May 21, 2024
Pet Care Products Market

Pet Care Products Market Is Heading Towards Natural Ingredients Driven By Sustainability

Pet care products have witnessed increased demand over the past few years owing to growing humanization of pets. Pet owners are increasingly using various pet care products such as shampoos, conditioners, wipes, toothpaste, toys, bedding, and apparel to ensure the hygiene, nutrition, and comfort of their pet companions. These products provide grooming and healthcare benefits for pets.

The Global Pet Care Products Market is estimated to be valued at US$ 284.16 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.

Key players operating in the Pet Care Products are Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO. With rising pet adoption and growing pet humanization trend, demand for various pet care products is expanding rapidly across the globe. Various types of pet care products such as shampoos, conditioners, wipes, toothpaste, toys, bedding, and apparel are witnessing significant growth in demand. Growing awareness about pet health and nutrition along with rising disposable income levels in developing countries is driving the global expansion of the pet care products market.

Market key trends

One of the major trends gaining traction in the Global Pet Care Products Market Size is the increasing use of natural and sustainable ingredients. With growing health consciousness among pet owners and demand for non-toxic products, key players in the market are focusing on manufacturing pet care products using natural ingredients. They are incorporating plant-based ingredients along with essential oils to create eco-friendly and natural products. This is expected to drive the demand for natural pet care products. Companies are investing in R&D to develop new herbal formulations and replace synthetic chemicals with natural compounds in their products. Such initiatives are expected to bolster the sales of natural pet care products over the forecast period.

Porter’s Analysis
Threat of new entrants: Pet care products need significant investments and is saturated industry hence threat of new entrants is low.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and easy availability of raw materials.

Threat of new substitutes: Threat of new substitutes is high due to easy availability of substitutes and requirements of pet care.

Competitive rivalry: Industry is mature and fragmented with many regional and international players leading to high competitive rivalry.

Geographical Regions
North America region holds around 35% share of the global pet care products market in terms of value due to high pet adoption and expenditure on pet care.

Asia Pacific region is expected to be the fastest growing region during the forecast period owing to increasing pet population, rising disposable income, and growing awareness about pet grooming and healthcare in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it