Pet Care Market Size Expected to Achive USD 597.51 Billion by 2033

Asia Pacific is expected to grow at the fastest CAGR during the forecast period.

New entrants to the Japanese pet care market include the pharmaceutical business Rohto Pharmaceutical and drinkable yogurt manufacturer Yakult Honsha. Therapeutic pet food is gaining immense popularity in South Korea due to the growing population of elderly cats and dogs.

The online channel remains dynamic in the Asia Pacific region; the biggest online sales shares of pet care were seen in South Korea and China. Cats are likely to outnumber dogs in China, as cats are considered cute, quiet, peaceful, and clean.

Pet Care Market Segment Analysis

Analysis by Type:

The pet food products segment dominated the market with the highest market share of 55% in 2023.

Owners typically select a commercial pet food to feed their pet due to the convenience of the product, cost, and variety. Several pet food manufacturers are formulating a wide array of recipes with varying textures and flavor profiles that assure nutritional adequacy, quality, and safety.

Nutrition-rich pet foods provide a balanced intake of energy, protein, fat, vitamins, and minerals. With wet and dry pet foods, a pet owner can mix and match the packages as per their requirements to ensure that their pets get adequate nutrition.

The pet care products segment is expected to expand at a significant CAGR during the forecast period.

The segment growth is attributed to the rising demand for luxury and natural pet care products. Natural pet care products have several advantages, including better health, financial savings, human safety, sustainability, and support for local companies.

They are safer for pets since they are durable and made of natural and organic materials. Many companies are making efforts to create natural pet care products and maintain environmental balance.

• For instance, in June 2024, Some Grub launched with a mission to “kick-start Britain’s insect food revolution.” Some Grub, a pet care brand that produces natural pet food, has been created to meet burgeoning consumer demand for pet care products to support pet health while maintaining environmental sustainability.

Read Also: Organic Food Market Size Expected to Cross USD 658.38 Bn by 2034

Analysis by Animal:

The dog’s segment dominated the pet care market with the biggest market share in 2023

Owing to the increasing adoption of dogs as companions. A study in PLOS One revealed that having a pet grants many benefits, including companionship, physical activity, emotional support, social contacts, and a sense of duty. It was noticed that petting a real dog and toy dogs of the same size and shape increased activity in the areas of the frontal brain, thus proving that interaction between humans and animals enhances emotional and cognitive function.

The cats segment is expected to grow at a significant CAGR during the forecast period.

The cat ownership is increasing rapidly due to the rising awareness about health benefits linked to cats. Owning a cat can provide various health advantages, including less stress, improved cardiovascular health, enhanced socializing, a stronger immune system, a higher feeling of purpose, and reduced loneliness.

According to a study, spending time with a cat can reduce health problems such as depression, heart disease, stroke, blood pressure, and cholesterol levels, as well as community participation.

Analysis by Distribution Channel:

The stores segment has recorded the largest market share of 66% in 2023.

Physical stores offer a wide range of products under a single roof, which increases convenience. They often offer discounts and run campaigns to attract more customers. Pet stores also provide medical consultation facilities, thereby enhancing the buying experience.

Pet Care Market Dynamics:

Driver: Rising pet ownership

The pet care market is experiencing significant growth due to the rising pet ownership worldwide. The number of pet owners is rising, particularly in middle-income countries, due to the increasing benefits of having pets among people. Pets provide companionship and emotional support during challenging times. Having a pet helps in reducing blood pressure, risk of heart attack, increased physical activity, sensory stimulation, emotional support, and general well-being.

• The ASPCA reports that 40% of dogs and 46% of cat owners in the US get their pets from word of mouth. Most pets are acquired from shelters, friends/family, breeders, and private sources. Homeowners’ own pets more frequently than renters, with 58% owning dogs and 36% owning cats.

Restraint: Rising Cost

Rising cost of pet care services is a major factor restraining the market. The cost of pet food, veterinary treatment, and other pet care items and services have increased significantly over the past decade. The average annual cost of owning and maintaining a dog is US$ 1,331 and for a cat it is US$ 1,112. This may deters low-income people from adopting pets.

Opportunity: Personalized pet care

Rising personalization in pet care services creates immense opportunities in the market. Personalization of pet care is important, given that pets have their own needs according to breed, age, lifestyle, and genetics.

However, tailoring pet care services according to individual pets ensures that they receive the best possible care according to their requirements. Customized workout and health programs are an affirmative approach to the best possible treatment for improving health.