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Pet Care Market Trends

Report ID: GMI3387
Published Date: Jun 2024
Report Format: PDF

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Pet Care Market Trends

High adoption of pet insurance is significantly increasing the growth of pet care industry by providing financial security to pet owners. As veterinary costs continue to rise due to advancements in medical treatments and technology, pet insurance helps mitigate these expenses.
This encourages pet owners to seek more frequent veterinary care, including preventive check-ups and treatments, thereby driving the growth of pet care industry.
For instance, according to North American Pet Health Insurance Association (NAPHIA), in North America, around 5.36 million pets were insured by the end of 2022 which increased by 21.7% from 4.4 million pets insured in 2021.
Thus, this trend supports the expansion of veterinary services and the broader pet care industry, as the pet insurance adoption is significantly growing.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Pet care industry size was worth USD 304.4 billion in 2023 and is projected to expand at 6.8% CAGR from 2024 to 2032 due to the increasing rate of pet humanization across the globe.

The pet care products segment accounted for 72.7% of the market share in 2023, owing to the widespread availability of pet care products through diverse retail channels such as pet specialty stores, supermarkets, online platforms, and veterinary clinics.

The dog segment in the pet care industry accounted for USD 183.9 billion in revenue in 2023, as dogs are often considered beloved members of families, leading to increased spending on their health, nutrition, grooming, and overall well-being.

North America pet care industry accounted for USD 146.7 billion in 2023 and is projected to grow at 6.4% CAGR between 2024 and 2032, led by the presence of some of the most advanced veterinary healthcare services and pharmaceutical innovations in the region.