Pet Market Report 2024 (Global Edition)

Global Pet Market Report 2024 Market Size Split by Product Type (Pet Food Products , Veterinary Care, Others), by Pet Type (Dog, Cat, Others), by Distribution Channel (Online , Offline)

Pet Market Report Description

We have various report editions of Pet Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Pet Market Insights Video

Competitive Landscape of Pet Market

The market for Pet has a very active and diverse competitive environment. It is comprised of various large multinational corporations, smaller niche players, and a growing presence of e-commerce platforms. Niche brands have gained popularity by focusing on natural and organic products, catering to specific dietary needs, or offering unique accessories and pet services. Further, the diversity in competition reflects the evolving preferences of pet owners who seek a variety of choices, from premium and specialized products to convenient online shopping options. 

Pet Industry News:

• June 2023: Better Choice Company, a pet health and wellness provider, announced a strategic manufacturing partnership with Alphia. Alphia invested $5 million into Better Choice and became the manufacturer of Better Choice's "superpremium" pet food brand, Halo. This partnership is expected to help Better Choice Company bring its products to market more quickly and efficiently.
• August 2023: PAI Partners, a private equity firm, acquired Alphia Inc., a custom manufacturer of super premium pet food based in the United States. The deal was valued at approximately of US$1 billion, including debt. This acquisition is expected to help PAI Partners expand its reach in the pet food market and provide Alphia with additional resources to grow its business.

Top Companies Market Share in Pet Industry: (In no particular order of Rank)

• Ancol Pet Products Limited
• Blue Buffalo Co. Ltd.
• Champion Petfoods LP
• Hill's Pet Nutrition Inc. 
• Mars
• Incorporated
• Nestle Purina PetCare
• Petmate Holdings Co
• Saturn Petcare GmbH
• Tail Blazers
• The Hartz Mountain Corporation
• NutriSource Pet Foods Inc
• Natural Balance Pet Foods Inc.
• Redbarn Pet Products LLC
• Nutro Products Inc
• Canidae Pet Food
• Big Heart Pet Brands (Smucker’s)
• Spectrum Brands Holdings Inc.
• Merrick Pet Care
• Iams
• Tyffy’s Pet Foods Inc
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Pet

According to Cognitive Market Research, North America dominated the market in 2023 and accounted for a share of more than 38% of the global revenue due to several variables. The region has a substantial pet ownership culture, with a high percentage of households owning pets, driving consistent demand for pet products and services. Further, the region's high disposable income levels support spending on premium and specialty pet products, including organic and natural pet foods, advanced healthcare services, and pet tech gadgets. Lastly, North America is home to a robust network of pet specialty stores, veterinary clinics, and online pet retail giants, creating a competitive and comprehensive ecosystem that caters to diverse needs of pet owners, further solidifying its dominance in the market. 

According to Cognitive Market Research, the United States' high pet ownership rate, increasing pet humanization, and strong spending capacity among pet owners contribute to robust demand for pet products and services. Additionally, a well-developed pet industry infrastructure, including numerous Pet specialty stores, veterinary services, and online retailers, further solidifies the United States' leadership in the North American pet market.

The Asia-Pacific is the fastest-growing region in the pet market. Factors contributing to this growth include a rising middle-class population with increased disposable income, resulting in higher pet ownership rates and a greater willingness to spend on pets. Additionally, a growing awareness of pet health and wellness, coupled with the expanding availability of premium pet products and services, is driving the pet market's rapid expansion in the Asia-Pacific region. Furthermore, the shift towards urbanization in several countries in the region has created an environment conducive to pet ownership and, in turn, a surge in the demand for pet-related products and services.

The current report Scope analyzes Pet Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Pet Market

North America Pet Market Analysis:

According to Cognitive Market Research, North America accounted for a share of more than 38% of the global revenue due to several variables. A significant driver is the increasing trend of pet humanization, where pets are considered integral family members, leading to higher spending on their health, well-being, and comfort. The region's robust economy and high disposable income levels contribute to the purchase of premium pet products and services, such as high-quality pet food, advanced veterinary care, and luxury accessories. In addition, pet ownership is prevalent in North America, with a high percentage of households having pets, further stimulating market growth. The evolving awareness of pet health and wellness, coupled with a demand for organic and natural pet products, has led to a surge in innovative pet offerings, including specialty diets, supplements, and sustainable pet care items. All these factors create a dynamic and competitive pet market in North America, which continues to expand as consumers prioritize their pets' needs and lifestyles.

Europe Pet Market

Europe Pet Market Analysis:

According to Cognitive Market Research, Europe accounted for a share of more than 30% of the global revenue due to several variables. A strong cultural affinity for pets in many European countries has led to a higher rate of pet ownership, with pets often regarded as integral family members. This cultural aspect, combined with an increasing awareness of pet health and wellness, fuels the demand for high-quality pet products, including premium pet food, accessories, and healthcare services. Further, the trend toward humanizing pets has led to greater spending on pet comforts and well-being, including organic and natural pet food, fashionable accessories, and personalized healthcare. Thirdly, the proliferation of e-commerce platforms and online pet stores provides convenient access to a wide range of pet products, giving consumers the flexibility to shop from home. Lastly, the emphasis on sustainability and eco-friendly products is becoming more prominent, driving the growth of pet market segments that focus on environmentally responsible and cruelty-free options. These combined factors continue to stimulate the expansion and diversification of the European pet market.

