Pet Care Market Trends

Growth Drivers

• Increasing expenditure on pet care products - People spending more on pet care products and services including food, animal health, grooming, and insurance is driving the market growth. The investor's inclination towards this sector is also growing at a fast pace. Additionally, the growing demand for pet care products motivates key players to modify the variety of products according to the customer’s needs.
  
  The introduction of innovative options for pets attracts more people, resulting in pet care market growth. As per recent data published in 2024, the average total lifetime cost of owning a dog is between USD 19,893 and USD 55,132 including food, insurance, and healthcare if they have a 15-year lifespan. 
• Increasing cases of food-borne and zoonotic diseases in pets - Zoonotic infections including viral and bacterial are majorly transmitted to humans through dogs. They are transferred by different mediums such as infected saliva, aerosols, contaminated urine/feces, and from direct contact with the dog. Rabies which is a commonly found disease in humans is caused by viral infection.
  
  The increasing awareness and knowledge among dog owners and the general population regarding zoonotic infections could notably reduce zoonosis transmission and consequently their fatal complications. According to the World Health Organization (WHO), around 59,000 humans die every year in more than 150 countries due to rabies infection. Additionally, 95% of these cases are reported to be in Africa and Asia.

Challenges

• Congestion in animal shelters due to increasing abandonment - Animal shelters are left with limited resources as they are getting overcrowded due to increased surrenders and abandoned animals. People who find it difficult to take care of their pets abandon them, resulting in an increasing number of stray animals.
• High cost for pet care and services - Having a pet means investing financially in pet food, healthcare, grooming, and basic requirements. The high cost of owning a pet becomes a hurdle during pet adoption. Additionally, the majority of pet stores and breeders are facing a reduction in revenue due to decreasing demand for pets.