Market Size of Pet Service Industry
|2019 - 2029
|Market Size (2024)
|USD 24.27 Billion
|Market Size (2029)
|USD 31.57 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Pet Services Market Analysis
The Pet Service Market size is estimated at USD 24.27 billion in 2024, and is expected to reach USD 31.57 billion by 2029, growing at a CAGR of 5.40% during the forecast period (2024-2029).
- 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.