The global pet care market is foretold to improve in the forthcoming years as matched to the preceding years and will showcase better sales in various market segments. It is estimated that the global pet care market will grow at a CAGR of 4.72% between 2016 and 2020.
Pet owners have a preference for natural and organic pet foods as these products are safe, wholesome, and have better quality than the orthodox pet products. Pet owners these days are providing their pets with finest products such as organic snacks and treats. Such necessities have encouraged makers to crop up with pet food with fruits, vegetables, new natural flavors, and colorants.
Numerous pet food makers are also presenting natural pet food products with bonus features like health condition-specific constituents or low glycemic preparations. In addition, the call for pet grooming products containing natural and organic elements is also on the rise with the mounting penchant of pet owners towards improved and safer pet products. The intensifying trend towards custom-made pet food products has fashioned colossal progress prospective for the pet care market and will upshot in its considerable growth I the coming years.
Americans have been paying a lot of money on their pets is owed to the aging of their pets. The aging pets suffer from numerous age-related ailments and disorders including immune-system issue, coronary, joint, cognitive, and also cancer and diabetes. Various new pet companies have come up and they are slated to grow in the forthcoming years too. These businesses have been entering the market accompanied by their trailblazing products in addition to services for various pet owners.
North America will be the main money spinning region in the pet care market and is projected to lodge more than 40% of the total market share. Plentiful of the market’s evolution can be accredited to the growing pet ownership and amplified expenditure on first-rate pet care products like food and accessories. Furthermore, the buyers in this region spend liberally on the well-being of their pets. Dynamics such as the premiumization of pet care products will push the market forward in this region over the next few years.
The global market for pet care is majorly powered by the fluctuating cultural and socio-economic elements resultant in domestic pets being part of the family. This has improved the total outlay on pets beginning from simple food to the acceptance of premium food as well as grooming costs. Then again, the growing incidence of pet’s allergy to certain products and the spiralling costs of pet care products are among the foremost factors hampering the growth of the market.
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