GIA: Pet care to surpass $240B
by Katie Pfaff
The global market for pet care is forecast to rise to a value of $241.1 billion by 2026, according to a report by market research firm, Global Industry Analysts Inc. The estimate was revised following the pandemic and an estimated value of $193.5 billion in 2022. The forecasted growth amounts to a CAGR of 5.2% across the period.
The market is anticipated to be boosted by high rates of pet ownership and trends toward seeing animals as part of the family which consequently leads to a willingness to spend on pet care needs. Pet owners with greater amounts of disposable income has also driven growth in the pet care market.
Greater availability and adoption of online sources for shopping has also widened the opportunity for growth in pet care products and services. The market is also differentiating with younger pet owners seeking out and paying for premium options like organic pet food, sustainable options, and pet grooming services. Adding even further to growth, technological advances have made products more connected, such as wearable technology to track pet wellness, automated food dispensers, cameras, and apps.
Within the market, pet food was expected to account for $113.9 billion and grow at a CAGR of 4.8%. the veterinary care segment was adjusted post-pandemic to a CAGR of 5.1% growth across the next 7 years. By geography, the United States accounts for a 2022 estimated value of $82.8 billion.
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