The Global Pet Care market is forecasted to grow at a CAGR of 7.4% during the forecast period (2021-2026).
Although the year 2020 was not to be found very promising for all the industries but in the case of the pet care market it was a boon as due to repeated lockdowns people stayed mostly at home and they took good care of their pets, this stimulated the demand for pet services and products and encouraged significant growth in the pet care market.
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The growing interest in pet humanization coupled with a rise in demand for premiumization in pet care products is some of the factors driving the market growth for Pet care products. North America holds a prominent share in the global pet care market. There are significant opportunities that remain in the market, despite the increasing maturity and greater competition prevailing in the region. Colgate-Palmolive, Nestle S.A (Purina), and General Mills Inc (Bluebuffalo) are some of the pet care manufacturers who have a significant share in the global pet care market.
Key Market Trends
Pet Humanization Trend is Driving the Market
The pet humanization is showing a positive influence on the market growth with rising consumer interest in treating pets as one of their family. Urbanization is forcing people into smaller spaces where larger pets are not economical as their maintenance cost is high when compared to smaller pets. Small pets are much more likely to indulged and humanized than larger pets. The popularity of pet fashion among pet owners have a positive impact on the market and is expected to contribute a significant growth during the forecast period. Some pet owners are very particular about representing their lifestyles by spending on comfortable and luxurious products for their pets. This encourages market competitors to launch numerous new products, customized products in the pet grooming service market segment.Hence, consumers are looking to plug the familial gap with a pet companion. These factors have led to a market place led by small animals such as cats and dogs as indulgent pet owners are happy to spend heavily on ensuring the best quality life which has driven the demand for pet care products. The pet humanization is supporting the market growth with the number of companies investing in R&D in order to creat new interesting products.
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