Affectionate Per Care Bolsters Pet Adoption
Living with pets and treating them as a family is one of the most intimate of human–animal relationships. Throughout history, humans have domesticated (happened somewhere between 10,000 to 15,000 years ago in Mesopotamia) numerous animal species, which has helped the human evolution in various ways. The distinction between pets and most other animals is their tameness. While pet adoption was primarily started with an intent of protection and respective usability, it has come a long way over the years; today, people have pets as a lovable company and a status symbol. The global market for pet care has thus been witnessing rapid proliferation.
The choice of pet depends on the particular character of each species and the profile of the owner. It involves several animal species and although there is a clear preference for mammals prominently dogs, and cats, and birds, there are several other animal groups including amphibians, fish, reptiles, and some invertebrates gaining popularity as pets. Moreover, a lot of specialty (around 5,000 tigers kept as pets in the US), and exotic animals (the exotic pet trade statistics claim that more than 1,000 online sites sell exotic animals as pets) have become increasingly common as pets, heavily contributing towards the growth of pet care market.
The trend of owning pets is on a steady rise, especially in urban areas, and almost over half the world’s population has (at least) one pet enriching their lives with an affectionate companionship. Besides domestic pets, a sizeable population also owns a range of non-domesticated/alternative pets. Roughly 45% of Americans spend equally on their pets’ food and healthcare as their families. An ideal pet care includes everything from looking after their feeding, bathing and overall cleanliness and hygiene, general healthcare, vaccination, fitness, engagement, and sleep schedules. With more people indulging in pet care and a notable rise in willingness to spend on pet care, the global pet care market will only expand in future.
Market Size and Potential Expand as Pet Care Continues to Get Glamour
Owning a pet, though is a privilege with many benefits, also comes with responsibilities. Pets require attention to fulfil their emotional, physical, and medical needs. Pet owners proactively involve their pets in regular exercising, fancy pet spa indulgence, events and competitions, pet parties and vacations, premium vet care, pet insurance, and pet magazines. While all this demands an expensive spending every month or two, many also go further and spend a premium on pet grooming, accessories, toys, pet sitter, pet hostels, and exotic pet food.
The US has become a land of doggie yoga, kitty acupuncture, and frequent-flier miles for traveling pets - a country where political candidates pander pet owners and dog show champions are feted like Oscar winners. The world of pet care has got glamour, pushing the market on an upward growth trajectory. As per the North American Pet Health Insurance Association (NAPHIA), pet health insurance gross written premium was up 27.5% (from $1.56 Bn in 2019 to $1.99 Bn in 2020). The market has been rising at an average annual growth rate of almost 24.2 percent from 2016 to 2020. By the end of 2020, around 3.1 million pets have been insured, indicating the strong growth potential of the pet care market.
Younger Consumer Demographics Hold Steering to Drive Pet Care Market
A growing economy is synonymous with the growing pet population. The pet markets across the globe are growing at a dramatic rate, with a number of countries witnessing higher than ever rates of pet ownership and spending. The US and the UK have been the global leaders, and the online pet food sales in the US rose by 77% during the pandemic in 2020. America’s total pet care expenditure for the year 2020 was nearly $99 Bn.
According to the American Pet Products Association, almost 85 million households have a pet and over the last 30 years, pet ownership has grown from 56% to 68%. In the past 10 years, America’s pet spending has more than doubled. Attributed mostly to changes in culture - as millennial and generation Z consumers have come into adulthood, they have embraced the pet-owning and pet-loving lifestyles to a far greater extent than their elders. While baby boomers account for 32% of pets owned, households headed by younger cohorts account for 62% of pet ownership. Though most of Asian countries continue to lag in the pet care market, rising disposable income, thriving trend of pet owning, shifting preferences from home-cooked pet food to prepared pet food, and growing attention to pet nutrition, make the prospects look brighter in the region.
COVID-19 Distress and Pet Care Market
The aftermath of the pandemic has been considerable pet food and product shortages. The dearth of raw material supplies, and prevailing transportation issues are still holding the market growth back to an extent. It continues to be a lingering problem, whereas worker safety protocols at production facilities, and labour shortages are also causing the supply chain hiccup.
Key Market Players in Global Pet Care Market
Blue Buffalo Pet Products Inc., Colgate-Palmolive Company, Nestle S.A, Champion Petfoods, Petmate Holdings Co., Trupanion, Chewy Inc., Freshpet, Heristo akteingesellschaft, Mars Incorporated, Petco Animal Supplies, Inc., PetSmart Inc, Zoetis Inc., Idexx Laboratories Inc., and Zooplus AG are some of the most prominent companies active in the pet care market.