In an era when pet owners are increasingly choosing raw foods and animal protein for their pets, the global pet care market is set to experience significant expansion. Current estimations place the market at a robust US$193.6 billion as of 2022.
However, projections indicate that by 2030, the market could increase by more than 50%, hitting a revised figure of US$305.1 billion. This translates to a compound annual growth rate (CAGR) of 5.9% over the eight-year period between 2022 and 2030, according to the Global Pet Care Strategic Business Report 2023.
One of the key sectors under observation within the report is pet food, which is anticipated to follow a similar upward trajectory. The sector is expected to register a 5.4% CAGR, amounting to a market worth of US$134.7 billion by 2030.
Moreover, as the world recovers from the effects of the pandemic, the veterinary care segment is also set for steady growth. Current predictions suggest an adjusted CAGR of 5.8% for the next eight years.
Geographically, the United States dominates the pet care market, with an estimated worth of US$82.9 billion as of 2022. Meanwhile, China, the world’s second-largest economy, is expected to witness a substantial growth rate of 7.6% CAGR over the eight-year period. By 2030, China’s pet care market is forecast to reach a value of US$10.6 billion.
Other regions are not lagging too far behind. Both Japan and Canada are slated for solid growth over the 2022-2030 period, with predicted CAGRs of 4.8% and 6.2% respectively.
Europe also presents potential for expansion, particularly in Germany, where the pet care market is forecast to grow at approximately 4.7% CAGR. The Asia-Pacific region, guided by the growing markets in Australia, India, and South Korea, is also poised for a significant market increase. By 2030, the market in this region is projected to reach a noteworthy US$28.7 billion.
For more information about this report visit https://www.researchandmarkets.com/r/4p0ond