Pet Care Market to Grow at 4.72% CAGR to 2020

PUNE, India, September 27, 2016 /PRNewswire/ --

The global pet care market 2016-2020 report says the growing demand for fortified pet food is a recent trend gaining traction in the market. Many health problems and diseases such as skin allergies, arthritis, brain aging, digestive disorders, and obesity are common among pets such as dogs, cats, and horses. This can create serious concerns for pet owners. Increasing health consciousness among pet owners has given rise to health-driven food options for pets such as fortified food products, nutraceuticals, and functional food products. A growing number of pet products are being promoted as products containing added vitamins and minerals, antioxidants, all-natural ingredients, and no preservatives, artificial colors, or flavors.

Complete report on pet care market spread across 78 pages, analyzing 5 major companies and providing 37 data exhibits now available at http://www.sandlerresearch.org/global-pet-care-market-2016-2020.html.

The analysts forecast global pet care market to grow at a CAGR of 4.72% during the period 2016-2020. According to the report, high profit margins for manufacturers are an important driver contributing to this market's growth. Pet care manufacturers are leveraging on the growing number of pet owners and their willingness to pay for premium products by offering a wide range of innovative, specialized, and premium products. Pet retail stores are estimated to have gross profit margins of 35%-45%. Pet food manufacturers are experiencing high profitability as pet owners continue to purchase special food formulations to maintain the health and well-being of their pets.

North America will be the highest revenue-generating region in the pet care market and is anticipated to occupy more than 40% of the total market share. Much of the market's growth can be attributed to the rising pet ownership and increased spending on premium pet care products like food and accessories. Moreover, the consumers in this region treat their pets as family members and are willing to spend for them liberally.

The global pet care market is extremely competitive, where several vendors compete in terms of product differentiation, product portfolios, quality, and pricing. Many vendors in the market are extending their businesses to emerging markets such as Central and South America, and APAC. The intense competition prevailing in the market will lead to consolidation among market vendors in the coming years. The growing demand for pet food that is grain-free, organic, natural, and with low-glycemic content are gaining popularity among pet owners, which has pushed the manufacturers to formulate new products to meet consumer requirements.