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pet products market!

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The pet sector has been exploding in recent years. According to the American Pet Products Association, about 85 million homes own a pet, with pet ownership increasing from 56 % to 68 % in the last 30 years. Technology and the introduction of internet purchases have contributed to some of the changes in pet ownership.

Many people were forced to stay at home for an extended amount of time as a result of COVID-19’s impacts, whether owing to shelter-in-place orders or work-from-home advice. Soon after this increased time spent at home, and pet shelters recorded an increase in adoptions and fostering.

However, the majority of the expansion is due to cultural shifts. As millennial and Generation Z consumers have grown into adulthood, they have embraced their pet-owning and pet-loving lives significantly more than their predecessors. In 2020, households headed by the younger generation account for roughly 60% of pet ownership, whilst households headed by baby boomers account for about 30% of pet ownership.

Furthermore, pet owners are demonstrating a strong desire to learn more about pet health issues. They are promoting companion animal preventive care. As a result, responsible pet ownership has been increasingly popular in recent years. This is also a crucial trend that is driving pet care product sales and, as a result, the pet care industry.

Moreover, people are making lifestyle upgrades to mark their share in reducing the ecological footprint in daily lives which includes pet products too. A significant share of pet accessories is made with more sustainable and recyclable materials instead of plastics. For instance, in February 2022, Neo Bites became the first Carbon-negative dog food company in the U.S.

Pet Type Insights

The dog segment accounted for over 39% of the revenue share in 2021. The most popular pets are dogs, followed by cats. Dogs are known to relieve anxiety, stress, and depression, as well as loneliness, promote cardiovascular health, and encourage exercise, all of which contribute to their popularity. Pet furniture is often preferred by people who live in flats and apartments and do not have a lawn or porch where their pets can live. This category is projected to boost the pet care market due to these factors.

Moreover, the cat pet type segment is projected to register a CAGR of 5.3% from 2022 to 2030. The increasing number of cat owners across the globe is expected to positively impact market growth. Furthermore, the rising number of single-person households coupled with the increasing willingness to own at least one pet has been majorly contributing to the market growth in developed countries over the past few years.

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