The analyst has published a comprehensive research study based on a survey conducted to analyze the buying patterns, consumer behavior, and impact of pricing on buying decisions.
NEW YORK, July 8, 2020 /PRNewswire/ --
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The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local as well as global market. The study also provides insights into the factors affecting the buying decisions, consumer preferences, and the demographic factors promoting the growth of the products of the global pet care market.
Humans are been domesticating animals since the early stage of evolution. The number of animals are been domesticated for various reasons including food, protection, safety, and companionship. In the modern age, several animals are been adopted and domesticated solely for companionship purposes. Animals such as parrots, love birds, guinea pigs, iguanas, and hamsters along with cats and dogs are been adopted as pets by many pet owners. The number of pets in the world has increased in the past century. As the number of pets has increased, the demand for the products and services for pets has also increased. The products that are used for pets are called pet care products. Pet care products include pet food, veterinary care, OTC/supplies, live animal purchase, and pet grooming and boarding products. The Pet care industry has observed tremendous growth in the past few decades and it is expected to grow with a healthy rate in the future as well.
The Growing Adoption Rate of Pets Augment the Growth of the Global Pet Care Market
According to the report, the global pet care market was valued at USD 155.4 billion in 2018 and it is expected to grow with a CAGR of 6.6% over the forecast period of 2019-2025. The growth of the market is majorly driven by the increase in the rate of ownership of pets around the world. As of 2018, there were more than 470 million pet dogs and around 370 million pet cats across the world. The number of pets in the world is estimated to have increased and is expected to grow in the future. The growing number of pets increases the demand for the pet care products required for them. Moreover, most pet owners consider their pets as a part of their family and treat them likewise. Similar to any family member, pet owners are willing to spend heavily on the health and wellbeing of their pets. The higher willingness of pet owners to spend heavily on their pets boosts the growth of the pet care market.
However, factors such as government and societal regulations on pets are expected to act as challenges to the market. Many state and local governments have restrictions on the adoption and owning of pets. Several of the local governments have banned certain species and breeds of animals from owning as pets, which impacts the demand for pet care products marketed exclusively for those animals. Nevertheless, the introduction of innovative pet care products developed by integrating advanced technology in them is anticipated to boost the market further. Products such as pet collar and belt with GPS technology and other sensors are been introduced in the market. These products can track the location and health of pets. Moreover, the use of technology in the pet care products poses lucrative opportunities to the companies in the market.
The survey conducted found variations in the expenditure on pets across different countries. The personal expenditure on pets in western countries including the US, UK, and Germany is more as compared to countries in Asia Pacific such as India, Thailand, and Indonesia. The difference in disposable incomes plays an important role in the discrepancy in the expenditure pattern of individuals in different countries. For instance, in the US, where the people spend heavily on their pets, the total disposable personal income was USD 14.5 trillion dollars in 2018. However, in India, where the expenditure on pets was considerably low, the total disposable personal income was USD 2.5 trillion in 2018.
Figure 1 Average Yearly Expenditure on Pets in the US
The United States, China, and Germany among top Markets for Pet Care
According to the findings in the report, countries including the US and China along with countries in Europe are the best markets for pet care products. Europe and North America together make more than 60% of the total sale of pet care products in the world. The US is the leading country in terms of sales in the global pet care market followed by China and Germany. The greater adoption rate of pets and higher expenditure on pets coupled with wider availability of products are the major drivers for higher the sale of pet care products in these countries. On the other side, the sale of pet care in developing countries such as India is anticipated to grow rapidly. Factors including improving economic conditions and growing awareness regarding products are majorly influencing the sale of pet care in developing countries.
Figure 2 Top Countries in Global Pet Care Market in 2019 (Revenue % Share)
North America Generated the Highest Revenue from Pet Cares
In terms of geography, North America generated the highest revenue in the global pet care market. Higher awareness regarding pet health and well-being is the major driver for the growth of the market in North America. Furthermore, better product availability and well-established pet care centers are augmenting the growth of the market. Additionally, the presence of major players in the market such as Mars, and Pet Smart are propelling the North American market. Moreover, the Asia Pacific region is projected to grow with the fastest rate owing to the growing awareness regarding pet care products and the increasing number of supermarkets and hypermarkets.
Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through
• Key Opinion Leaders associated
• Internal and External subject matter experts
• Professionals and participants from LinkedIn, Hoovers, Factiva, and Bloggers
• Our primary research respondents typically include
• Executives working with leading companies in the market under review
• Product/brand/marketing managers
• CXO level executives
• Regional/zonal/ country managers
• Vice President level executives.
Methods of Primary Research
• Computer-assisted telephone interview (CATI)
• Computer-assisted personal interview (CAPI)
• Computer-assisted web interview (CAWI)
Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. The secondary sources of the data typically include
• Company reports and publications
• Government/institutional publications
• Trade and associations' journals
• Databases such as WTO (World Trade Organization), OECD (The Organization for Economic Co-operation and Development), Hoovers, Factiva, and the World Bank, among others.
• Websites and publications by research agencies
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