Pet care market shows trends in pet humanization and fashion
The global pet care market is expected to post a compound annual growth rate (CAGR) over 5% during the period 2018-2022, according to the latest market research report by Technavio. The growing trend for pet humanization and changing consumer preferences have made pet owners increasingly conscious of their pets’ health.
This is driving the demand for natural and organic pet care products as these products are of high quality, safe, and more nutritious. This is encouraging some market players to introduce natural pet food products with additional features such as low-glycemic formulations and health condition-specific ingredients. Thus, the shifting preference toward natural and organic pet care products will boost the growth of the pet care market during the forecast period.
As per Technavio, the popularity of pet fashion among pet owners will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Some pet owners, especially affluent ones, are very particular about representing their lifestyles by spending on luxurious and fashionable products for their pets. This is encouraging many market competitors to launch numerous fashionable products in the grooming and accessories segment. These luxurious and fashionable products are available in different varieties, raw materials, colors, and sizes. Thus, with the availability and demand for pet fashionable products, the market for pet care is expected to showcase a positive outlook during the forecast period.
“The increase in number of people owning pets and increased spending on pets are some other major factors that will boost market growth during the forecast period,” said a senior analyst at Technavio.
Global Pet Care Market: Segmentation Analysis
Technavio’s market research report segments the global pet care market by product (pet food, pet accessories, and pet grooming), and application (dog care, cat care, and pet care) and geography (the Americas, APAC, and EMEA). Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. For more information visit, www.technavio.com.