Pet Health Products Market Analysis
Pet Health Products Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
A pet or companion animal is an animal kept primarily for one's company, protection, or entertainment. Popular pets are regularly noted for their attractive appearances and their loyal or playful personalities. While dogs and cats are the most preferred pet animals, people also keep house rabbits, fancy rats, guinea pigs, parrots, chickens, and aquatic pets. The trend of pet adoption and keeping is gaining rapid traction across the globe. The acceptance of western culture and changing lifestyles in emerging economies such as India and China, has increased the adoption of pet animals, which in turn is supporting the growth of the pet health products market. Pet ownership is largely considered to be status symbols in emerging economies. Cats and dogs are usually adopted by the populace for psychological and therapeutic benefits. Pets influence social, emotional, and cognitive development in children, promotes dynamic lifestyle, and have even been able to detect presence of certain cancers. As per stats released by American Veterinary Medical Foundation (AVMF), there were 43,346,000 pet dogs and 36,117,000 pet cats in the U.S. in 2012, with mean veterinary spending on these pegged at US$ 378 and US$ 191 respectively per year. This argues favorably for growth of the pet health care products market.
In pets, zoonotic diseases can be caused by germs, viruses, parasites, bacteria, and fungi. Zoonoses can cause various types of illnesses among people and animals, ranging from mild to serious illness and even death. Major diseases and health conditions observed in pet are obesity, heartworm, dental diseases, parvovirus, distemper, rabies, flea and tick borne diseases, arthritis, diabetes, and kidney diseases.
Pet Health Products Market
On the basis of pet type, the global pet health products market is classified into:
Pet owners are inclined towards top food products and creative grooming products to care for their domestic pets. This has considerably raised the spending limit of pet owners in the industry, thereby adding to the growth of the global market of pet health care. Pet humanization is a major trend, especially prevalent in developed regions such as North America and Europe, with pets considered to be family members owing to changing cultural and socioeconomic factors. This in turn is projected to create a favorable environment for growth of the pet health care products market. In addition to the above mentioned drivers, the rising disposable income of pet owners belonging to the middle income group and rising trend of nuclear family are projected to lay a strong foundation for the advancement of the market. The global pet health products market could find some hurdles in its growth path due to firm cultural and government regulations, rising incidence of allergies from pets, and swelling prices of pet care products.
The progress of new diseases offers untapped opportunities for the animal healthcare. To find improved solutions for the predominant and new diseases, the players in the animal healthcare market are increasing their R&D activities. As preventive drugs are not available in the market, newly diagnosed diseases acts as threat for the owners of animal and animal farms. Under such situations, they have to follow the natural method of stopping the disease from spreading, as suggested by the veterinarians and the animal health boards. One such disease is porcine epidemic diarrhea virus (PEDV) that is caused by corona virus. It leads to infection in the cell lining within the small intestine of pigs.
Key players operating in the global pet health products market are Abbott Laboratories, Central Garden & Pet Company, Bayer AG, Embrace Pet Insurance Agency LLC, IDEXX Laboratories Incorporated, Nestlé, Beefeaters Holding Company Incorporated, Colgate-Palmolive Company, Merck & Company Incorporated, Novartis AG, Pfizer Incorporated, Boehringer Ingelheim GmbH, ADER Enterprises Incorporated, Heska Corporation, Sanofi, , Virbac SA, Sergeant's Pet Care Products Incorporated, Trupanion, Spectrum Brands Holdings Incorporated, Procter & Gamble Company, Hartville Group Incorporated, PBI/Gordon Corporation, Sumitomo Corporation, VCA Antech Incorporated, PetAg Incorporated, Veterinary Pet Insurance Company, and Pethealth Incorporated.