Pet Healthcare Market Size, Share, Analysis, Trends, Growth, Forecasts 2032

Pet Healthcare Industry Prospective:

The global pet healthcare market size was evaluated at $63 billion in 2023 and is slated to hit $114 billion by the end of 2032 with a CAGR of nearly 6.81% between 2024 and 2032.  

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Pet Healthcare Market: Overview

Growing awareness about animal welfare has increased the use and popularity of pet healthcare products globally. A large number of pet healthcare products are easily available in supermarkets/hypermarkets and retail stores.  Pet lovers as well as pet owners are aware of their pets getting infected from various infections and hence they purchase pet healthcare products as well as get their pets diagnosed with the help of veterinary doctors.           

Key Insights

• As per the analysis shared by our research analyst, the global pet healthcare market is projected to expand annually at the annual growth rate of around 6.81% over the forecast timespan (2024-2032)
• In terms of revenue, the global pet healthcare market size was evaluated at nearly $63 billion in 2023 and is expected to reach $114 billion by 2032.
• The global pet healthcare market is anticipated to grow rapidly over the forecast timeline owing to a rise in foodborne and zoonotic ailments along with an increase in the adoption of pets.
• In terms of product type, the pet food products segment is slated to register the highest CAGR over the forecast period.
• Based on pet type, the dog segment is predicted to lead the segmental expansion in the upcoming years.
• In terms of distribution channels, the offline segment is projected to record the fastest CAGR over the forecast timeline.
• Region-wise, the Asia-Pacific pet healthcare industry is projected to register the fastest CAGR during the projected timespan.

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Pet Healthcare Market: Growth Factors

Surging end-user tilt towards healthy pet diet to boost the global market trends over 2024-2032

Growing customer preference toward healthy diets for pets has transformed into humungous growth of the global pet healthcare market. A surge in the meat & milk supply across the globe will pave the way for massive growth of the market globally. A rise in foodborne and zoonotic ailments along with an increase in the adoption of pets will steer the expansion of the global market. An increase in the vaccinations of pets along with easy availability of medicines for treating pets will embellish the expansion of the market across the globe. New product launches are projected to contribute majorly towards the expansion of the global market. For instance, in January 2024, Dong-A Pharmaceutical Company Limited, a Pharmaceutical Company, introduced Vetple, a premium pet healthcare product for cats and dogs available with personalized pet nutrition items. Reportedly, the new products include three food items for dogs & three new food products for cats that will take care of the mental & physical health of pets.

Pet Healthcare Market: Restraints

A surge in the costs of high-quality products can impede the expansion of the industry globally by 2032

An exponential increase in the price of high-quality pet healthcare products along with the scarce availability of raw components used for manufacturing these products can put brakes on the growth path of the global pet healthcare industry.  Uncertainty of pet diseases such as diarrhea and abdominal pain can hinder global industry expansion.

Pet Healthcare Market: Opportunities

Favorable government rules pertaining to healthcare of pets can create new avenues of growth for the global market

Supportive government laws related to pet healthcare along with improvement in the pet healthcare infrastructure facilities in emerging economies are anticipated to open new avenues of growth for the global pet healthcare market. In addition to this, the easy availability of improved medical treatment amenities for pets along with the rise in pet immunization programs carried out by the government is likely to boost the expansion of the market globally. Apart from this, an increase in research activities for veterinary research labs aimed at finding innovative treatments for foodborne & zoonotic diseases in pets will expand the scope of the global market demand.

Pet Healthcare Market: Challenges

Strict legislations about manufacture & selling of products can challenge the global industry surge by 2032

Stringent laws related to the production and sale of the products along with disruptions in the supply of the products can prove to be a daunting task in the growth of the global pet healthcare industry.

Pet Healthcare Market: Segmentation

The global pet healthcare market is sectored into product type, pet type, distribution channel, and region.                                         

In product type terms, the pet healthcare market across the globe is segregated into pet food products and veterinary care segments. Furthermore, the pet food segment, which acquired nearly 40% of the global market revenue in 2023, is predicted to record the fastest growth rate in the projected timeframe. The expansion of the segment in the assessment timeframe can be owing to the humungous intake of nutritious foods by pets. Additionally, easy access to various animal food products will embellish the expansion of the segment in the upcoming years

Based on the pet type, the global pet healthcare industry is sectored into dog and cat segments. Furthermore, the dog segment, which gathered a key share of the global industry in 2023, is predicted to lead the segment in the next couple of years. The segmental expansion during the period from 2024 to 2032 can be due to the friendly nature of dogs and the use of pet healthcare products for improving their health as they can help in preventing house robberies. Apart from this, dogs are easily humanized and trained, thereby steering the segmental surge.

Based on distribution channels, the pet healthcare market across the globe is bifurcated into online as well as offline segments. Moreover, the offline segment, which acquired nearly 47% of the global market earnings in 2023, is expected to register the fastest growth rate in the predicted timeline. The expansion of the segment in the forecast period can be due to the easy availability of pet healthcare product supplies in hypermarkets/supermarkets and retail stores.

Pet Healthcare Market: Report Scope

Pet Healthcare Market: Regional Insights

North America is forecast to maintain the leading position in the global pet healthcare market in the upcoming years

North America, which garnered nearly 71% of the global pet healthcare market earnings in 2023, is likely to be a leading region in the coming seven years. Apart from this, the regional market expansion over the anticipated timespan can be attributed to a rise in the expenditure on pet healthcare products by the populations in Canada and the U.S. In addition to this, a rise in the number of players manufacturing pet healthcare products in these countries will further prompt the regional market surge in the upcoming years.

Asia-Pacific pet healthcare industry is set to register the fastest rate of annual growth in the forecast timeline. The surge of the industry in the APAC zone can be a result of the massive presence of key players such as Nestle S.A. and Mars Inc. Apart from this, the presence of strong pet healthcare infrastructure in countries such as China and India will proliferate the size of the industry in the region.

Key Developments

• In the first half of 2021, Paws Inc., a key cat wellness products firm based in the U.S., acquired Fetch, a UK-based online pet food store, to increase its business in Europe.
• In the second quarter of 2021, Nestle S.A. invested nearly US$19 million for expanding the cat food-producing capacity of its unit in New York.

Pet Healthcare Market: Competitive Space

The global pet healthcare market profiles key players such as:

• Boehringer Ingelheim GmbH
• Zoetis Inc.
• Merck & Co. Inc.
• Vetoquinol S.A.
• Dechra Pharmaceuticals plc
• Ceva Santé Animale
• Elanco
• Virbac
• Mars Inc.
• IDEXX Laboratories Inc.

The global pet healthcare market is segmented as follows:

By Product Type

• Pet Food Products
• Veterinary Care

By Pet Type

• Dog
• Cat

By Distribution Channel

• Offline
• Online

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa