According to the latest research report by Global Market Insights, the pet market is worth $280 billion in 2022 and is expected to grow at a compound annual growth rate of over 7% between 2023 and 2032. The pet market is expected to reach $550 billion by 2032.
Key drivers behind this growth include:
At present, cats and dogs are the mainstream pet. The Health For Animal Global Trends in Pet Ownership report notes that cat and dog ownership has steadily increased worldwide, including in emerging economies. Figures suggest there could be billions of pets around the world.
It is estimated that:
More than half of the world's population has a pet at home.
Households in the United States, the European Union and China alone own more than 500 million dogs and cats.
In the United States, 70 percent of households owned pets as of 2021, compared with 68 percent in 2016.
Dogs are the world's most popular pet, with about a third of households owning a dog and nearly a quarter of pet owners owning a cat.
All sorts of statistics show that the global pet population is on the rise, and for now, there is little sign that growth will slow anytime soon. Demographic changes, rising income levels and the pandemic have spurred more people to adopt pets.
Of course, the pet industry isn't all dogs and cats. Other pet categories include reptile, aquarium, rodent, bird, etc. They are also beginning to be recognized and introduced into more homes.
Pet owners around the world are constantly striving to provide quality care for their pets. This can be attributed to increased pet humanization and pro-pet open policy and subsidy policies, which increase pet care costs and thus drive the market size.
If you have interesting in the pet product more market intelligence and trends, please leave ur mail address or contact us on websit.