The pet care products market is experiencing significant growth due to increasing pet humanization and rising preferences towards premium products. Pet care products such as dog food, cat food, treats and chews, and other pet supplies constitute the fastest-growing companion animal industry globally. Technological advancements have led to the development of nutritional formulations mimicking human foods while meeting the dietary requirements of pets.
The Global Pet Care Products Market is estimated to be valued at US$ 284.16 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.
Key players operating in the pet care products market are Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO. Rising disposable incomes and increased humanization of pets have opened lucrative growth opportunities for personalized and premium products. Technological advancements have led to the development of kibble and wet food with enhanced nutrition, shelf-life and palatability to cater to pets’ tastes.
Key players operating in the pet care products market are Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO. Product premiumization through R&D investments in bioactive and functional ingredients is a key opportunity. Technological advancements have led to the development of nutritional formulations mimicking human foods for dogs and cats to address specific health issues.
Market drivers
The growing urbanization is leading to rising pet ownership especially in developing nations. Pet humanization trend and nuclear family structures have increased pet spending on premium and specialized food & treats. Growing millennial population is driving the online sales of pet supplies & care products. Rising appreciation of pets as companions rather than commodity is propelling the demand. Growing focus on nutritional balance and pet health & wellbeing is augmenting the sales of premium veterinary diets and functional pet care products.
Current challenges in pet care products market
Rising pet obesity levels across Global Pet Care Products Market Size such as the United States and Europe pose a challenge for pet care products companies. Growing pet obesity rates can be attributed to unhealthy pet foods high in calories and fat as well as lack of physical activity among pets. This reduces the demand for certain pet food products. Strict regulations around pet food ingredients and labeling are another challenge faced by players. Regulatory bodies actively monitor pet food products to ensure compliance with quality standards and prevent mislabeling. This increases compliance costs for companies.
SWOT Analysis
Strength: Growing pet humanization trend drives higher spending on premium and natural pet care products. Rising nuclear families and dual income households propel pet ownership and expenditure.
Weakness: Product quality issues and recalls owing to non-compliance with regulations can damage brand image. Economic slowdowns impact discretionary spending on pet care.
Opportunity: Scope for innovative new products catering to specific pet needs. Growing demand in Asia Pacific and Latin America presents market expansion opportunities.
Threats: Increased competition from private label brands offering value pricing. Growing popularity of online sales channels compels traditional retailers to follow suit.
The United States accounts for the largest share of the global pet care products market, both in terms of value and volume. This is attributed to high levels of pet ownership and willingness to spend on premium products in the country. The Asia Pacific region is expected to be the fastest growing market during the forecast period. China in particular is witnessing steady growth in pet care product sales on account of rising incomes and changing social dynamics.
The Western European pet care products market is currently the second largest globally in terms of value. However, Eastern Europe is projected to be the fastest growing geographical segment through 2030 led by nations like Poland and Hungary. Improving living standards and a increasing spending capacity are key drivers behind the growing demand for premium pet care products in the region.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it