The pet care industry has experienced significant growth in recent years, driven by increasing pet humanization and rising consumer spending on pet products and services. According to a report by Straits Research, the global pet care market size was valued at USD 190.02 billion in 2024 and is projected to reach USD 323.77 billion by 2033, growing at a CAGR of 6.1% during the forecast period[1].
North America remains the largest market for pet care, accounting for 43% of the global market share in 2021, driven by a growing number of pet owners and increasing awareness about good veterinary health[2]. The Asia Pacific region is expected to be the fastest-growing market, with a CAGR of 5.6% during the forecast period, driven by rapid economic expansion and rising disposable income[2].
Recent market movements include the acquisition of Armitage Pet Care Ltd. by Spectrum Brands Holdings, Inc. in 2020, expanding the company's product portfolio and reach in the pet care market[2]. Additionally, companies such as Wahl Animal have launched new premium dog grooming accessories, catering to the growing demand for pet grooming products[2].
Emerging competitors in the pet care market include companies such as Neo Bites, which became the first carbon-negative dog food company in the US in 2022[2]. The company's focus on sustainability and eco-friendliness is expected to drive growth in the pet food segment, which is projected to register a CAGR of 5.3% from 2022 to 2030[2].
Regulatory changes in the pet care industry include tightening regulations on dog ownership and breeding in China, which is expected to favor cat ownership in the region[5]. The pet industry in Latin America, Asia, and Africa is expected to reach USD 98 billion in 2025, representing a 7% annual increase, driven by rising pet ownership and shifting demographics[5].
In terms of consumer behavior, there is a growing trend towards treating pets as family members, leading to higher demand for premium pet food and services[4]. Pet owners are also becoming more attentive to their pets' health, driving demand for pet daycare services, which are expected to reach USD 2.85 billion by 2030 in the US[3].
Industry leaders are responding to current challenges by expanding their product portfolios and investing in sustainable and eco-friendly products. For example, companies such as Nestle Purina PetCare and Mars, Incorporated are launching new pet food products made with sustainable and recyclable materials[2].
Compared to previous reporting, the pet care industry has continued to experience significant growth, driven by increasing pet humanization and rising consumer spending. The industry is expected to continue to grow, driven by emerging markets and a growing healthcare segment, which is expected to increase the global pet economy by 5-6% to over USD 380 billion in 2025[5].
This content was created in partnership and with the help of Artificial Intelligence AI
