The global pet care market is projected to hit $287.96 billion by 2031, according to Meticulous Research®. This growth, anticipated at a CAGR of 5.9% from 2024 to 2031, is fueled by higher expenditures on pet health, increased pet ownership, and growing incomes in emerging economies. Innovations in pet products and a shift towards premium offerings are also expected to drive market expansion.
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Impact of Pet Humanization
The trend of treating pets as family members is significantly influencing market growth. Key aspects of this trend include:
• Treats: Treats are used to enhance bonding, reward pets, and support dental health.
• Seasonal Treats: Companies are now offering seasonal snacks, such as holiday-themed biscuits.
• Pet Apparel: Fashion brands are entering the pet clothing sector, with Gucci launching a range of pet apparel in 2022.
Market Segmentation
The market is divided into pet food, pet products, and pet services. The pet food segment is expected to grow the most, with a CAGR of 7.0%. This is due to increased pet adoption, a preference for premium pet foods, and ongoing product innovations. For example, Blue Buffalo’s introduction of holiday-themed treats, like Blue Buffalo Santa Snacks, underscores this trend.