The pet market is estimated to be valued at USD 18 billion in 2023 and is expected to reach USD 39 billion by 2033. The adoption pet likely to advance at a CAGR of 8% during the forecast period. A prominent driver is the humanization of pets. As pets become more integrated into our families and daily lives, pet owners are increasingly treating them as valued members of the household.
This shift in perception has led to a surge in demand for premium and specialized products and services that cater to the well-being and comfort of pets. From gourmet pet food and designer accessories to luxury pet spas and pet-friendly travel accommodations, the pet market is witnessing a rise in offerings that align with the humanization trend.
The influence of social media has had a profound impact on the pet market. Platforms like Instagram and TikTok have turned pets into social media stars, with dedicated fan bases and sponsorships. This phenomenon has created a new market segment where pet owners seek out products that can enhance their pets' social media presence, such as stylish outfits, photo props, and even pet influencers.
The growing awareness of pet mental health and emotional well-being is driving demand for products and services that address these aspects. Pet owners are increasingly investing in toys, puzzles, and interactive gadgets that stimulate their pets' minds and alleviate boredom. Moreover, there is a rise in the availability of pet-specific therapies and calming products to address anxiety and stress-related issues in pets.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 18 billion |
| Projected Market Size (2033) | USD 39 billion |
| CAGR from 2023 to 2033 | 8% |
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As per FMI, demand in the global pet market is projected to grow at a robust CAGR of 8% during the forecast period from 2023 to 2033. Various benefits of adopting pets such as reduced stress, anxiety, and depression are the key factors improving the demand in the market. Further, adoption of pets is expected to surge as it eases loneliness, encourages exercise and playfulness, and thus improves owners’ health.
Over the years, the pet population increased significantly due to rapid urbanization, growing consumer interest, rising trend of humanization, and awareness among people about the benefits of keeping pets. Animals such as cats, dogs, lovebirds, parrots, and other small pets, are being increasingly adopted as pets by people across the world. Among these, cats and dogs are the most commonly adopted pets.
Elevating the Pet Experience: Unleashing the Potential of Pet Humanization and Premiumization in the Booming Pet Market
In recent years, rising trend of humanization has played a crucial role in propelling the growth of pet market and the trend is likely to continue during the forecast period. For many pet owners, their pets are part of the family. They refer to them as their ‘children’ or ‘fur babies’. They spend large amounts on purchasing companion pets and numerous pet-related products.
Increasing popularity of premiumization along with rapid expansion of pet-food industry is supporting the pet market growth. Natural pet products are a key target for premiumization, and pet owners are continuously looking for these natural products. The availability of numerous ready-made pet foods at affordable prices will therefore continue to encourage people to adopt pets in future, thereby creating space for market growth.
The rise in nuclear families due to urbanization and economic growth along with the easy availability of pets on online and offline shopping platforms will push the sales of pets during the forecast period.
In the majority of households across the world, pets are considered members of the family. It is estimated that more than half of the world's population owns a pet.
Among various countries, Argentina has the greatest rate of pet ownership, with two out of every three people owning a dog. Rising consumer preference for having a pet, easy availability of a variety of pets, and increasing disposable income are some of the factors driving growth in Argentina's pet market.
In Australia, the average number of domestic pets has gradually climbed over the last two years, and, surprisingly, younger generations are more likely to possess pets. At least one pet is owned by two-thirds of Australians.
It should come as no surprise that love and dating are two of the most common reasons people keep dogs. Pet owners, according to one study, had a more active lifestyle and spent more time in their everyday lives than non-pet owners. Growing awareness about the physical and mental health benefits of keeping pets will continue to push the sales of pets in Australia.
In recent years, the United States has become the world leader in dog and cat pet population and ownership. Americans don't hold back their love for their animals. More than half of the United States citizens own a dog or cat.
Factors, such as the growing popularity of pet humanization, rapid economic growth, favourable government support, availability of pet insurance, and establishment of dog and cat parks, cat cafes, dog daycare centers, and pets travel accommodations are some of the factors driving growth in the United States pet care market (purchasing of pets). The growing adoption of dogs in the military and defense sector will boost sales of pets in the county during the forecast period.
As per FMI, the male pets segment is expected to account for the largest share of the global pet market during the forecast period. This can be attributed to the rising preference of households to adopt male pets.
The adoption of male pets helps in controlling the rapidly growing animal population. Female pets are more likely to be favored by pet stores, as they can breed them and increase the population and produce a new strain of baby pets.
Dogs and cats are mostly preferred by humans for their companionship. They are one of the most common pets worldwide because they are very affectionate, loving, and intelligent. Cats have long been valued as companions by humans and are one of the most popular pets as most cat owners also love them for their independent nature.
Dogs are also extremely affectionate and just like humans, they are social animals that want to connect, be accepted, and be loved. The most common form of interspecies bonding occurs between humans and dogs.
The economy price level is mainly preferred by pet owners because the premium pet-priced pets are more expensive and also require very expensive maintenance which affects the income of pet owners.
The competitive landscape of the pet market is characterized by a diverse range of players, including large corporations, niche brands, and local businesses. Established pet retailers like PetSmart and Petco hold significant market share, offering a wide range of products and services.
The market also sees competition from emerging online retailers, specialized boutique stores, and direct-to-consumer brands. Key factors for success include product quality, innovation, pricing, customer experience, and brand loyalty. With the increasing demand for premium and sustainable pet products, companies that can differentiate themselves through unique offerings, personalized experiences, and a strong online presence have the opportunity to gain a competitive edge in this thriving market.
Key Players in the Market:
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Strategies for Pet Providers to Expand in the Market
Product Portfolio:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 18 billion |
| Market Value in 2033 | USD 39 billion |
| Growth Rate | CAGR of 8% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Pet Type, Price Range, Gender, Sales Channel, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Romania, Czech Republic, Russia, Poland, China, Japan, South Korea, India, Bangladesh, Australia, New Zealand, GCC countries, South Africa, Israel |
| Key Companies Profiled | PetSmart; Petco; Petland; Petmate; Petfinder; Adoptapet.com; The Shelter Pet Project; Best Friends Animal Society; Petco Foundation; Petango |
| Customization & Pricing | Available Upon Request |
The pet market is valued at USD 18 billion in 2023.
The pet market is likely to surge at 8% CAGR, reaching USD 39 billion by 2033.
The United States, with high pet ownership rates and increasing pet humanization, presents considerable revenue prospects in the pet industry.
Given shifting pet ownership approaches and growing investments in pet products, China, Japan, and India are instrumental in the Asia Pacific pet market.
The key trend shaping the pet market is the escalating demand for premium and health-focused pet products and services.
| Estimated Market Size 2023 | USD 9.53 billion |
|---|---|
| Projected Market Size 2033 | USD 40 billion |
| CAGR from 2023 to 2033 | 16.8% |
| Market Value (2023) | USD 866.1 million |
|---|---|
| Market Anticipated Value (2033) | USD 1,294.4 million |
| Projected Growth Rate (2023 to 2033) | 4.1% |
| Market Size (2023) | USD 2.89 billion |
|---|---|
| Market Size (2033) | USD 5.90 billion |
| Market CAGR (2023 to 2033) | 7.4% |
| Expected Market Value (2023) | USD 2.3 billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 10.4 billion |
| Projected Growth Rate (2023 to 2033) | 14.5% CAGR |
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Pet Market
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