Pet Care Market to Develop Rapidly; Merger of Northern Star Acquisition Corp and Bark to Amplify Business
The global pet care industry size is expected to reach USD 325.74 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period. The growing shift towards plant-based and nutritious food among animal owners will foster healthy growth of the pet care market, states, in a report, titled “Pet Care, 2021-2028.” The market size stood at USD 207.90 billion in 2020.
Introduction of Advanced Pet Care Products to Favor Growth
The development of innovative animal care products by prominent companies such as location tracker devices, cardboard pet feeder devices, smart laser cat toys, and others will have a tremendous impact on the market. For instance, in February 2020, Nestle S.A. launched ‘Unleashed’ a global pet care industry’s global innovation program. This program was aimed to provide total funding of USD 51,922.4 to the start-up companies associated with the manufacturing of the various pet care items from Europe, North America, Middle East by the end of 31st March 2020. Moreover, the heavy demand for premium quality animal products is expected to spur the pet care market’s opportunities in the forthcoming years.
Prevalence of Coronavirus in Animals to Uplift Market during Pandemic
The increasing concerns regarding the spread of coronavirus in dogs have accelerated demand for dog healthcare products among dog owners. For instance, from 1st December 2019 to 1st February 2020, Fox News reported a tenfold increase in the sales of the total number of dog face masks in China. Moreover, the surging pet ownership will consequently favor the growth of the market amid coronavirus. According to a survey ‘2019-2020 APPA National Pet Ownership’ conducted by American Pet Products Organization, as of 2020, 67% of the U.S. households owned a pet over 56% in 1988.
High Spending on Animal Care to Boost Market in North America
North America’s market is expected to expand radically during the forecast period due to the high-spending on-animal care products and services by the Canadian and U.S. population. According to the Statistical Department’s data, Government of Canada, in 2019, Canadian household expenditure on pet insurance, veterinary, and other related services reached USD 2,720 million, up from USD 2,550 million in 2018. Asia Pacific is expected to hold a significant share during the forecast period due to prominent companies such as Mars Incorporated, Nestle S.A., and others. Besides, the expansion plans of companies can have an excellent effect on the market in the region. For instance, in May 2020, Nestle S.A. invested USD 103.2 million to inaugurate two manufacturing facilities of pet supplies in China.
Key Development
December 2020: Bark, a U.S. based dog products company, announced an agreement with Northern Star Acquisition Corp. The transaction of approximately $1.6 billion was involved in the merger.
The Report Lists the Key Companies in the Pet Care Market:
- Mars Incorporated (Virginia, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- Spectrum Brands Inc. (Wisconsin, U.S.)
- Diana Group (Bang Krachao, Thailand)
- The J.M. Smucker Company (Ohio, U.S.)
- Unicharm Corporation (Tokyo, Japan)
- Hill’s Pet Nutrition, Inc. (Kansas, U.S.)
- SCHELL & KAMPETER, INC (Missouri, U.S.)
- TiernahrungDeuerer GmbH (Bretten, Germany)
- Heristo AG (Bad Rothenfelde, Germany
