The global pet care market is expected to post a CAGR of over 5% during the period 2018-2022, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global pet care market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the shifting preference toward natural and organic pet care products. Pet owners have become increasingly conscious of their pets' health due to pet humanization. This has increased the demand for natural and organic pet care products as consumers perceive these products to be of better quality, safe and more nutritious. Market competitors consider such factors while manufacturing pet care products to differentiate themselves from their competitors and cater to customers' requirements. Some players are also launching natural pet food products with additional features such as health condition-specific ingredients. Such factors are expected to drive the growth of the global market.
This market research report on the global pet care market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the popularity of pet fashion among pet owners as one of the key emerging trends in the global pet care market:
Global pet care market: popularity of pet fashion among pet owners
Pet owners, especially affluent ones, splurge on luxurious and fashionable products for their pets to represent their lifestyles. To cater to this, market competitors are introducing a lot of fashionable products in the grooming and accessories segment, which will increase the sales of the global pet care market. Such products are available in different sizes, colors, raw materials, and varieties to attract more customers. Cat and dog collars with rhinestone and solitaire, dog collars with bow tie, raincoats, and winter coats are some examples of products that act as a status symbol while enhancing the looks of pets.
"Pet ownership and pet spending have witnessed a significant increase in 2017 when compared with the data from the least 10 years. Owning a pet has become a status symbol due to acculturation. Spending on pet care products is no longer limited to food and grooming services, but includes innovative and specialized premium products, as people consider pets as a part of the family. Pet care products are also becoming a means of expressing social status," says a senior analyst at Technavio for research on pet supplies.
Global pet care market: Segmentation analysis
This market research report segments the global pet care market by application (dogs, cats, others), by product (food, accessories, grooming) and geographical regions (APAC, EMEA, and the Americas).
The food segment led the market in 2017 with a market share of close to 70%, followed by the accessories, and grooming segments respectively. However, during the forecast period, the accessories segment is expected to show the highest incremental growth followed by the grooming segment.
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Market Landscape
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- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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