DUBLIN, September 22, 2021 / PRNewswire / – The “Global Pet Care Market Size, Share and Analysis by Country, By Product Type (Dog Food, Cat Food, Other Pet Food, Cat Litter, Pet Health Care, pet food supplements and others) Forecasts and opportunities, 2021-2025 “ report was added to ResearchAndMarkets.com offer.
The COVID-19 pandemic has had a significant negative impact on the global economy, with all economies recording negative GDP growth in 2020. The pandemic has crippled economic activity as countries imposed strict travel restrictions for contain the spread of the virus.
The global economy could only experience marginal growth in the 3rd and 4th quarters of 2020. As the health crisis eases further, a growing number of economies are showing a better recovery in 2021.
Global Pet Care Market Demonstrates Resilience
According to the report, the pet care industry has been resilient during the pandemic and exhibited positive growth in 2020. Growth in the number of pet owners and adoptions has been observed in the region. Most economies developed due to the increased loneliness caused by nationwide lockdowns. Few countries have also reported hoarding of dry pet food, especially in the first and second quarters of 2020, which has also resulted in short-term supply chain disruptions, and some countries have had to officially notify the entire pet industry as a core industry.
For 2021, pet food manufacturers reported higher sales in the first and second quarters and the future outlook remains optimistic for the global pet care industry with an estimated sales value of 148 billion dollars by 2025, as more and more pet parents seek premium pet foods, such as wet pet foods, premium value-added treats, or alternatives vegan.
The global pet care market continues to be driven by the humanization of companion animals and the premiumization of pet food as the demand for human grade pet food continues to increase and high-end pet food segments such as dog and cat treats are experiencing higher year-over-year growth.
North America The region accounts for the maximum value share in the global pet care industry, and according to the American Society for the Prevention of Cruelty to Animals, approximately 56% of cats and 41% of dogs in the United States are in overweight, which resulted in increased weight demand. pet food management in the country. Animal feeds with therapeutic properties are also experiencing higher growth in other regions.
Dog treats lead new pet care product launches
Pet food has seen a plethora of new launches, the dog treat segment alone has seen over 110 new launches in the past two years, the highest in the global pet food market, followed by cat treats and wet cat food. Europe accounts for the majority of these new launches as the region has higher penetration of industrially produced pet food supported by high per capita income and the region also leads per capita spending on pets.
Mergers and Acquisitions
The global pet care industry continues to see a number of mergers and acquisitions and in 2021, Fressnapf Holding, one of the Europe leading pet retailers have acquired Danish pet store chain Petworld, which operates more than 36 stores in Denmark as well as online shops at Denmark, Finland, Sweden, and Norway. The acquisition was finalized by Fressnapf’s subsidiary, Maxi Zoo Denmark, which happens to be the leading chain of pet stores in the Scandinavian country with more than 46 outlets.
In november 2020, Wellpet LLC owner of the Wellness brand with a presence mainly in United States was acquired by Clearlake Capital Group, LP, an investment and private equity firm. After COVID-19, more investment is expected from large and small businesses. In 2021, Hill’s Pet Nutrition announced to invest $ 250 million build a factory at Tonganoxia, Kansas United States with expected completion in 2023.
Mars and NestlÃ© lead global pet care
Mars & NestlÃ© continues to dominate the global pet food market, with a long and strong presence in developed and emerging countries. Their global leadership remains undisputed as the two companies compete in most markets. Although local businesses are contesting these two in select markets such as Fressnapf and Unicharm continues to record strong growth in Germany and Japan respectively.
Dazzling growth of e-merchants
The channel posted strong double-digit value growth in most countries for pet care products. The chain’s strong growth stems from lockdowns caused by COVID-19, with consumers avoiding shopping at department stores and preferring online retailers to have their pet food delivered. According to a survey conducted in NovemberDec 2020 in 25 countries, 61% of e-shoppers said they would continue to purchase their pet care products in the channel even during the post-pandemic period. This highlights that companies would need to take into account the growing penetration of e-merchants in their distribution strategy.
Ownership of dogs and cats continues to grow in emerging countries such as China, India, Latin America, and African countries. And, the continued growth of single member households will keep pet ownership sustainable, and global companies manufacturing pet food and other products will gain more value and sales volume over the course of this period. the forecast period.
The global pet care market report elaborates on the following aspects of the pet care market.
Global Pet Care Market Outlook: By region:
Global Pet Care Country Outlook: Market Size and Share by Value and Volume, Company Market Share and Distribution Share, by Country:
Market segmentation analysis: By category:
Global Pet Care Market Dynamics (Drivers & Challenges)
Global Pet Care Market Trends and Developments
For more information on this report, visit https://www.researchandmarkets.com/r/r93cd7
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SOURCE Research and Markets