As outlined in Meticulous Research®’s recent publication, the pet care market is projected to surge to $287.96 billion by 2031, growing at a CAGR of 5.9%. This growth reflects the rising trend of pet humanization, where pets are viewed as family members, driving demand for premium pet food, supplements, grooming products, and veterinary services.
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Key Growth Drivers
The increasing focus on pet health and wellness, coupled with a rising number of pet adoptions and expanding disposable incomes, has accelerated spending in this market. The introduction of new and specialized pet products and the shift toward premium offerings are further strengthening market opportunities.
Industry Players in Focus
Prominent market players include Mars, Incorporated; Hill’s Pet Nutrition, Inc.; and Ancol Pet Products Limited, among others. These companies lead in providing a broad range of premium pet products to cater to evolving consumer expectations. The competition among these brands continues to drive advancements in quality and product offerings.
Market Segmentation Overview
The pet care market is segmented into offerings of pet food, products, and services. In 2024, the pet food segment is forecasted to command the largest market share at 62.3%, driven by increased pet ownership and awareness about pet nutrition. The availability of specific dietary products for pets also supports this segment’s growth.