Pet Care Market: Introduction
- Pet care is the foundation of responsible pet ownership and refers to taking care of pets. Pet care includes taking care of food & safety, exercise, nourishment, and medical attention of a pet. It is a lifetime commitment toward a pet that depends on the pet parent for health and wellbeing.
Key Drivers of the Global Pet Care Market
- Increasing consumer spending in the household and pet care categories is anticipated to be the rising trend of pet humanization. Consumers see their pets as family members; this encourages pet humanization, which influences the rapid growth of the global pet care market. People are adopting small pets (cats, dogs etc.) as they are more likely to humanize and indulge compared to larger pets. Hence, consumers are spending heavily to ensure that the best quality life is given to their pets. This leads to increasing adoption of pet care products such as feeders, bowls, and waterers. Consumers are treating their pets as family members and providing them quality life, which is a factor driving the increasing demand for pet care products. Additionally, pet humanization is influencing the market growth with rising number of companies coming up with interesting and premium pet care products.
Factor Restraining the Global Pet Care Market
- Lack of awareness about pet care products among consumers of developing countries can impede the growth of the pet care market. Per capita income of middle and lower middle class population in developing countries is less compared to developed countries. Hence, people with lower income do not consider pet care as a priority that may restrict the spending on pet care products, subsequently hindering the growth of the pet care market.
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global pet care market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the pet care market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the pet care market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America pet care market is segmented into Brazil, and Rest of South America.
- North America accounted for largest share of the global pet care market due to premiumization that leads to the increasing demand for premium pet care products. Manufacturers in this region have greater opportunity to launch high quality products due to growing consumer interest toward premium products and high consumption habits of consumers in the U.S., which are the driving factors of the pet care market in North America.
- The pet care market in Asia Pacific is projected to expand rapidly during the forecast period due to rapid growth and growing disposable income that are expected to increase consumer spending on pet care products. Moreover, increasing awareness about veterinary health, growing government animal healthcare organizations, increasing pet ownership, and rising spending on pet care products are factors which help in boosting the growth of the pet care market in this region.
Key Players Operating in the Global Market
Manufacturers in the pet care market have analyzed the preference and demands of consumers. Manufacturers are focused on fulfilling demands of pet owners and launching different and interesting products for pets. Pet humanization is influencing the pet care market growth that leads to increasing number of companies investing in R&D to create new products. The objective of manufacturers is to focus on an acquisition strategy to strengthen their market position globally.
A few of the key players operating in the global pet care market are:
- Mars, Incorporated
- Ancol Pet Products Limited
- Doskocil Manufacturing Company, Inc. dba Petmate
- Rolf C. Hagen, Inc.
- K&H Pet Products
- Coastal Pet Products
- Torus Water Bowl
- K&H Pet Products
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Global Pet Care Market: Research Scope
Global Pet Care Market, by Pet Type
- Small Animal
- Others (Horses, Birds, etc.)
Global Pet Care Market, by Product Type
Global Pet Care Market, by Pricing
Global Pet Care Market, by Distribution Channel
- E-commerce Portal
- Company Owned Portal
- Large Format Stores
- Specialty Stores
- Others (Small Stores, etc.)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.