The pet market (purchasing of pets)  to be worth US$ 16,607.2 Mn in 2022. Sales are anticipated to grow at a 7.5% CAGR from 2022 to 2032, valuing the entire market at US$ 34,140.7 Mn by that year.

Global pet sales are being driven by an increase in pet adoption and ownership, which is being fueled by rapid urbanisation, rising disposable income, and health concerns. Currently, between 8% and 70% of all households have pets.

Similar to this, market expansion is anticipated to be supported during the projection year by the expansion of the pet grooming and pet care businesses as well as the growing humanization trend.

A growing number of individuals give their dogs the same care and attention as members of their own families, providing them meals and treats that are tailored to their dog's nutritional requirements or to the humans's own dietary preferences, such as veganism.

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Key Takeaways from the Pet Market (Purchasing of Pets) Study:

By pets’ type, dogs and cats’ segments currently form the largest share of the global pet market and the trend is likely to continue during the forecast period.

Based on gender, male segment is likely to be most remunerative in the global pet market over the assessment period.

Argentina holds a significant share of the global animal market (purchasing of pets).

Demand for pets in Australia is anticipated to rise at a robust pace during the next decade.

With rising consumer inclination towards adopting pets, the U.S, will continue to dominate North American pet market (purchasing of pets) during the forecast period.

“Rapid urbanization and rise of pet humanization have boosted triggered pet adoption and ownership, thereby creating chances to improve profitability in the market”– says the FMI Analyst

Who is Winning?

Leading suppliers in pet market (purchasing of pets) are focused on promotional policies, online services, advertisements, and new launches and offers that have driven sales growth of the pet market (purchasing of pets).

Major players present in the pet market (Purchasing of Pets) are Petco, Pet finder, PetSmart, Pet mate, Petco Foundation, Adoptapet, Best Friends Animal Society, The Shelter Pet Project, Petango, Petland, and others.

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