PET CARE PRODUCTS MARKET ANALYSIS

Regional Analysis

North America is expected to account for major share in the pet care products market in the forecast period. According to the American Pet Products Association, in 2017, US$ 69.36 billion was spent on pets in the U.S., which is an increase by US$ 40 billion from 2001. The major spending sectors for pet owners are food and vet care, which is US$ 30 billion and US$ 17 billion respectively.

Asia Pacific is expected to be the fastest growing pet care products market by 2025. This is owing to increasing pet adoption in countries such as India, South Korea, and others. In South Korea, 17% of the household owns a pet (cats, dogs, mini pigs and others), which is in turn leading to growth of the pet care products market in Asia Pacific. Furthermore, in China, local players such as Shanghai Bridge Petcare and others are competing with the foreign players such as Mars Foods, Royal Canin Au Yu (Shanghai) Pet Food, and others by using North European standards in pet food manufacturing and exporting various products such as Nature Bridge, Nature Club, Kitchen Flavor, Nory, and others with competitive pricing.