The pet care industry has experienced significant growth in recent years, driven by increasing pet ownership and a trend towards treating pets as family members. According to Research Nester, the global pet care market size was valued at USD 260.53 billion in 2024 and is projected to reach USD 598 billion by 2037, growing at a CAGR of 6.6% during the forecast period[3].
In North America, the pet care market is particularly mature, with a high concentration of major players such as PetSmart and Petco. These companies account for nearly half of all online pet product revenue, making it challenging for new entrants to gain market share[2]. However, there is still room for growth, especially in the e-commerce sector, where customer preference for shopping for pet products online is estimated to grow at 9.4%[2].
The pet food segment is expected to dominate the pet care market, with a share of over 47% by 2037, driven by the demand for nutritious and tasty food for daily feed[3]. The dog segment is also projected to lead the market, with a revenue share of over 52% by 2037, due to the comfort and protection provided by dogs[3].
Recent market movements include a surge in pet adoptions, with around 4.8 million dogs and cats adopted annually worldwide, according to the World Animal Foundation[3]. This has led to an increase in spending on pet care, including veterinary services, diagnostics, and pharmaceuticals[4].
In terms of new product launches, there is a growing demand for natural pet food, with companies such as General Mills Inc (Bluebuffalo) and Mars Pet Care introducing new products to cater to this trend[1]. Additionally, there is a rise in the development of innovative pet care products, such as location tracker devices and smart toys, driven by technological advancements[1].
Regulatory changes are also impacting the industry, with a growing focus on animal health and welfare. For example, the Health for Animals report published in 2022 highlights the importance of providing personalized services and advice to pet owners[3].
In response to current challenges, industry leaders are adapting to meet customer demands. For instance, PetSmart and Petco are investing in e-commerce platforms and expanding their product offerings to cater to the growing demand for online shopping[2]. Additionally, companies are focusing on providing premium services, such as boarding and grooming, to meet the increasing demand for high-quality pet care[2].
Compared to the previous reporting period, the pet care industry has experienced significant growth, driven by increasing pet ownership and a trend towards treating pets as family members. The industry is expected to continue growing, with a projected CAGR of 6.6% during the forecast period[3]. However, there are challenges ahead, including intense competition and regulatory changes, which industry leaders must navigate to remain competitive.
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