Market Highlights
According to the MRFR analysis, the Pet Supplies Market 2020 is projected to secure USD 41.85 Billion by 2030 and mature at a CAGR of 6.70% over the review period (from 2022 to 2030).
Market Synopsis
Pet care goods have gained popularity due to increasing disposable incomes, product creativity, increasing knowledge of specific goods and their needs, and simple product availability. Increasing awareness of the need for quality animal welfare is also increasing the selling of home pet supplies. The e-commerce industry's explosive growth has provided opportunities for players in the market to extend their customer bases.
Pet services in the past consisted of simple appliances with limited functionality. Currently, however, pet supplies provide items providing convenience, exclusive features, and luxury statuses such as trendy theme-based clothes for pets, Animal toys, plush, electric sheets, and orthopedic bedding. This led to higher purchases of domestic pet products and contributed greatly to the expansion of the pet supply industry. The disposable per capita income leads to an increase in expenditure on pet care products, which drives the growth of the global pet supply market. The high prices of raw materials, however, are likely to pose obstacles for suppliers to offer competitively priced pet supplies.
The market for pet products is highly competitive, with the involvement of many regional players catering to the rising demand. Very few large players are active in this market. The pet supplies industry is dominated by the growing number of national products; however, few products such as Ancol Pet Products, KONG Group, Pet-i-trade, and ZippyPaws are internationally recognized. Intense rivalry between players in the industry leads to product creativity that draws customers and drives demand growth.
Market Segmentation
The global pet product industry was segmented by Type into Beds & Furniture, bowls and feeders, cleaning supplies, clothing and shoes, and more. The sector of cleaning supplies is considered the leading market segment and is expected to see significant growth over the review period. In addition, the bed and furtniture segment is also expect to acquire considerable market share, followed by the bowls and feeder segment.
The Pet Supplies Market Overview was bifurcated into store-based and non-store-based by distribution channel. Many pet products are sold by retailers located in malls. The section was divided into hypermarkets , supermarkets, specialty shops and others. During the prognosis period the specialty store segment is expected to dominate the market. Many suppliers of pet supplies sell their goods online via e-commerce sites where all the product types are readily accessible.
Regional Overview
In 2018 North America led the market in pet supplies. In the US, the number of pet households from 1988 to 2018 has grown by 56 per cent. The region 's growing pet ownership drives sales of pet supplies , especially in the US and Canada.
Italy boasts the world's largest pet population. In 2018, Italy had 50.3 pets for every 100 inhabitants. Growing pet numbers, high spending capacity, and product availability are fueling European market growth.
The region's demand is expected to experience the highest CAGR over the projected period. This rise can be due to the increasing number of pet households and raising disposable per capita income in the region. The growing pet population drives the growth of the Pet Supplies Market Size in the region.
Competitive Analysis
KONG Company (US), Akrobon (India), Ancol Pet Products (UK), Pet-i-tude (US), Pets Empire (India), K&H Pet Products (US), Radio Systems Corporation (US), Petland (US), ZippyPaws (US), Central Garden & Pet Company (US), Church & Dwight Co., Inc. (US), Pets Love Scruffs (UK), RAC Group Limited (UK), Rosewood Pet Products (UK), and Sharples Pet (UK), among others.
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