Companion Animal Health Market Set to Grow Amidst Rising Pet Ownership
The world of pet care is undergoing a remarkable transformation, driven by the notable rise in pet ownership across the globe. From routine health check-ups and vaccinations to premium diet foods, automated feeders, and wearable devices, pet owners are investing heavily in their furry companions. As per the American Pet Products Association’s (APPA) National Pet Owners Survey 2019 – 2020, approximately 85 million households in the United States alone have pets. The US pet industry reached an astounding US$99 billion in 2020, demonstrating the significant growth potential in the companion animal health market.
Pet Ownership on the Rise
The COVID-19 pandemic further accelerated the trend of pet adoption and ownership, with nearly 12% of adults adopting pets during lockdowns in 2020. This surge in pet adoption and buying is expected to fuel the growth of the global companion animal health market. Moreover, favorable government initiatives aimed at promoting animal health and welfare are set to catalyze market expansion.
Focus on Nutrition and Therapeutics
Nutrition remains a core concern for pet owners, driving companies to introduce functional food products in the pet food category. Nutritional feed additives and dietary supplements are anticipated to be highly sought-after products in the companion animal health market. Additionally, medicinal feed additives are expected to witness increased demand as various diseases continue to affect companion animals. Among therapeutic products, vaccines are expected to remain the top-selling category, as pet owners prioritize regular vaccination for their companions.
E-commerce Revolutionizes Pet Product Shopping
Changing lifestyles and increased disposable income have empowered consumers to spend more on their pets. This spending trend extends to health, food, grooming, accessories, and other companion animal products. E-commerce platforms, such as Petco, Petsmart, Amazon, and Walmart+, have seen substantial growth in the online pet supplies market. Online pet pharmacies like VetRXDirect and 1-800-PetMeds are also witnessing growing preference for purchasing pet medicines online.
North America Dominates, Asia Pacific Offers Growth Potential
North America, with the United States leading the way, is expected to maintain its dominance in the companion animal health market. Europe, buoyed by government tax relief for pet adoption and healthcare, continues to be an important market. Asia Pacific, with its thriving pet culture and increasing awareness of pet healthcare, represents significant growth potential. Countries like China, Indonesia, and India are emerging as key investment destinations for pet supply companies, while Japan and Australia present unique business opportunities due to their distinctive social culture and purchasing patterns.
Recent Notable Developments
Several noteworthy developments have taken place in the companion animal health market in recent years. These include the launch of innovative products and strategic acquisitions by leading companies, such as Merck Animal Health, Zoetis Inc., and Vita Animal Health. These developments underscore the industry’s commitment to advancing pet healthcare.
Key Companies in Companion Animal Health
Prominent companies participating in the companion animal health market include Merck & Co, Ceva Sante Animale, Bayer AG, Zoetis, Agrolabo S.p.A, Elanco Animal Health Incorporated, Nutreco N.V. Inc, Virbac, IDEXX Laboratories Inc, C.H. Boehringer Sohn AG & Co. KG, Perrigo Company Plc., and DRE Veterinary.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/companion-animal-health-market
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This press release first seen on Brilad