Latin American Pet Care Market Report - Outlook & Forecast 2023 - 2026
THE GLOBAL PET CARE MARKET IS EXPECTED TO REACH USD 400.40 BILLION BY 2028 FROM USD 295 BILLION IN 2022, GROWING AT A CAGR OF 5.22% DURING THE FORECAST PERIOD.
9 Market Segments
- The Pet Care Market Size, Share, & Trends Analysis Report By
- Product Type: Food Type, Veterinary & Medication, Pet Services, Beauty & Cosmetics, Insurance, and Others
- Food Type: Dry Food, Wet Food, Treats, and Others
- Veterinary & Medication: Veterinary and Medication
- Beauty & Cosmetics: Hair & Skin, Dental Care, and Others
- Pet Services: Grooming Services, Training Services, and Others
- End-Users: Dogs, Cats and Others
- Distribution Channel: Offline and Online
- Geography: Latin America, Mexico, Colombia, Ecuador, Peru, Argentina, Chile, Panama.
The global pet care market was valued at USD 295 billion in 2022 and is expected to reach USD 400.40 billion by 2028, growing at a CAGR of 5.22%. The pet care market includes various attributes such as pet food, veterinary and medication, insurance, pet services, and others. Food is one of the majority shareholders in the market as the requirement for food is more consistent than other attributes. The variety of food for pets also has a vast portfolio as the food available is based on the age and requirements of the pet. Most vendors are also in the pet food segment, followed by grooming and training services. Further, the veterinary services also play a critical role in ensuring the pets have a good and healthy life. The pets require examination and treatment for various illnesses and infections such as ringworm, heartworm, cancer, etc. The veterinary and medication services have the second highest market share in the pet care market. Vaccinations and medication also help ensure that pets are safe and free from infection and disease.
Increasing Technological Integration
Technology has become an essential part of everyday life, and the pet care market is finding ways to integrate it to interact with their pets. In this mobile-centric world, pet owners have found ways to connect with their pets using technology to monitor their health, book grooming appointments, or watch over them through webcams. Technology has allowed pet owners to interact with their pets while still going about their everyday activities. One of the prominent pet grooming software is MoeGo. The cloud-based solution is designed to help pet grooming salons handle client appointments, communication, and service agreements through a centralized dashboard.
Rising Pet Humanisation
The humanization of pets has created new opportunities and supported the future growth of the pet care market. It focuses on pet health and wellness, sustainable products, and eco-friendly, natural, and locally sourced ingredients. The pet owners’ expectations have shifted from high-quality pet food to humanized food. Several pet owners have started buying pet food products that contain natural or organic, human-grade ingredients. The desire to treat pets like a child or a family member drives the sales of pet products and services. Several players like Pet Place, Camp Bow Wow, The Pooch Mobile, and PetSmart offer pet daycare, retail, boarding, and grooming services.
Growing Demand for Chemical-Free Products
Pet owners are willing to pay premium prices to maintain the health and hygiene of their pets. Many pet owners are switching from pet grooming products that contain artificial additives to alternatives comprising natural or organic ingredients, which can ensure the health and well-being of pets. Recently, pet owners have become increasingly aware of the dangers of using chemical and toxic grooming products. The owners desire safe, sustainable, and eco-friendly alternatives for pet grooming, which can potentially reduce the carbon footprint of their pets. Moreover, natural and non-toxic pet products such as grooming, dental care, and food products, among many others, prevent dangerous diseases and allergies and positively influence pets' overall health.