DUBLIN, Sept. 22, 2021 /PRNewswire/ -- The "Global Pet Care Market Size, Share & Analysis by Country, by Product Type (Dog Food, Cat Food, Other Pet Food, Cat Litter, Pet Healthcare, Pet Dietary Supplements and Others) Forecast and Opportunities, 2021-2025" report has been added to ResearchAndMarkets.com's offering.
The COVID-19 pandemic had a robust negative impact on the global economy with all economies reporting negative GDP growth in the year 2020. The pandemic brought economic activity to a standstill as countries imposed strict restrictions on movement to contain the spread of the virus.
The global economy could only see marginal growth in the 3rd and 4th quarters of 2020. As the health crisis abates further, growing numbers of economies are exhibiting an improved recovery in 2021.
Global Pet Care Market Shows Resilience
According to the report, pet care industry showed resilience during the pandemic and posted positive growth in 2020. Growth in pet ownership and pet adoption was observed in most of the developed economies owing to increased loneliness caused by nationwide lockdowns. Few countries also reported hoarding of dry pet food especially in Q1 and Q2 of 2020, this led to short-term supply chain disruptions as well, and some countries had to officially notify the entire pet industry as an essential industry.
For 2021, pet food manufacturers have reported higher sales in Q1 and Q2 and the future outlook remains upbeat for the global pet care industry with an estimated value sales of USD 148 billion by 2025, as growing number of pet parents are looking for premium pet food verities such as wet pet food products to value added premium treats to vegan alternatives.
The global pet care market continues to be driven by pet humanization and premiumization in pet food as demand for human-grade pet food continues to rise and premium segments of pet food such as dog and cat treats are recording higher growth year on year.
North America region accounts for maximum value share in the global pet care industry and according to the American Society for the Prevention of Cruelty to Animals, around 56% of cats and 41% of dogs in the US are overweight, this has resulted in higher demand for weight management pet food in the country. Pet food with therapeutic properties is recording higher growth in other regions as well.
Dog Treats Lead in New Product Launches in Pet Care
Pet food exhibited a plethora of new launches with dog treats segment alone witnessed over 110 new launches over the last two years, the highest in global pet food market, followed by cat treats and wet cat food. Europe accounts for majority of these new launches as the region has a higher penetration of industrially produced pet food backed by strong per capita income and the region also tops in per capita expenditure on pets.
Mergers & Acquisitions
The global pet care industry continues to see numbers of mergers and acquisitions and in the year 2021, Fressnapf Holding, one of Europe's leading pet retailers acquired Danish pet store chain Petworld, which operates over 36 stores in Denmark as well as online shops in Denmark, Finland, Sweden, and Norway. The acquisition was completed by Fressnapf's subsidiary Maxi Zoo Denmark, which happens to be leading pet store chain in the Scandinavian country with over 46 outlets.
In November 2020, Wellpet LLC owner of Wellness brand with a presence mainly in the United States was acquired by Clearlake Capital Group, L.P., an investment and private equity firm. Post COVID-19, more investment is expected from leading as well as small companies. In 2021, Hill's Pet Nutrition announced to invest USD 250 million to build a factory in Tonganoxie, Kansas United States with expected completion in 2023.
Mars & Nestle Leads Global Pet Care
Mars & Nestle continues to dominate the global pet food market, with a long and strong presence in developed as well as emerging countries. Their leadership at the global level remains unchallenged as both companies compete with each other in the majority of the markets. Although, local companies are challenging these two in selected markets such as Fressnapf and Unicharm continues to record strong growth in Germany and Japan respectively.
Whopping Growth in e-Retailers
The channel exhibited strong double-digit value growth in most countries for pet care products. The high growth for the channel emanated from COVID-19 driven lockdowns as consumers avoided shopping in big stores and preferred e-retailers to get their pet food delivered. According to a survey, conducted in Nov-Dec 2020 in 25 countries, 61% of e-shoppers opined that they would continue buying their pet care products from the channel even in the post-pandemic period. This highlights companies would need factor in the growing penetration of E-retailers in their distribution strategy.
Dog and cat ownership continues to grow in emerging countries like China, India, Latin America, and African countries. And, the continuous growth in single-member households will keep pet ownership sustainable and global pet food and other product manufacturing companies will gain further in value & volume sales over the forecast period.
Global Pet Care Market report elaborates the following aspects of the pet care market.
Global Pet Care Market Outlook: By region:
Global Pet Care Country Outlook: Market size & share by value & volume, company market share & distribution share, by country:
Market Segmentation Analysis: By Category:
Global Pet Care Market Dynamics (Drivers & Challenges)
Global Pet Care Market Trends & Developments
For more information about this report visit https://www.researchandmarkets.com/r/r93cd7
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