The pet products and services sector is booming and this trend is not expected to stop anytime soon.
According to a recent study by Bloomberg Intelligence, global pet market revenue could exceed $500 billion by 2030, a jump of more than 45% from current levels.
This remarkable growth is due to several factors that are driving interest in pet wellness and accessories. From the increasing pet population in various regions to the rise of animal health products and e-commerce, the market is full of opportunities.
KEY FACTORS IN THE EXPANSION OF THE PET MARKET
Pet food: the pillar of the sector
Pet food remains the largest component of spending in this industry. This category is expected to grow at an annual rate of 5%, reaching $146 billion by 2030.
One reason for this sustained growth is that pet food prices are relatively inelastic, allowing companies in the sector to pass on cost increases to consumers without greatly affecting demand.
Animal welfare: the leap in pet health products
The market for animal pharmaceuticals is also booming. By 2030, the industry is projected to be worth €24 billion, thanks to advances in pain therapies, cancer treatments and cardiac care.
As human health insights and treatments are applied to animal welfare, pet owners are increasingly investing in solutions to prolong their animals' lives and improve their quality of life.
The humanization of pets and animal fashion
For many people, pets are now important members of the family, which is driving the market for products such as specific clothing and accessories. Major brands have taken advantage of this trend: Gucci, H&M and other fashion names have launched their own lines of pet products, adapting to the demand for quality accessories for the little ones in the house.
E-commerce and growth in emerging markets
Online commerce is another key driver of growth in this industry. Platforms such as Amazon and Chewy dominate online sales of pet products to the final consumer, offering everything from food to toys and clothing, which has greatly facilitated consumer access to specialized products. In fact, online sales in this sector are expected to exceed €58 billion by 2030.
China, in particular, is showing remarkable growth as an emerging market. Pet ownership is booming, and the dog and cat population in the country could exceed 156 million in the next few years, representing a significant opportunity for companies looking to expand their reach.
A PROMISING FUTURE FOR THE PET INDUSTRY
The pet products and services market is emerging as a sector with high potential for expansion and innovation. The combination of advances in food, animal health and online shopping options offers multiple opportunities for both new companies and established brands.
Demand for high-quality, customized products will continue to rise, making this industry a key economic driver for the next decade.