New market research shows that the global pet care market is poised for substantial growth, projected to exceed £400 billion by 2028 from £295 billion in 2022, marking a notable CAGR of 5.22%.
This burgeoning market landscape is characterised by its fragmentation, with international players like Mars Inc., Nestle Purina, and J.M Smucker Company dominating the scene while local companies intensify competition by diversifying product offerings to meet evolving consumer demands.
Market Trends and Drivers
North America emerges as a key player in the global pet care market, accounting for over 49% of the market share in 2022, with the United States driving much of this growth. The U.S. market is propelled by a diverse array of retail channels, including specialty stores, mass merchandisers, and modern grocery retailers. Private labels are also making strides in the market, emphasising the importance of branding and consumer trust.
Technology integration is reshaping the pet care landscape, allowing pet owners to connect with their furry companions through innovative solutions like MoeGo, a cloud-based pet grooming software. This technological revolution enables pet owners to monitor pet health, book grooming appointments, and engage with their pets remotely, reflecting the growing influence of technology in the pet care industry.
The trend of pet humanisation underscores a shift towards pet health and wellness, with pet owners seeking sustainable, eco-friendly products containing natural ingredients. Brands like Pet Place, Camp Bow Wow, and PetSmart are capitalising on this trend by offering a range of pet services, from daycare and grooming to retail and boarding, catering to the evolving needs of pet owners who view their pets as cherished family members.
Pet owners are increasingly prioritising chemical-free grooming products, driving demand for natural and organic alternatives that promote pet health and well-being. This shift towards sustainable, eco-friendly options not only enhances pet safety but also aligns with consumer preferences for environmentally conscious products, reflecting a broader trend towards responsible pet care.
Segmentation Insights
- Dry Pet Food Segment: Dominating the market with over 42% share in 2022, the dry pet food segment offers convenience and cleanliness for pet owners.
- Veterinary Care Segment: Vital for pet health, veterinary care commands a significant market share, encompassing vaccinations, treatments, and follow-ups.
- Beauty & Cosmetics Segment: Hair & skin care leads the market, reflecting pet owners’ emphasis on grooming and pet hygiene.
- Pet Services Segment: Grooming services hold a prominent share and are poised for robust growth within the pet services segment.
- End-User Pet Care Segment: Dogs remain the most popular pets globally, driving demand across various product categories.
- Distribution Channels: Offline channels retain dominance, leveraging broader reach and consumer trust to drive market growth.
As the global pet care market continues to evolve, B2B marketers must stay attuned to emerging trends and consumer preferences, leveraging innovative strategies to capitalise on growth opportunities in this dynamic industry.
