Pet Services Market Size
|Market Size (2023)||USD 23.03 Billion|
|Market Size (2028)||USD 29.95 Billion|
|CAGR (2023 - 2028)||5.40 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Pet Services Market Analysis
The Pet Service Market size is expected to grow from USD 23.03 billion in 2023 to USD 29.95 billion by 2028, at a CAGR of 5.40% during the forecast period (2023-2028).
- The recent rise in pet humanization, wherein pets are treated with utmost care and hygiene, is proving to be a major driver for the market and is leading to the development of the pet service industry. Being the largest pet market in North America, the United States pet food market's growth is attributed to the increase in pet ownership. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 70% of US households, or about 90.5 million families, own a pet. Total pet industry expenditures in the United States totaled USD 123.6 billion in 2021, up by 19% from USD 103.6 billion in 2020.
- Although North America and Europe are some of the most dominant regions, countries in Asia-Pacific, such as Australia, are also witnessing an increase in the adoption of pets. The increasing popularity of pet services among pet owners is expected to have a positive impact on the market and contribute to its growth significantly over the forecast period. Some pet owners, especially affluent ones, are notably 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 segment. The pet services include pet sitting, pet grooming, pet traveling, pet training, pet hotels, and customized subscription boxes for the pet.
- The demand for professional pet grooming centers is also leading to the growth of the market, as they aid in facilitating healthy skin and fur for the pet and decrease the risk of infection. However, factors such as low income in developing countries and lack of knowledge in pet handling may hamper the growth of the market during the forecast period.
- In short, the increasing pet fashion among pet owners, increasing demand for pet grooming centers, and increase in the development of smart technology in pet grooming are anticipated to drive the growth of the market during the forecast period.
Pet Services Market Trends
This section covers the major market trends shaping the Pet Service Market according to our research experts:
Increasing Number of Pet Owners and Increased Spending on Pets
- According to National Pet Owner's Survey (2021-2022) conducted by the American Pet Products Association (APPA), in the United States, almost 90.5 million households have a pet. 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 daycare 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. The introduction of advanced, cost-effective, and customized services, rising concerns toward pet care, and an increase in health expenditure for animals are leading to the growth in the demand for pet services worldwide.
- 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 North America are spending more on their pet's well-being, appeal, and safety. According to the American Pet Productions Association (APPA), in 2021 alone, US pet care industry expenditures hit USD 123.6 billion, a 19.3% 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 witnessed dramatic growth in the pet industry in recent years. For instance, as per the report published by the North American Pet Health Insurance Association (NAPHIA), approximately 4.41 million pets were insured in North America at the end of 2021. The pet health insurance marketplace grew by 27.7% over the past year.
- In addition, as per NAPHIA, total premium volume in the United States amounted to USD 2.6 billion, a 30.4% annual increase over 2020. In Canada, the total premium volume totaled CAD 313.4 million, an increase of 28.1% over the previous year. The boom in pet care spending has resulted in a huge increase in products and services aimed toward affluent pet owners.
- Some pet owners are extremely 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.
To understand geography trends, Download Sample Report
Pet Services Industry Overview
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 Petsfolio, Global Pet Relocation, PetSmart Inc., AirPets Relocation Services Pvt. Ltd, and PetBacker. The major players in the market are mainly focusing on adopting different strategies, such as new services, partnerships, expanding 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.
Pet Services Market Leaders
Global Pet Relocation
AirPets Relocation Services Pvt. Ltd
*Disclaimer: Major Players sorted in no particular order
Pet Services Market News
- November 2022: Wag Labs launched Wag! Neighborhood Network. Pet parents can book any pet caregiver directly with a few taps.
- February 2022: Petco Health and Wellness Company Inc. partnered with Rover (an online industry marketplace for pet services) to offer Petco customers access to pet boarding, sitting, and dog walking services.
- September 2021: We Love Pets expanded its operations by launching three new franchises at the Cambridge, Billericay, and Maidstone branches, ultimately expanding the company's service areas.
Pet Services Market Report - 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 Industry Attractiveness - 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 By Pet Type
5.1.3 Other Animals
5.2 By 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 By Geography
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.3.4 South America
22.214.171.124 Rest of South America
126.96.36.199 South Africa
188.8.131.52 Rest of Africa
6. COMPETITIVE LANDSCAPE
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
Pet Services Market Research FAQs
How big is the Pet Service Market?
The Pet Service Market size is expected to reach USD 23.03 billion in 2023 and grow at a CAGR of 5.40% to reach USD 29.95 billion by 2028.
What is the current Pet Service Market size?
In 2023, the Pet Service Market size is expected to reach USD 23.03 billion.
Who are the key players in Pet Service Market?
Petsfolio, Global Pet Relocation, PetSmart Inc., AirPets Relocation Services Pvt. Ltd and PetBacker are the major companies operating in the Pet Service Market.
Which is the fastest growing region in Pet Service Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Pet Service Market?
In 2023, the North America accounts for the largest market share in the Pet Service Market.
Pet Services Industry Report
Statistics for the 2023 Pet Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pet Services analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.