Asia Pacific Pet Market

Asia Pacific Pet Market Analysis:

According to Cognitive Market Research, Asia Pacific accounted for a share of more than 23% of the global revenue due to several variables. the rising middle-class population with increased disposable income is boosting pet ownership and driving higher demand for pet products and services. As more people move to urban areas, particularly in densely populated cities, pets are often seen as companions and sources of comfort, further stimulating market growth. The cultural shift toward viewing pets as integral family members leads to an increased willingness to invest in pet health, nutrition, and well-being, contributing to the expansion of premium pet products and services. Additionally, the surge in e-commerce and digital platforms in the region has made it easier for consumers to access a wide array of pet-related offerings, amplifying the pet market's presence and growth in Asia-Pacific.

South America Pet Market

South America Pet Market Analysis:

According to Cognitive Market Research, South America accounted for a share of more than 5% of the global revenue due to several variables. A growing middle-class population with increasing disposable incomes has led to higher pet ownership rates, as people in the region have more resources to care for and pamper their pets. This trend is further supported by changing lifestyles and a shift in cultural attitudes toward pets, where they are increasingly viewed as family members. Also, a rising awareness of pet health and wellness, along with a demand for premium pet products and services, has fuelled the growth of specialized pet foods, veterinary care, and other pet-related offerings. Additionally, the expansion of e-commerce in South America has made pet products more accessible, allowing pet owners to shop conveniently and access a wider range of products, further contributing to the market's growth. Lastly, the pet market in South America is also driven by the development of pet-friendly infrastructure, such as pet-friendly housing, grooming services, and even pet-friendly cafes and parks, which encourage pet ownership and spending in the region.

Middle East and Africa Pet Market

Middle East and Africa Pet Market Analysis:

According to Cognitive Market Research, The Middle East accounted for a share of more than 4% of the global revenue due to several variables. There is a rising trend of pet ownership in the region, with an increasing number of households adopting pets as companions. A rising middle-class population with a higher disposable income is contributing to greater spending on pet-related products and services, including premium pet food, grooming, and healthcare. Moreover, a growing awareness of pet health and nutrition is encouraging the purchase of premium pet foods, supplements, and healthcare products. Finally, the region's urbanization and changing lifestyles are creating a demand for pet-friendly products and services, further fueling the growth of the pet market in the MEA region.

Pet Market Analysis

Product Type Segment Analysis

According to Cognitive Market Research, the pet food product type dominates the market of Pet due to its essential role in providing balanced nutrition and meeting dietary needs for a wide variety of pets, ensuring their health, well-being, and longevity. It offers convenience for pet owners and a vast array of options, including premium and specialized diets, which cater to specific health concerns and dietary preferences, reflecting the strong bond and emotional connection people have with their pets. The pet food segment also has a mature distribution and marketing infrastructure, with established brands and a growing market for natural and the organic pet food products, further contributing to its dominance.

The veterinary care segment is the second-most popular product type due to heightened awareness and increased emphasis on pet health and wellness, with more pet owners seeking preventive and specialized healthcare services for their animals. Additionally, advancements in veterinary medicine, including diagnostic tools and treatments, are expanding the scope of care options available to pets, resulting in higher demand for these services. The pet market's rapid growth in the veterinary care segment is also fuelled by the humanization of pets, leading to a willingness among pet owners to invest in comprehensive healthcare for their beloved animals.

• Pet Food Products 
• Veterinary Care
• Others

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Pet Industry. Request a Free Sample PDF!

Pet Application Segment Analysis

The dog is the most popular pet type in the pet market. Dogs are one of the most popular and versatile pets, often considered loyal companions and members of the family. They come in a broad variety of breeds and sizes, making them suitable for various lifestyles and living environments, which broadens their appeal to a diverse group of pet owners. Lastly, the dog segment benefits from a robust pet industry, including pet food, grooming, veterinary care, and accessories, leading to a larger overall market share compared to other pet types.

According to Cognitive Market Research, cat is the second-most popular pet type. Cats are becoming increasingly popular as pets because of their low-maintenance nature, making them ideal for individuals with busy lifestyles. Also, a growing awareness of the benefits of pet companionship has led more people to choose cats as their preferred animal companions. The cat pet type segment benefits from a wide range of innovative products and the services, including specialized cat food, toys, and healthcare options, which contribute to their overall well-being and attract more cat owners.

• Dog
• Cat
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Pet Distribution Channel Segment Analysis

Distribution Channel Segment Analysis

According to Cognitive Market Research, offline channel dominates the market due to the tactile and experiential nature of pet ownership. Customers can physically interact with pets, evaluate their health and behavior, and receive personalized advice from in-store experts. Additionally, offline pet stores provide immediate access to essential supplies, including food, accessories, and healthcare products, making them a convenient one-stop shop for pet owners. Furthermore, the personal connection and trust established between customers and local pet retailers often lead to repeat business, further solidifying the dominance of offline channels in the pet market. 

The online channel segment is anticipated to attain significant growth in the market due to the convenience and accessibility of e-commerce platforms, which provide pet owners with a broad selection of products, often at competitive prices, without the need to visit physical stores. Secondly, the ability to research and compare products, read customer reviews, and access a plethora of information about pet care and wellness online makes it a valuable resource for informed decision-making. Lastly, the COVID-19 pandemic further accelerated the growth of online pet retail as more consumers turned to digital platforms for contactless shopping, home delivery, and telemedicine services for their pets, establishing online channels as a convenient and safe option for pet-related needs.

• Online 
• Offline

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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