Published Date: 2021-01-27
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According to the Graphical Research new growth forecast report titled “Asia Pacific Pet Care Market Size By Type (Pet Food {Nutritional, Medicated}, Pet Care Products {Veterinary Care Products, Supplies/OTC Medications}, Services {Pet Grooming/Boarding, Live Animal Purchase), By Animal (Dogs, Cats, Birds, Fishes, Horses), By Distribution Channel (Stores, E-commerce), Industry Analysis Report, Regional Outlook (Japan, China, South Korea, India, Australia, Philippines, Singapore, Thailand)”, Estimated To Exceed USD 132.1 Billion By 2027.
Rise in pet adoption for companionship has led to increased spending on pet care. High disposable income and rising prevalence of zoonotic diseases has further augmented the spending on animal healthcare. Pet owners are spending huge amount to give same organic lifestyle to their pets. Furthermore, pet owners are spending more on pet services such as grooming, walking, boarding, exercise, training, pet-sitting and yard service. Availability of advanced pet surgical procedures, specialty pet services and rise in pet insurance will positively impact pet care market growth. The use of pet medicines and supplements to ensure healthy lives for pets continues to upsurge. Moreover, pet owners are more likely to use digital devices and technology to rise the popularity of pet technology products. Hence, the above-mentioned factors will drive the pet care market growth in the coming years.
However, high pet care cost and lack of awareness in some of the countries across the region may impede the Asia Pacific pet care market growth.
Based on type, the Asia Pacific pet care market is segmented into pet food, pet care products and services. Pet food segment held the market share of around 24% in 2020 and is anticipated to follow the same trend in the coming years. The rapid growth of the segment is owing to the rising number of pet owners shifting towards the benefits of protein-rich diet, to increase muscle mass & strength, promote satiety, and assist pets in maintaining the ideal body condition. Hence, the above mentioned factors will significantly foster the market growth in the coming years.
Based on animal, the Asia Pacific pet care market is segmented into dogs, cats, birds, fishes, horses and others gloves. Cats segment held the market share of around 43% in 2020. The high market share is owing to the growing adoption of cats as companion animals. Also, with increasing adoption rate of cats, the expenditure on cat care products will witness steady growth in the future that in turn will drive the overall market growth. Hence, owing to these attributes the market will witness a significant growth in the coming years.
Based on distribution channel, the Asia Pacific pet care market is segmented into stores, E-commerce and others. E-commerce segment is anticipated to expand at 10.6% CAGR from 2021 to 2027. The higher growth of the segment is owing to the availability of cost-effective products on E-commerce platform and flexibility provided to the consumers. Preference for E-commerce websites for pet care products is growing among pet owners as they are willing to spend more on pet care and grooming products. Also, various pet care brands are opting to sell their products online as they get a greater number of customers online. In addition, various pet care product manufacturers are adopting E-commerce to build a better online experience for their consumers, thereby exploring huge sales opportunities. Hence, the above-mentioned factors will stimulate the market growth in the coming years.
Japan pet care held the market share of around 20% in 2020 and is expected to witness slow growth in the coming years. Growing number of people living alone in the country and shifting demographic trends is stimulating the younger generation to own pets as a source of companionship. Furthermore, rising awareness pertaining to pet health has propelled the demand for natural and nutritious pet foods in the country. Presence of major players in the country has further offered accessibility to the branded products in the country that in turn is driving the pet care market growth. Hence, owing to these attributes the country is projected to witness a substantial growth in the coming years.
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 major market players are engaged in strategic acquisitions, mergers, partnerships and collaborations in order to maintain a competitive edge over other market players. For instance, in November 2018, Mars Petcare announced acquisition of AniCura, animal hospitals and clinics. Through this acquisition mars obtained access to the AniCura procurement platform leading to expansion of veterinary business.
Asia Pacific pet care market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Asia Pacific Pet Care Market, By Type, 2016-2027 (USD Million)
Asia Pacific Pet Care Market, By Animal, 2016-2027 (USD Million)
Asia Pacific Pet Care Market, By Distribution Channel, 2016-2027 (USD Million)
The above information is provided for the following region and countries:
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