North American pet care market is anticipated to grow by a considerable margin over the forthcoming years with the rapidly rising pet adoption trend across the world. Subsequently, the increasing prevalence of food borne, and zoonotic diseases would greatly elevate the demand for pet care services as well. The rate of pet adoption is rapidly increasing due to the growing need for companionship as well as leading a healthy and active lifestyle among consumers, especially during the pandemic.
The globally prevalent pet humanization phenomenon is also swaying the pet care market growth with increasing number of firms actively engaged in rolling out innovative as well as high quality pet care products. The increasing levels of consumer disposable income is further complimenting this emerging practice.
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Ongoing paradigm shift to nuclear families is influencing a greater number of people to adopt or foster pets, creating higher spending conditions when it comes to pet care, further helping in the rapid commercialization of pet related products and services. In fact, according to the AAPA (American Pet Products Association), pet services and product sales were valued at nearly $95 billion in 2019. The increasing consumer willingness to spend on pet welfare has boosted the demand for pet care products as well as professional services.
Meanwhile, rising demand for pet insurance across North America is also giving rise to stronger revenue streams for the overall market. As per the North America Pet Health Insurance Association, pet insurance demand is slated to increase significantly over the upcoming years. As a result, numerous pet insurance firms are increasingly focusing on offering solid customer service, affordable costs with additional features, and comprehensive coverage to bring in positive customer reviews, ensuring their growth and supporting the emerging movement of companion animal adoption.
With respect to type, the pet food segment is expected to grow with a respectable CAGR of more than 5.1% over the forecast time period. This anticipated growth is ascribed to the numerous benefits of natural and preimmunized pet foods as they contain high quality, proactive, and natural ingredients that are free of preservatives. Higher preference for protein-rich food products among pet owners for their pets is creating favorable conditions for the diversification of product portfolios. Additionally, the concept of personalized food products for pets is also picking up steam and being extensively adopted by today’s pet owners, boosting business growth prospects at a fast pace.
In terms of animal, in 2020, the cats segment was valued at approximately $33 billion and is estimated to see strong growth over the forecast time period. Cats as pets help decrease anxiety, stress, and also lessen the risk of stroke among owners. Additionally, it is widely known that cats require very less training, making them much more convenient companion animals. Consequently, the rate of cat adoption is considerably high in North America, creating higher demand for cat-oriented pet care products. Moreover, the practice of cat ownership is also likely to rise across the world at a very notable pace since they are considered much more human friendly and low maintenance.
On the regional front, pet care market in Canada is estimated to expand at more than 2.8% CAGR over the forecast time period. The COVID-19 pandemic has led to a rise in the number of people adopting pets for fellowship across Canada. Additionally, there is a high presence of industry players who are engaged in the development as well as delivery of pet care products in the region. Increasing animal expenditure in the country is also making positive contributions towards industry outlook. Canada is also going through the pet humanization movement and owners are increasingly focusing on hygiene, which is also proving to be a key driving factor for the regional pet care market.
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Blue Buffalo Pet Products, Inc., Idexx Laboratories Inc., Zooplus AGamong, Ancol Pet Products limited, Heristo akteingesellschaft, Zoetis Inc., Champion Petfoods, Chewy Inc., Colgate-Palmolive Company, and Petco Animal Supplies, Inc among others are some of the key players operating in the North American pet care market.
Table of Contents (ToC) of the report:
Chapter 3 North America Pet Care Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Pet Care Market Growth drivers
188.8.131.52 Increase in animal healthcare expenditure
184.108.40.206 Growing pet adoption across the region
220.127.116.11 Mobile pet grooming
3.3.2 Industry pitfalls & challenges
18.104.22.168 High pet care cost
3.4 Analysis of COVID-19 impact on the industry
3.5 Porter’s analysis
3.6 Competitive landscape, 2019
3.7 PEST analysis
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