The global pet daycare and lodging market is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio.
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A key factor driving the growth of the market is the growing popularity of various pet daycare and lodging services. Pet owners have become increasingly conscious of their pets' wellbeing and safety due to the growing culture of pet humanization which has increased the demand for pet daycare and lodging services. The pet daycare and lodging services include daycare, boarding, training, walking, playing, and grooming. These services have been evolving, with vendors coming up with innovative services to include a combination of veterinary services, interactive activities for pets, multilevel pet condos, and outdoor pet runs. Such services are provided for different durations, ranging from overnight, a week, or even a month. Thus, the availability of several kinds of services is expected to contribute significantly to the growth of the global pet daycare and lodging market during the forecast period.
As per Technavio, the adoption of smart pet care products in daycare and lodging services will have a positive impact on the market and will contribute to its growth over the forecast period. This global pet daycare and lodging market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global pet daycare and lodging market: Adoption of smart pet care products in daycare and lodging services
Currently, market competitors are investing in technologically advanced products for their daycare and lodging services to attract more customers. For instance, smart pet products are being introduced in the market to attract affluent customers. For example, a pet health technology company, launched a smart pet bed, an activity tracker, and a pet health and nutrition application at a consumer electronics show. These smart beds track pets' weight, rest, and activity as well as offer climate control, which will help pet owners ensure that their pets achieve the required weight and temperature based on their breed, age, and other characteristics. Moreover, these smart beds include a built-in scale and incorporate thermostatic heating and cooling features to help pet owners and service providers manually or automatically adjust the temperature. Therefore, the use of such innovative and advanced products will act as a market differentiator that will attract a lot of pet lovers and convince them to rely on pet daycare and lodging services, thus leading to the overall growth of the market.
“With people giving more importance to their pets, the desire for improved pet care products and accessories such as pet furniture has increased. The designs of pet furniture have evolved tremendously over the past couple of years. Vendors in the market are engaging themselves in exploring innovative ways to buy furniture that combines multiple functions and styles to cater to the needs of pets besides providing them with enough space to play around. The adoption of such products will help to drive the growth of the market during the forecast period,” says a senior analyst at Technavio.
Global pet daycare and lodging market: Segmentation analysis
This market research report segments the global pet daycare and lodging market by type (dog daycare and lodging, combined daycare and lodging, and cat daycare and lodging), and geographical regions (North America, Europe, APAC, South America, and MEA).
North America led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the rise of different types of pet daycare and lodging services.
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Five Forces Analysis
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- Vendors covered
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- Competitive scenario
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