In 2024, the global pet market is valued at approximately USD 259.37 billion and is projected to grow to USD 427.75 billion by 2032, with a compound annual growth rate (CAGR) of 6.45%. This growth is primarily driven by the humanization trend of pets. Pets increasingly become integral members of families. And pet owners are more inclined to treat their pets as significant family members. This shift in perception has led to a surge in demand for premium and specialized products and services aimed at ensuring the welfare and comfort of pets.
Social Media Influence
Social media platforms like Instagram and TikTok have turned pets into social media stars, complete with dedicated fan bases and sponsorships. This phenomenon has created a new market segment. Pet owners seek products that can enhance their pets’ social media presence, such as fashionable outfits and photography props.
Rising Awareness of Pet Mental Health
The increased awareness of pet mental health and emotional well-being has spurred demand for related products and services. Pet owners are investing more in toys, intelligence games, and interactive gadgets to stimulate their pets’ brains and alleviate boredom. Additionally, the market has seen an increase in specialized therapeutic and calming products to address pets’ anxiety and stress issues.
Growth Projections
The pet care market is expected to witness a CAGR of 5.9% between 2024 and 2032, reaching nearly USD 327.83 billion by 2032. Pet services are anticipated to be the fastest-growing segment within the pet industry, with expenditures projected to grow by 143% to USD 118 billion by 2030.
Millennial Pet Owners
Young Americans, particularly those aged 18 to 34, have been driving the pet adoption trend during the pandemic. This age group accounting for 32% of the most recent pet acquisitions over the past six months. These pet owners tend to spend more money on food, treats, and pet care than other age groups. As millennials become homeowners, delay having children, and increasingly have smaller families, they are likely to spend more on their pets, especially on premium food and services.
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