Even countries that in the past did not boast tremendous numbers of pet owners, are now contributing to the growing market for pet products. The U.S. and the U.K. have consistently represented the largest spenders. In 2017, more Americans than ever spent money on pet products, with more than $69.5 billion spent on food and other items for their animal companions. Consumers in additional countries have also increased their spending, with 2017 worldwide sales reaching $109 billion. The Asia Pacific region represents the third-largest group of consumers in the pet products market. When considering the question, How big is the market for pet products? The answer is that consumer spending has been consistently on the increase and is forecast to continue its upward growth on a global basis.
Market Research continues to monitor the pet products market and has a number of reports available to clients who are interested in knowing how big is the market for pet products. Outside of the U.S., several of the largest pet products market share include these countries:
As this country’s average citizen’s disposable income continues to increase, more Chinese are taking pets into the home and investing in products for them. This has been true since the late 2000s and seems destined to continue. Additional growth factors for the pet products market in China include:
- Traditional reverence for aquatic animals within the Chinese culture.
- The lower cost of dog ownership due to drastically reduced licensing fees.
- An increasing number of Chinese are turning to pets to expand their family and as such, are spending money on their animals.
- China is hosting a steadily increasing number of pet trade shows. The shows attract a substantial number of vendors from around the world who showcase their pet products to attendees.
- China is poised to exceed the U.S. for spending on pet care products. In 2017, the Chinese pet products market increased 27% from the previous year to $25 billion.
Traditionally, Indians have opted to feed their pets homemade meals rather than spend money on commercial pet products. However, when considering how big is the market for pet products in India, it should be understood that it is growing quickly. More and more urban families are choosing to take pets into the home, with a market growth rate of around 12%. In 2017, the market for pet care products in India was $287.9 million. Some of the most popular products and services in this market include:
- Professional pet grooming services and related products for home care of animals.
- Professional pet trainers and behaviorists.
- Pet trade periodicals, including magazines.
- Dog yoga.
- Gourmet pet meals are available in dog-friendly restaurants.
- In-home pet healthcare services from veterinarians and other animal care providers. In-home care is especially popular because public transportation is not generally pet-friendly in India.