PORTLAND, OREGON, USA, July 15, 2022 /EINPresswire.com/ — Rising concept of pet parenting and increasing disposable income of pet owners are the major factors driving the growth of the Pet care market United States Russia Turkey. Consumers are now opting for high quality brand name pet food, premium accessories and a variety of grooming services for their pets.
Rising adoption of various online portals and increase in the number of offers or discounts offered by these sites are attracting consumers to purchase pet food and pet care products through online channels. Additionally, online sales channels have increased the reach of consumers, due to which they have become a key revenue source for many businesses. In addition, the online sales market is expected to grow in the future, owing to the rapid growth of online and mobile user customer bases, which is expected to propel the growth of the pet care market in the States United States, Russia and Turkey during the forecast period.
Pet Care Market size in United States, Russia and Turkey was valued at USD 72,580.34 Million in 2020 and is projected to reach USD 129,083.76 Million by 2030, registering a CAGR by 5.7% from 2021 to 2030.
Main results of the study
The cat litter segment is estimated to witness significant growth, registering a CAGR of 9.1% during the forecast period.
The cat segment was valued at $24,067.64 million in 2020, accounting for 6.5% of the pet care market share in the United States, Russia and Turkey.
By distribution channel, the specialty pet store segment is expected to witness significant growth, registering a CAGR of 6.6% during the forecast period.
The United States was the largest market in the pet care market in the United States, Russia and Turkey in 2020 and is expected to reach $99,820.47 million by 2030, growing at a CAGR of 5.2% over the forecast period.
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Rising regulatory constraints in the US pet care industry are expected to negatively affect the US pet care market in Russia and Turkey during the forecast period. For example, in the United States, pet foods are heavily regulated by the US FDA to meet federal and state requirements. The US FDA has imposed laws on finished pet supplements and their ingredients.
The pet care industry in the United States, Russia and Turkey was already growing at a healthy pace before the pandemic, but some impacts of COVID-19 have accelerated this growth and are expected to sustain it for years to come. . This is attributed to increased awareness of pet health.
According to the analysis of the pet care market in the United States, Russia and Turkey, the market is segmented on the basis of product type, animal type and distribution channel. Based on product type, the market is categorized into pet care products and pet food. Pet care products segmented into brushes, shower & bath accessories, toothpaste, grooming wipes, shampoo/conditioner, cat litter, pet comb, tick repellent and others.
Based on product type, the pet food segment was the largest contributor to the pet care market in the United States, Russia and Turkey, with $50,602.31 million in 2020, and is projected to reach $85,677.86 million by 2030, growing at a CAGR of 5.2% during the forecast period. . Rising number of households with pets and humanization of pets is expected to drive the growth of the pet food market in the United States, Russia and Turkey. Owners are increasingly concerned about the health of their pets and therefore feed their dog various premium and super premium pet foods, including pet foods made with natural and organic ingredients.
According to the pet care market trends in the United States, Russia and Turkey, on the basis of animal type, the cat segment has gained a major share of the pet care market in the United States United States, Russia and Turkey. An increase in the adoption of cats has been observed, due to their low maintenance. Growth in cat adoption and spending on cat care products including healthcare and grooming is expected to drive the growth of the functional pet food market over the forecast period. Cats are the second largest consumers of pet food in the world.
Additionally, rising concern over cat health and hygiene is also a major factor propelling the growth of the pet care market in the United States, Russia, and Turkey. Additionally, increasing disposable income and pet health concerns, especially among the millennial population, are expected to boost sales of cat food and grooming products over the forecast period.
Based on distribution channel, the specialty pet stores segment was the largest contributor to the pet care market in the United States, Russia and Turkey, with $18,232.18 million in 2020, and is expected to reach $35,476.35 million by 2030 growing at a CAGR of 6.6% during the forecast. period. The specialty pet store is the second fastest growing sales channel after online sales. Consumers benefit from a broader and more specific option depending on the needs of their pet. For example, the veterinary diet offered by PetCo helps improve the immune system of dogs and cats and promotes healthy fur.
The players operating in the pet care industry in the United States, Russia, and Turkey have adopted various development strategies to grow their market share, increase their profitability, and stay competitive in the market. The major players profiled in this report are Colgate-Palmolive Company, Ferplast SPA, Mars, Incorporated, Nestlé Purina Petcare (Nestlé SA), PETEDGE, Rosewood Pet Products, The Hartz Mountain Corporation.
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