Published Date: 2021-01-27
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According to the Graphical Research new growth forecast report titled “North America Pet Care Market Size By Type (Pet Food {Nutritional, Medicated}, Pet Care Products {Veterinary Care Products, Supplies/OTC Medications}, Service {Pet Grooming/Boarding, Live Animal Purchase), By Animal (Dogs, Cats, Birds, Fishes, Horses), By Distribution Channel (Stores, E-Commerce), Industry Analysis Report, Regional Outlook (U.S., Canada)”, Estimated To Exceed USD 132.4 Billion By 2027.
Growing demand for pet insurance across the region will stimulate the North America pet care market growth. The cost of pet care is increasing with technological advancement of veterinary medicine. This can be attributed to high costs associated with the equipment, facilities and training required to provide these higher-quality services. Thus, pet health insurance aids by offsetting of the costs of treating and managing illness or injury and diagnosing. Consequently, the demand for pet insurance has considerably surged in the last few years.
According to the North America Pet Health Insurance Association, the demand for pet insurance will rise at a considerably pace in the coming years. Therefore, pet insurance companies are engaged in providing comprehensive coverage, affordable costs with add-on features, solid customer service, and favorable customer reviews that is increasing the adoption rate of pets and demand for pet products. Hence, the above-mentioned will stimulate the North America pet care market growth in the coming years.
Growing prevalence of food borne and zoonotic diseases will uplift the demand for pet care services across North America. According to the Centers for Disease Control and Prevention (CDC), prevalence of zoonotic diseases is high in the U.S. In addition, as per the estimates by some scientists, more than 6 out of every 10 known infectious diseases in people can spread from animals. Moreover, according to a published article, foodborne pathogens cause approximately 9.6 million illnesses and 1,500 deaths each year in the U.S. Therefore, rising prevalence of such diseases is augmenting the demand for pet care products and services at a rapid pace. Hence, the above-mentioned factors will significantly propel the pet care market growth in the coming years. However, high cost of pet care may impede the market growth.
Based on type, the North America pet care market is segmented as pet food, pet care products and service. Pet care products segment is anticipated to expand at a CAGR of 2.5% from 2021 to 2027. Increasing awareness of pet health among pet owners, increasing popularity of grain-free pet food products. Moreover, the pet grooming space has grown at an annualized rate of around 3% to approximately USD 10 billion over the five years. Therefore, several industry players are engaged in launching various pet care products. For instance, in 2018, Amazon launched Wag, a pet products brand. Additionally, Kroger Co. has ventured into pet products containing natural ingredients. Hence, the above-mentioned factors will significantly foster the market growth in the coming years.
Based on animal, the North America pet care market is bifurcated as dogs, cats, birds, fishes, horses and others. Cats segment held considerable revenue share in 2020 and was valued at more than USD 33 billion. Cats as pets aid in reducing stress, anxiety, decrease risk of stroke and require less training. Therefore, they are widely adopted as pets in North America, thereby augmenting the demand for pet care products. Furthermore, cat ownership is anticipated to increase across the globe at a crucial pace because they are low maintenance and are human-friendly. According to a published article, the North Shore Animal League America had a population of more than 300 cats in mid-March. Hence, the above-mentioned factors will boost the segmental growth that will propel the overall business growth.
Based on distribution channel, the North America pet care market is bifurcated as stores, E-commerce and others. Stores segment held majority market share in 2020 and was valued at more than USD 76 billion. The higher market share is owing to increase in demand for premium and other pet-related products. Additionally, according to a report, pet stores often offer hygienic care including pet cleaning and aesthetic services such as cat and dog grooming in the U.S. and Canada. Moreover, some pet stores also provide tips on training and behavior, as well as advice on pet nutrition. Therefore, a large population base prefers adopting pets from stores. Hence, the above-mentioned factors will significantly foster the segmental growth that in-turn will propel the overall market growth in the coming years.
Canada pet care market is anticipated to expand at 2.8% CAGR and foresee a similar growth trend in the coming years. The higher market growth in the country is owing to the prevalence of coronavirus pandemic that has led to increase in number of people adopting pets for companionship. In addition, rising animal expenditure in the country and strong presence of several industry players engaged in development and delivery of pet care products is contributing to the market growth. Moreover, the increase of pet humanization to treat pets with increased hygiene and care is proving to be a major driving factor for the market growth. Hence, the above-mentioned factors are fostering the pet care market growth in Canada.
Some of the major industry players involved in North America pet care market include Ancol Pet Products limited, Champion Petfoods, Blue Buffalo Pet Products, Inc., Heristo akteingesellschaft, Colgate-Palmolive Company, Petco Animal Supplies, Inc, Zoetis Inc., Idexx Laboratories Inc., Chewy Inc., Zooplus AGamong others. These market players are adopting various strategies in order to strengthen their industrial position. In addition, the investments made by these players is creating opportunities for global expansion of the market. For instance, in February 2020, Champion Petfoods announced the launch of 3 new pet food lines. The strategic move will assist the company in expnanding their product portfolio and enhancing their customer base.
North America 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:
North America Pet Care Market, By Type, 2016-2027 (USD Million)
Pet Care Market in North America, By Animal, 2016-2027 (USD Million)
North America 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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