Thu, 07 Dec 2023

The pet market (purchasing of pets) size is projected at US$ 16,607.2 Million in 2022 and is projected to reach US$ 34,140.7 Million by 2032, accelerating at a CAGR of 7.5% between 2022 to 2032. Share of the pets market (purchasing of pets) market in its parent market (pet market) is approximately ~10-20%.

Global pet sales are being driven by an increase in pet adoption and ownership, which is being fueled by rapid urbanisation, rising disposable income, and health concerns. Currently, between 8% and 70% of all households have pets.

Similar to this, the growth of the pet grooming and pet care industries as well as the escalating humanization trend are likely to support market expansion during the projection period.

A growing number of people treat their dogs like members of their families, feeding them food and treats based on their pet's nutritional needs or their own dietary preferences, such as veganism.

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Key Takeaways from the Pet Market (Purchasing of Pets) Study:

  • By pets' type, dogs and cats' segments currently form the largest share of the global pet market and the trend is likely to continue during the forecast period.
  • Based on gender, male segment is likely to be most remunerative in the global pet market over the assessment period.
  • Argentina holds a significant share of the global pet market (purchasing of pets).
  • Demand for pets in Australia is anticipated to rise at a robust pace during the next decade.
  • With rising consumer inclination towards adopting pets, the U.S, will continue to dominate North American pet market (purchasing of pets) during the forecast period.

"Rapid urbanization and rise of pet humanization have boosted triggered pet adoption and ownership, thereby creating chances to improve profitability in the market"- says the FMI Analyst

Who is Winning?

Leading suppliers in pet market (purchasing of pets) are focused on promotional policies, online services, advertisements, and new launches and offers that have driven sales growth of the pet market (purchasing of pets).

Major players present in the pet market (Purchasing of Pets) are Petco, Pet finder, PetSmart, Pet mate, Petco Foundation, Adoptapet, Best Friends Animal Society, The Shelter Pet Project, Petango, Petland, and others.

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Market By Category

By Pets Type:

  • Dogs
  • Cats
  • Others

By Price Range:

  • Premium
  • Economy

By Gender:

  • Male
  • Female

By Sales Channels:

  • Online Retailers
  • Offline
  • Other Sales Channel

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post Pet Market Size is Anticipated to be Worth US$ 16,607.2 Mn in 2022 | FMI appeared first on Future Market Insights.

Original Source of the original story >> Pet Market Size is Anticipated to be Worth US$ 16,607.2 Mn in 2022 | FMI

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