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Humans in search of companionship have found love in pets and taking care of them has become their utmost priority - Actual Market Research
Jun, 07
2020

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Humans in search of companionship have found love in pets and taking care of them has become their utmost priority - Actual Market Research

 

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The modern pet owners are very much attracted to the pet-loving lifestyle, which is far greater than in the elders. Pets influence social and intellectual improvement in kids, advances a dynamic way of life, and has even possessed the capacity to recognize the presence of specific diseases. The pet care industry has grown dynamically over the years due to the change in people’s behavior regarding pets; and a large numbers of pet owners at present are youth. Nowadays consumers are very much intended to provide their pets with foods containing healthy ingredients provide them with better health care facilities, enable them with new aged accessories, and ensure better grooming facilities for the pets.  The changes observed in the pet owners are due to the technology and advent in online purchasing. This has helped the consumers to adopt a wide range of innovative pet products available in the online market space.

 Adaption of pets has rapidly up globally, which has resulted in considerable growth of pet care products in the market. According to the report, ‘Global Pet Care Market Research Report, 2027’, published by Actual Market Research, the market is anticipated to have a market size of around USD 195 Billion during the forecast period, registering a CAGR of above 5%. This growth has been largely dominated by the North American region with the highest penetration of pet care products.  It was observed that increasing adaption of western culture and change in the way of life and developing economies have led the region like Asia-Pacific to sneak into the market with promising growth in the last couple of years. Among all the facilities provided to the pets, the pet food is fastest-growing segment. The hectic and tiresome lifestyle developed due to modernization has made most urban people time-handicapped, leading to an increased preference for commercially packaged pet foods. Pet health care, pet accessories, and pet grooming products then follow this segment. This increasing adaption of pet and pet care products has intensified the competition among the key players. Globally, some famous players hold the majority of shares in the pet care market like Mars Inc., Nestle, Colgate-Palmolive, J M Smucker, Blue Buffalo, etc.

The trend of owning a small pet is increasing globally. In many countries, young couples are started adopting a pet rather than going for a child. This trend can be seen in single staying people also, because they choose to have a pet as a companion to fend off loneliness. In most countries, due to increasing urbanization and rise in smaller size individual houses and apartments, the trend of owning small pets has increased. Especially among apartment staying people, the attraction towards adopting small size pets is increased significantly, as these small pets take up less space and require less attention whether the owner is at home or not.

Modern pet owners are very much attracted to the technologies as it helps in making all the facilities available for their pets. Mobile technologies have brought a lot of advancement in letting the pet care market boom in the last couple of years. It was seen that the pet food products were the first pet care services to be benefitted with this advancement of technology. Later the with the growing adaption of other pet services the major companies have started focusing more on providing various forms of accessories and grooming products online. The sales of such products online have resulted as a massive boost and have influenced many retailer and manufacturer to move towards internet retailing.