DUBLIN--(BUSINESS WIRE)--The "United States Pet Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The United States pet market is projected to register a CAGR of 5.3% during the forecast period (2020-2025).
The rise in the number of millennial pet owners and the shift in the way pets are viewed is driving the market growth. The online retail channels represents the fastest growing segment for pet product sales in the region, owing to convenience factor for purchase of pet products.
Mars Inc., Nestle SA (Purina), Colgate Pamolive (Hill's Pet Nutrition), and J M Smuker Big Heart are some of the prominent players who are operating in the market.
Key Market Trends
The Rise in Millennial Pet Owners is Driving the Market
In the United States, there is an increase in pet ownership over the last two decades, which is largely driven by the younger population in the country. Three out of four millennial in the country now own either a dog or cat. The popularity of pet ownership among the younger population is due to delaying in other major life decisions, such as marriage and having a children. According to a study, 88% of millennial believed raising a pet is a good way to prepare for parenthood. As a result, pets are viewed as integral members of the family, and owners willing to spend on their pets. The millennial population is increasingly opting to spend on quality food for their pets. Apart from food, the spending on other expenses, such as surgical vet visits, grooming aids, toys, and vitamins, differentiat millennial population from their older counterparts in the region.
The Rise in Shift to Online Pet Product Sales
Millennial who now constitute the majority of pet owners are people who spend long hours working. This drives the demand for convenience, such as online retail channels, in the purchase of pets products and services that they use. The online retail channels for pet products in the country witnessed a paradigm shift, owing to the mergers and acquisitions by major players to strengthen their position in the region.
For instance, in 2017, PetSmart acquired the pet food and product website, Chewy.com, for USD 3.35 billion. The acquisition helped the company deliver outstanding customer service and fast delivery of pet food products in the country. The major players with a physical presence are trying to differentiate their offerings through add-on services, such as providing pet grooming services to its consumers.
The United States pet market is highly competitive, with the presence of many international players, such as Mars Inc., Nestle SA (Purina), Colgate Pamolive (Hill's Pet Nutrition), and Blue Buffalo Co. Ltd. These players engage in product launches, mergers, and acquisitions, as their market strategy to strengthen their position in the market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Pet type
5.1.4 Fresh Water Fish
5.1.5 Other Animals
5.2 By Product Type
5.2.2 Supplies/OTC Medicine
5.2.3 Other Product Types
5.3 By Distribution Channel
5.3.2 Specialty Stores
5.3.3 Online Retail Stores
5.3.4 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Inc
6.3.2 Nestle SA (Purina)
6.3.3 Colgate Pamolive (Hill's Pet Nutrition)
6.3.4 The J.M. Smucker Company
6.3.6 Diamond Pet Foods
6.3.7 United Pet Group Inc
6.3.8 Blue Buffalo Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/uzt1k2