Industry Trends

Asia Pacific Pet Care Market was valued at over USD 68.1 billion in 2020 and is expected to witness 10.0% CAGR from 2021 to 2027.

With the advent of online purchasing and advanced technology pet care industry is expected to witness exponential growth in the coming years. Rising demand from pet owners for healthier, nutritious and organic foods for their pets and increasing adoption of private label brands across the region is driving the market growth. Furthermore, growing aging population, surge in the number of people living alone, and the rising disposable income, contributed to a shift towards smaller pets that has propelled the pet care industry growth positively across the region.
 

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Number of pet animals adopted for companionship has increased significantly in the past decade. According to the news article, the pet population in China grew from 389 million in 2013 to 755 million in 2017. China is the third largest pet population country across the world. Furthermore, growing usage of pets in films and ad campaigns has triggered the notion of pet adoption among general population. The pet fair trades including The India International Pet Trade Fair (IIPTF) showcasing wide range of pet care products will positively impact industry growth. Additionally, there has been a shift in trend from pet owners to pet parents that indicates pets are considered as a part of family these days. The increasing social acceptance of pets has stimulated pet adoption. Older pets are said to be perfect companion for senior citizens as they do not require exceptional care and nutrition. Pet adoption is also perceived to assist in low blood pressure, depression and loneliness, thus, fuelling number of pet adoption during the forecast timeframe.

Asia Pacific Market, By Type

By type, the market is segmented into pet food, pet care products and service. Service segment held the largest revenue and was valued at around USD 41.4 billion in 2020 and is projected to follow the same trend in the coming years. The high market share is attributed to the growing demand for mobile pet grooming. For geriatric population with limited mobility, mobile grooming services have been invaluable and, thereby has propelled the demand for these services significantly. Growing awareness regarding the benefits of the mobile pet care services including expert care and personalized individual attention are some of the attributes of this service that is boosting the demand for pet care services. Hence, the above-mentioned factors are some of the factors due to which market will witness exponential growth in the coming years.

Asia Pacific Market, By Animal

On the basis of animal, the market is bifurcated into dogs, cats, birds, fishes, horses and others. Dogs segment was valued at around USD 31.8 billion in 2020 and is projected to witness lucrative growth from 2021 to 2027.  This is due to the growing demand for dogs that are adopted for therapeutic and psychological benefits. Adoption of pet dogs have increased in emerging countries such as India and China, owning to increased imitation of western culture and lifestyle changes. Dog adoption, rising affluence in developing economies and launch of advanced dog specific products are some of the factors that will spur the segmental growth in the coming years. Hence, owing to the above-mentioned factors the market will witness a positive growth in the forecast period.

 Asia Pacific Market, By Distribution Channel

By distribution channel, the Asia Pacific pet care market is segmented into stores, E-commerce and others. Stores segment held the largest revenue in 2020 and was valued at around USD 33.5 billion. High demand for generic, premium, & natural pet food and other diet-related products are some of the factors that have propelled the growth of pet stores. Additionally, increasing pet care spending will be the major impact rendering factor for growth of pet stores. Hence, the aforementioned factors will propel the segmental growth positively in the coming years.  

Asia Pacific Market, By Country

China pet care market held the largest revenue in 2020 and was valued at around USD 32.5 billion. This high market share is due to the rising disposable income and growing pet ownerships. Growing awareness pertaining to the pet health is stimulating owners to pay emphasis on the pet food nutrition. Demand for natural, specialized food products and grain-free pet product are propelling significantly in the country. Hence, these factors are anticipated to propel the market growth positively in the coming years.

Competitive Market Share

Some of the major industry players involved in Asia Pacific pet care market include Ancol Pet Products Limited, Blue Buffalo Pet Products, Inc., Champion Petfoods, Colgate-Palmolive Company, Mars, Incorporated, Nestle S.A, Petco Animal Supplies, Inc., Zoetis Inc., Idexx Laboratories Inc., among others. These industry players are undertaking several inorganic strategies such as collaborations, mergers and acquisitions to maintain their market position. For instance, in April 2020, Idexx announced the launch of IDEXX SARS-CoV-2 (COVID-19) Real PCR Test for pets. The launch of the product has strengthened the position of the company across the globe.  

Industry Background

Pet care initiated in the Asia Pacific region in the 19th century owing to the religious beliefs, changing lifestyle and rising disposable income. In the Asia Pacific, pets have been a part of human society for thousands of years and cats and dogs were buried with humans. Moreover, in the past few decades, in Japan, ownership of pets has gradually moved from a predominantly utilitarian function to a concept that incorporates pets into the family system. Furthermore, rising initiative in the Asia Pacific region pertaining to animal shelter augmented the trend of pet adoption in the region. Consequently, in 2016, Asia-Pacific region was the leading region of pet ownership, which had 33 percent of the global pet population. As a result, there has been a growing demand for pet products such as medications and pet foods with pet services in the Asia Pacific region and the demand is anticipated to increase in the coming years.