|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pet Service Market is projected to register a CAGR of 5.4% during the forecast period (2022-2027).
Owing to COVID-19 pandemic, the year 2020 was not found to be very promising for all the industries, but in the case of the market studied, it was a boon as due to the repeated lockdowns, people stayed mostly at home and took good care of their pets. This stimulated the demand for pet services and products and encouraged significant growth in the market studied.
Some major market players have even started providing online tutoring classes for pet parents on the management of pets. The popularity of pet fashion among pet owners will have a positive impact on the market and contribute to its growth significantly over the forecast period. Some pet owners, especially affluent ones, are very particular about representing their lifestyles by spending on comfortable and luxurious products for their pets. This is encouraging many market competitors to launch numerous products in the grooming and accessories segment. The pet services include pet sitting, pet grooming, pet traveling, pet training, pet hotels, and customized subscription boxes for the pet.
The market is fragmented with the presence of many companies, enticed by lower start-up costs than maintaining a brick-and-mortar business. More groomers, pet travel services, pet waste removal, and funerary/bereavement services are getting into this mobile grooming on their own or through franchises. Mobile groomers typically advertise through veterinary offices and local pet shops. More companies/start-ups are tapping into this fertile area.
Scope of the Report
Pet service is a component of the pet care market, which includes services exclusively meant for pet care activities, like pet grooming, pet walking, pet sitting, pet transportation, and pet boarding. These are the non-medical services that focus on pets. The services include bathing and grooming, pet sitting or boarding, obedience training, and pet health insurance. The report contains a detailed analysis of various parameters of the global pet service market. The pet service market is segmented by pet type (dog, cat, and other animals), service type (grooming, pet transportation, pet boarding, pet sitting, pet walking, and other service types), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the market size and forecasts in terms of value in USD thousand for all the above segments.
|Other Service Types|
Key Market Trends
Increase in the Number of Pet Owners and Increased Spending on Pets
According to National Pet Owner's Survey (2020-2021) conducted by the American Pet Products Association (APPA), in the United States, almost 90.5 million households have a pet, and over the last 30 years, pet ownership has gone from 56.0% to 68.0% of all households. The boom in pet care spending has resulted in a huge increase in products and services aimed toward affluent pet owners. The rising aging population in developed countries is driving the growth of the global pet day-care and lodging market as they are considered good companions for the elderly. Customization holds more appeal to the customers, as it adds a personal touch to the pet, and this factor is expected to play a large role in the growth of the pet service market. Manufacturers are using organic or natural materials for manufacturing grooming products, such as shampoos. Introduction of advanced cost effective and customized services, rising concerns toward pet care, increase in health expenditure for animals is leading to the growth in the demand for pet service around the globe.
With the growing ownership of pets, pet owners are increasingly spending on service packages with more options, including food and grooming options. The desire for improved pet care products and accessories such as pet furniture has increased owing to the growing importance of pets and services.
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North America Dominates the Pet Services Market
Pet parents in the United States are spending more on their pet's well-being, appeal, and safety. According to the American Pet Productions Association (APPA), in 2021 alone, pet care spending hit USD 73.6 billion, a 1.01% increase from the previous year. The United States and the United Kingdom have long been the leaders of the world pet market. The United States has long been one of the leaders of the world pet market, which witnessed dramatic growth in the pet industry. In the United States, almost 90.5 million households have a pet. Over the last 30 years, pet ownership has gone from 56% to 68% of all households. The boom in pet care spending has resulted in a huge increase in products and services aimed toward affluent pet owners. The rising aging population in developed countries is driving the growth of the global pet daycare and lodging market as they are considered good companions for the elderly. The popularity of pet fashion among pet owners has a positive impact on the market and is expected to contribute a significant growth during the forecast period. Some pet owners are very particular about representing their lifestyles by spending on comfortable and luxurious products for their pets. This encourages market competitors to launch numerous new products and customized products in the North American market.
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The pet service market is highly fragmented, with the presence of many domestic and international players operating in the market. Some of the notable players in the market include Petco Animal Supplies Inc, Pet Smart Inc, Best Friends Pet care, Dogtopia Enterprises, and Rover. The major players in the market are mainly focusing on adopting different strategies, such as new services, partnerships, expanding the operations into new areas, and mergers and acquisitions in order to obtain a stronghold in the market and to bring more revenue share to the overall market.
In July 2021, Rover was acquired by Nebula Caravel Acquisition Corp. This acquisition is to have better access to various stakeholders that would subsequently increase its market position in the industry.
In September 2021, We Love Pets has expanded its operations by launching 3 new franchises at the Cambridge, Billericay, and Maidstone branches, ultimately expanding the company’s service areas.
Further, the company, We Love Pets launched grooming service for pets in 2020 at Trowbridge that offers salon treatments with a wide range of services for dogs of any breed, size, and coat. Pets can indulge in a honey and oatmeal massage, fresh breath treatments, etc. This service innovation expanded the company’s service portfolio, expanding the market in the region.
In October 2019, PetSmart launched a new doggie day camp format, which is transforming its current off-leash all-day playgroups into a structured play program format called The Ultimate Experience. This new trend of service by major players is making pet owners try these new services for their pets.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Pet Type
5.1.3 Other Animals
5.2 Service Type
5.2.2 Pet Transportation
5.2.3 Pet Boarding
5.2.4 Pet Sitting
5.2.5 Pet Walking
5.2.6 Other Service Types
5.3.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.3.4 South America
18.104.22.168 Rest of South America
22.214.171.124 South Africa
126.96.36.199 Rest of Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.3 AirPets Relocation Services Pvt. Ltd
6.3.4 Global Cargo Services (Global Pet Protection)
6.3.5 PetSmart Inc.
6.3.6 Anvis Inc.
6.3.8 Barking Mad
6.3.9 We Love Pets
6.3.10 My Best Friend Dog Care
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. AN ASSESSMENT OF THE COVID-19 IMPACT ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Pet Service Market market is studied from 2017 - 2027.
What is the growth rate of Pet Service Market ?
The Pet Service Market is growing at a CAGR of 5.4% over the next 5 years.
Which region has highest growth rate in Pet Service Market ?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Pet Service Market ?
North America holds highest share in 2021.
Who are the key players in Pet Service Market ?
Petsfolio, Global Pet Relocation, PetSmart Inc., AirPets Relocation Services Pvt. Ltd, PetBacker are the major companies operating in Pet Service Market .