Pet Care Market is Witnessing Growth Owing to Technological Advancement and Plant-Based Food Product

HYDERABAD, India - March 6, 2020 - PRLog -- In 2018, the global pet care market was evaluated as $125 billion, and the market is projected to grow at a CAGR of 6%, during the forecast period 2019-2025.

Pet Care Market Report @ https://www.industryarc.com/Research/Pet-Care-Market-1558683768

Plant-Based Pet Food Gaining Traction

A cat needs 40 nutrition in daily diet and a dog need around 37 nutrition to maintain a healthy body. The pet owners who are vegetarian prefer feeding vegan or plant-based food to their pets that provides sufficient amount of nutrition to them. The nutritional needs of pet can be fulfilled by feeding plant-based food that is known as clean meat products. For instance, in 2019, Wild Earth, a technology start-up producing clean protein dog food, launched world's first meat free high-protein dog food. This innovation is similar to cultured/lab-grown meat for human consumption. The product is clean, fungi, and plant-based protein for dogs. Owing to the similar innovations in the dog food, it has become the fastest-growing segment in the pet care market which incrementing at a CAGR of 6% through to 2025.

North America Dominating the Global Revenue Share

As of 2018, the pet care market is dominated by North America that captured the regional share of 32%. In the U.S. alone customers spent $72.56 billion in 2018, and expected to spend $75.38 billion by the end of 2019 on pet accessories, grooming/boarding, medications, and other services. Owing to strong economic stability in the U.S., pet care is experiencing a strong growth in terms of retail and current value in 2019. Trends driving the growth of the pet care market in the U.S. are:

·Pet Humanization: Growing empathy towards pet is driving demand for the purchase of premium pet care products. This attributed to rising pet humanization, as the pets are seen as a family member. The health and convenience benefits are encouraging the pet owners to spend more on pet care. Owners of the pets, groom and feed them with the food that are nutrition-rich.

The Major Players of the Market

Some of the companies dominating the pet care market are Spectrum Brands Holding, Inc., Ancol Pet Products Limited, Diamond Pet Foods, Colgate-Palmolive Company, The J.M. Smucker Company, Mars, Aller Petfood, Nestle S.A., and Inaba Petfood Cooperation.