Market Trends of pet veterinary diet Industry
Cats are the second-largest adopted pets globally due to their growing adoption as companions and increasing awareness about the benefits of owning a cat
- Globally, cats are being less adopted compared to the adoption of dogs. In 2022, the cat population accounted for 24.8% of the global pet population, witnessing an increase in the population by 19.2% between 2017 and 2022. The share of cats will be higher in Europe as they consider them to be a symbol of luck or fortune. This has been true since historical times, particularly in Russia, which has been a major country with a high population of cats as pets. The high growth of the cat population globally was because of the rise in pet humanization. Cats require less space to live compared to dogs and can stay alone in a home for a longer time while no human is available to take care of the cat. For instance, between 2017 and 2022, more than 70% of pet parents, including cat parents, in Russia and the United States considered cats as family members, friends, or children.
- Moreover, there was a significant increase in cat adoption during the pandemic as people had to stay indoors, and cats can stay indoors without being cooped up and are silent animals compared to dogs. The United States witnessed higher adoption of cats as pets during the pandemic because of the work-from-home culture, leading to a demand for companionship and a higher number of pet owners being millennials. For instance, in 2022, millennials were 33% of pet parents in the United States. The higher adoption of cats during the pandemic is expected to have a positive impact for a longer period on the pet food market's growth. Factors such as an increase in the adoption and purchase of cats and an increase in pet humanization are expected to help the growth of the pet cat population, and it further helps in the growth of the pet food market during the forecast period.
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North America and Europe are spending on pet veterinary diets, and the increasing concerns of pet owners for their pet's health and well-being is driving the pet expenditure
- Globally, there is a trend of increase in pet expenditure, and pet expenditure increased by 25.4% between 2017 and 2022 because of the rise in premiumization and growing health concerns. Dogs have a higher share of pet expenditure, which accounted for 39.7% in 2022. It has a higher share due to the higher consumption of pet food than cats and being fed with premium pet food.
- Pet parents invest the highest share of the pet expenditure on pet food as they are concerned about their pets' well-being. There has been a rise in providing other services such as pet grooming, pet daycare, and pet walking for better socialization with other pets and good-looking pets. This trend has been witnessed in regions such as North America, Europe, and Asia-Pacific. For instance, pet food accounted for 21% of pet expenses in the United States in 2022. Moreover, people are purchasing premium pet food as they want their pets to consume high-quality food and are willing to pay premium prices. In the United States, about 40% of pet parents purchased premium pet food in 2022, and in Hong Kong's cat food market, the premium pet food segment accounted for 75% of pet food sales in 2022.
- There has been a change in purchasing veterinary diets from offline stores to online stores, especially after the pandemic, because of the large number of pet products available on websites, but there are countries such as the Netherlands where pet parents prefer purchasing from pet stores due to the quality of the products offered by them. For instance, in the United States, online sales of pet care, including veterinary diets, increased from 32% in 2020 to 40% in 2022. Premiumization and growing concern about health are the factors expected to contribute to the increase in pet expenditure during 2023-2029.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- North America and Asia-Pacific have the highest dog populations due to evolving pet ecosystems, along with the availability of dogs for adoption and purchase from animal shelters
- The evolving pet ecosystem and the rising availability of acquisition channels for other animals' adoption are driving the other animals' market globally
