Analysis of consumer behavior by country, analysis of purchasing habits, demographics, trend analysis, survey results and results, leading companies and their market strategies

NEW YORK, July 8, 2020 / PRNewswire / –

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The report also provides information on the marketing strategies and actions taken by companies to maintain their position in the local and global market. The study also provides information on factors affecting purchasing decisions, consumer preferences, and demographic factors driving product growth in the global pet care market.

Humans have domesticated animals since the beginning of evolution. The number of animals is domesticated for a variety of reasons, including food, protection, safety, and companionship. In the modern age, many animals are adopted and domesticated purely for companionship purposes. Animals such as parrots, love birds, guinea pigs, iguanas and hamsters as well as cats and dogs are adopted as pets by many pet owners. The number of pets around the world has increased over the past century. As the number of pets has increased, so has the demand for pet products and services. Products used for pets are called pet care products. Pet care products include pet food, veterinary care, over-the-counter supplies, purchasing live animals, and pet grooming and boarding products. The pet care industry has grown tremendously over the past few decades and it is also expected to grow at a steady rate in the future.

Rising Pet Adoption Rate Boosts Growth Of Global Pet Care Market
According to the report, the global pet care market was valued at $ 155.4 billion in 2018 and it is expected to grow with a CAGR of 6.6% during the forecast period 2019-2025. The growth of the market is mainly due to the increase in the rate of pet ownership around the world. In 2018, there were over 470 million pet dogs and around 370 million pet cats worldwide. It is estimated that the number of pets in the world has increased and is expected to increase in the future. The growing number of pets is increasing the demand for the pet care products they need. Additionally, most pet owners consider their pets to be part of their family and treat them the same. Like any member of the family, pet owners are willing to spend a lot on the health and welfare of their pets. The higher willingness of pet owners to spend a lot on their pets is driving the growth of the pet care market.

However, factors such as government and societal pet regulations are expected to pose challenges for the market. Many state and local governments have restrictions on adopting and owning pets. Several local governments have banned certain species and breeds of animals from owning pets, impacting the demand for pet care products marketed exclusively for these animals. Nevertheless, the introduction of innovative pet care products developed by incorporating advanced technology into them is expected to further boost the market. Products such as pet collar and belt with GPS technology and other sensors are introduced to the market. These products can track the location and health of pets. Additionally, the use of technology in pet care products provides lucrative opportunities for companies in the market.

The survey revealed variations in spending on pets across countries. Personal expenses for pets in Western countries including the US, UK and Germany is more compared to the countries of Asia Pacific such as India, Thailand, and Indonesia. The difference in disposable income plays an important role in the gap in the structure of individuals’ expenditure in different countries. For example, in the United States, where people spend a lot on their pets, total personal disposable income was $ 14.5 trillion in 2018. However, in India, where expenses for pets were considerably low, the total personal disposable income was $ 2.5 trillion in 2018.

Figure 1 Average Annual Pet Spending in the United States

United States, China, and Germany among the best markets for pet care
According to the report’s findings, countries like the United States and China with the countries of Europe are the best markets for pet care products. Europe and North America together account for over 60% of the total sales of pet care products worldwide. The United States is the leading country in terms of sales in the global pet care market, followed by China and Germany. Higher pet adoption rate and higher pet spending, coupled with greater product availability, are the main drivers of increased sales of pet care products in those countries. On the other hand, the sale of pet care in developing countries such as India should grow rapidly. Factors such as improving economic conditions and increasing product awareness are significantly influencing the sale of pet care in developing countries.

Figure 2 Major Countries of the Global Pet Care Market in 2019 (% Revenue Share)

North America Generated Highest Pet Cares Earnings
In terms of geography, North America generated the highest revenue in the global pet care market. Increased awareness of pet health and welfare is the main driver of market growth in North America. In addition, better availability of products and well-established animal care centers increase the growth of the market. In addition, the presence of major market players such as Mars and Pet Smart propels the North American market. In addition, the Asia Pacific The region is expected to experience the fastest growth due to the growing awareness of pet care products and the growing number of supermarkets and hypermarkets.

Research methodology

Primary research
Our main research involves in-depth interviews and analysis of the opinions provided by key informants. Primary research begins with the identification and approach of the main respondents, the main respondents are approached by
• The main associated opinion leaders
• Internal and external experts in the field
• Professionals and participants from LinkedIn, Hoovers, Factiva and Bloggers
• Our primary research respondents generally include
• Executives working with leading companies in the market under study
• Product / brand / marketing managers
• CXO level executives
• Regional / zonal / country managers
• Vice-president level executives.

Primary research methods
• Computer Assisted Telephone Interview (CATI)
• Computer-assisted personal interview (CAPI)
• Computer Assisted Web Interview (CAWI)
• Questionnaires / Surveys

Secondary research
Secondary research involves an in-depth exploration of secondary sources of information available both in the public domain and in paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained via secondary sources is validated by cross-checking on different data sources. Secondary sources of data generally include
• Company reports and publications
• Governmental / institutional publications
• Professional and association journals
• Databases such as the WTO (World Trade Organization), OECD (Organization for Economic Co-operation and Development), Hoovers, Factiva and the World Bank, among others.
• Research agency websites and publications

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