Global Trends in Pet Care
Introduction: why are people spending more on pet care
People are spending more on pet care for a variety of reasons. First, people are living longer and healthier lives, which means they are more likely to have a pet. Second, people are increasingly treating their pets as family members and are willing to spend more on them. Third, the pet industry has become much more sophisticated, offering a wide range of products and services that appeal to pet owners. Finally, the effects of COVID-19 have been shocking and unprecedented worldwide, with pet care products experiencing a surge in demand in every region due to the pandemic.
As a result of these trends, the global pet care industry has grown from $91 billion in 2018 to $207.9 billion in 2020, according to Fortune Business Insights. This growth is driven by both developed and emerging markets. In developed markets such as the United States, pet owners spend more on premium products and services such as organic food and doggie day-care.
America: the pet industry is worth $103.6 billion
The pet industry in America is booming, with the latest estimates valuing it at $103.6 billion in 2020. (APPA) This figure is expected to continue to rise as more and more people choose to own pets. The most popular pets in America are dogs and cats, but there is also a growing trend for owning exotic animals such as snakes, lizards and even spiders.
There are several reasons why the pet industry is doing so well in America. Firstly, there is an increasing awareness of the benefits of pet ownership, both for individuals and families. Pets can provide companionship, love and support and help reduce stress levels and promote mental and physical health. Secondly, American families are increasingly spending more money on their pets than ever before. They are buying better quality food and more expensive toys and accessories and taking them to the vet more often.
Europe: the pet care market is expected to grow by 3.8%
Europe is forecast to see strong growth in the pet care market over the next few years. The market is expected to grow by 4.1% between 2021 and 2026, according to Business Wire driven by factors such as rising pet ownership, a growing preference for premium products, and an increase in the number of households with two or more income earners.
There are several factors driving growth in the European pet care market. One is rising pet ownership levels, as more and more people in the region are choosing to keep pets. This is particularly true of millennials, who are increasingly seen as key drivers of demand for pet care products and services. However, the Ukraine war could be a setback in Europe’s pet ownership. (Read more on Ukraine veterinarian’s aid here) Another factor driving the market growth is a growing preference for premium products among European consumers. This is caused by factors such as health consciousness and a desire for natural, organic, and environmentally friendly products. (Read more about UK animal health here)
Asia-Pacific: the pet food market is expected to reach $36.52 billion
According to a report by Grand View Research, Inc, the pet food industry in Asia-Pacific is forecast to reach $36.52 billion by 2025. The region is expected to witness the highest growth rate over the forecast period, owing to the increasing per capita income and changing lifestyle of pet owners. Rapid urbanisation and the consequent rise in nuclear families are projected to fuel the region’s demand for pet care products. Pets are increasingly considered family members, which is reflected in the growing expenditure on their health and wellbeing. In addition, pet ownership is no longer restricted to affluent households and is now becoming popular among middle-class families.
The Asia-Pacific pet food market is highly fragmented, with many small-scale manufacturers. The leading companies in the region include Mars Inc.
In the Middle East and Africa: the pet market is expected to grow by 6.5%
The pet industry is proliferating in the Middle East and Africa. The region has registered year-on-year growth of 5.4% in 2020 . This growth is driven by several factors, including a growing middle class, an increase in urbanisation, and a desire for Western-style pets.
There are some challenges to this growth, however. Many countries in the region have high levels of poverty and unemployment, making it difficult for people to afford pets. There is also a lack of awareness about proper pet care, which can lead to animal welfare issues. Nonetheless, the pet industry is expected to grow in the Middle East and Africa in the coming years.
Conclusion: what the future of the pet industry looks like
In recent years, the pet industry has seen significant growth. This is mainly because more and more people see pets as family members. As a result, they are willing to spend more money on their care. The future of the pet industry looks very bright. Pet ownership is expected to continue to grow, and spending on pet care is expected to increase. This means that there will be more opportunities for businesses in the pet industry. There will also be an increasing demand for new and innovative products and services. (read more on animal health innovation here)