Growth of the Pet Care Industry
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Pets today are seen and considered as a member of the family and therefore are the destination of part of the household income, therefore, the pet care industry has evolved to offer more products and services for our best friends.
According to a study conducted by GfK, 56% of the world’s population has at least one pet at home. Latin America is the leading region, where 80% of Mexican and Argentinean respondents have a pet, as well as 75% of respondents from Brazil. The next countries on the list are Russia, where 73% of the population has a pet, and the U.S. with 70%.
The Asian continent, meanwhile, is where people have fewer pets. In Japan only 37% said they have a pet at home, in Hong Kong 35% and in South Korea only 31%.
According to the American Pet Products Association (APPA) more households have pets than children, as only 33.5 million U.S. families have children, while 84.9 million have pets and the number of households with pets is expected to increase by 14% by 2030.
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Premium products: pet owners are becoming increasingly fond of premium products and luxury pet foods are becoming more prevalent. In the U.S., 60% of dog and cat owners are concerned about the nutrition of their non-human animals, and are expected to spend $44.1 billion on food and treats this 2021. Owners are also indulging their pets with non-essential items, such as toys and clothing. In this regard, the global pet accessories market is expected to exceed $40 billion by 2025.
Medical care: Advances in veterinary care provide a better quality of life for our furry friends. This includes veterinary treatments, preventive medications, diagnostic and detection tools, imaging and therapies of all kinds. In addition, owners are buying insurance policies; in the U.S., private health insurance was purchased for more than 3.45 million animals in 2020 and exceeded 2.17 billion in premiums.
The pet care industry ranges from veterinary pharmaceuticals, diagnostics, product and service distributors, food manufacturers and supplies of all kinds. According to a ProShares report, the industry is expected to grow from $232 billion in 2020 to $350 billion in 2027.
Business interest has also intensified and the pet care industry is capturing the attention of investors.
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