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Global Pet Care Market - by Pet, Product, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Pet Care Market - by Pet, Product, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts | MarkGenes
The pet care market has grown at an impressive rate due to technological advancements and various pet care centres in many countries. There are various new apps which have led to a major shift in the pet care- from traditional care to mobile-based technology. Even the grooming of pets is taken care by the mobile-based apps. Nowadays, the pets are considered as status symbol for elite classes and a companion in nuclear and middle class families.
The global pet care market was USD 135.57 billion in 2018 and is estimated to reach USD 190.39 billion by 2025 at a CAGR of 4.97% during the forecast period. The products related to pet dogs will contribute the maximum profit to the market.
Growth by Region
North America is presently the dominant region and is forecasted to remain the dominant region in the forecasted period. Though, there is a tough competition between Asia pacific and Europe especially western Europe as both the markets are giving a tough competition to each other to secure the second position. Latin America will showcase steady but positive growth in the near future.
Drivers vs. Constraints
The technological advancement in the market has led to the market growth. The increase in the awareness and concern of the pet owners towards their pets’ health also plays a major boost in market growth in recent years. The companies have invested huge share in product advertising and improving the product outlook in the market. However, major regularities issues by the cultural and government rules and increasing prices of the product hinder the market. The huge competition and increasing cases of pet allergies also hinder the market growth.
Industry Structure and Updates
• November, 2017: Nestle inaugurated a CHF 70 million expansion in Hungary. This expansion helped the company to develop various pet care products for more than 300 countries. The strategic focus of the company behind this expansion is to focus on capital spending on food and beverage categories of pet care, coffee, infant nutrition and bottled water
• September, 2017 - Nestlé Purina announced its investment of USD 320 million in Hartwell manufacturing facility and distribution centre. This investment aim at strengthening their business through geographical advancement and product quality product to the customers.
• November 2017- Mars Petcare plans to buy European animal hospital operator AniCura from private investment firms Nordic Capital, Fidelio and other minority shareholders making it as the world’s largest pet food maker again.
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