The global pet service market was valued at USD 20,727. 0 million in 2020, and it is projected to reach USD 28,561. 9 million by 2026, registering a CAGR of 5. 4% during the forecast period. The year 2020 was not found to be very promising for all the industries but in the case of the market studied, it was a boon as due to the repeated lockdowns, people stayed mostly at home and took good care of their pets.
New York, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Pet Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06177360/?utm_source=GNW
This stimulated the demand for pet services and products and encouraged significant growth in the market studied. Some major players of the market studied have even started providing online tutoring classes for pet parents on the management of pets. The popularity of pet fashion among pet owners will have a positive impact on the market and contribute to its growth significantly over the forecast period. Some pet owners, especially affluent ones, are very particular about representing their lifestyles by spending on comfortable and luxurious products for their pets. This is encouraging many market competitors to launch numerous products in the grooming and accessories segment. The pet services include pet sitting, pet grooming, pet traveling, pet training, pet hotels, and customized subscription boxes for the pet.
The market is fragmented with the presence of many companies, enticed by lower start-up costs than maintaining a brick-and-mortar business, more groomers, pet travel services, pet waste removal and funerary/bereavement services are getting into this mobile grooming on their own or through franchises. Mobile groomers typically advertise through veterinary offices and local pet shops. More companies/start ups are tapping into this fertile area.
Key Market Trends
Increase in number of pet owners and increased spending on pets
According to National Pet Owner’s Survey (2019-2020) conducted by the American Pet Products Association (APPA), in the United States, almost 85.0 million households have a pet and over the last 30 years, pet ownership has gone from 56.0% to 68.0% of all households. The boom in pet care spending has resulted in a huge increase in products and services aimed toward affluent pet owners. The rising aging population in developed countries is driving the growth of the global pet daycare and lodging market as they are considered good companions for the elderly. With the growing ownership of pets, pet owners are increasingly spending on service packages with more options, including food and grooming options. The desire for improved pet care products and accessories such as pet furniture has increased owing to the growing importance of pets and services.
North America Dominates the Pet Services Market
Pet parents in the United States are spending more on their pet’s well-being, appeal, and safety. According to the American Pet Productions Association (APPA), in 2018 alone, pet care spending hit USD 72.5 billion, a 4% increase from the previous year. The United States and the United Kingdom have long been the leaders of the world pet market. The United States has long been one of the leaders of the world pet market, which witnessed dramatic growth in the pet industry. In the United States, almost 85 million households have a pet. Over the last 30 years, pet ownership has gone from 56% to 68% of all households. The boom in pet care spending has resulted in a huge increase in products and services aimed toward affluent pet owners. The rising aging population in developed countries is driving the growth of the global pet daycare and lodging market as they are considered good companions for the elderly.The popularity of pet fashion among pet owners have a positive impact on the market and is expected to contribute a significant growth during the forecast period. Some pet owners are very particular about representing their lifestyles by spending on comfortable and luxurious products for their pets. This encourages market competitors to launch numerous new products, customized products in the North American market.
The global pet service market is highly fragmented, with the presence of many domestic and international players operating in the market. Some of the notable players in the market include Petco Animal Supplies Inc, Pet Smart Inc, Best Friends Pet care, Dogtopia Enterprises, and Rover. The major players in the market are mainly focusing on adopting different strategies, such as new services, partnerships, expanding the operations into new areas, and mergers and acquisitions in order to obtain a stronghold in the market and to bring more revenue share to the overall market.
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