Pet Care Market Size

Pet Care Market Size

The global pet care market size was valued at USD 304.4 billion in 2023 and is anticipated to grow at CAGR of 6.8% between 2024 and 2032. The rising trend of pet humanization and increased consumer spending on pet care products and veterinary services are the major growth drivers. As owners increasingly consider the pets as a part of their family, the average amount spent per household on pets is rising.

For instance, according to the European Pet Food Industry Federation (FEDIAF) article, published in 2019, cats continue to be the most popular pet in the European household with a population of 77.4 million in the European Union and 106.4 million in Europe and Russia.
 

In addition, the popularity of dogs across the region has upsurge significantly, with 68.5 million dogs in the European Union, 87.5 million in Europe and Russia in 2019. The increasing social acceptance of pets has stimulated pet adoption. Older pets are said to be perfect companion for senior citizens as they do not require exceptional care and nutrition. Pet adoption is also perceived to assist in low blood pressure, depression, and loneliness, thus, fuelling number of pet adoption during the forecast timeframe.
 

There has been a surge in demand for pet insurance due to increased awareness regarding pet insurance, a shift from pet ownership to pet parenting, and increased pet adoption across the globe. For instance, as of 2021, the number of insured pets surged by around 28% in the U.S. Among the insured pets, dogs account for around 81%, while cats account for over 18%. Although, there has been a substantial surge in the number of insured pets in the recent years. According to the North American Pet Health Insurance Association, there has been an increase of about 18% in the number of insured pets during 2017-2018, in the U.S. Further, the number of insured pets in 2021 was 26% higher than in 2020 and 63% higher than in 2018. Thus, surging demand for pet insurance coupled with the growing number of insured animals will drive the market expansion.
 

Pet care industry is inclusive of several sub-markets such as sale of pet food (medicated nutritional), pet care products (veterinary care products, supplies/OTC medications) and pet services (medical veterinary services, pet grooming/boarding, day care, and pet insurance, among others).