DUBLIN--(BUSINESS WIRE)--The "Global Pet Care E-Commerce Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Pet Care E-Commerce market was valued at US$38.366 billion in 2020 and will grow at a CAGR of 12.49% to reach a market value of US$87.433 billion in 2027.
The growing adoption of pets worldwide is the major driver of the global pet care e-commerce market. Rising disposable incomes and living standards are encouraging people to own expensive pets. As such, the expenditure on the well-being of pets is also increasing across the globe.
With growing internet penetration and the proliferation of smartphones, the booming e-commerce industry is offering pet care product owners the opportunity to sell their products online and expand their market reach. Thus, increasing internet penetration and the growing tech-savvy pet owner population is also significantly driving the growth of the global pet care e-commerce market.
Furthermore, the increasing number of companies offering various pet care online services is further intensifying the competition in the industry, thereby driving the global pet care e-commerce market growth. In June 2019, Rover launched an in-home pet grooming service to increase its share in the pet care industry. An increased number of pet owners buying insurance policies for their pets further boosts the market growth. In 2018, Petco announced the acquisition of the leading pet insurance marketplace- PetInsuranceQuotes.com- to help pet owners find the right insurance plan for their pets.
The recent COVID-19 pandemic outbreak has positively impacted the growth of the global pet care e-commerce market. Nationwide lockdowns and mandatory social distancing measures have shifted the purchasing preference of pet owners from regular offline stores to online stores. With many bricks-and-mortar pet stores closed due to the pandemic, e-commerce market players have witnessed record growth in sales. Chewy.com, for example, reported a 46.2 percent increase in sales to $1.62 billion, and the company sold more than $1 billion through its auto-ship program for the first time.
The dog segment holds the major market share.
By pet type, the global pet care e-commerce market has been segmented as follows: dogs, cats, and others. The pet care e-commerce market across the dog segment accounts for the largest market share throughout the forecast period. Dogs are the most preferred and popular pets owing to their loyal behaviour and emotions toward humans. People are adopting dogs as pets to reduce their depression and stress.
According to the Pet Food Manufacturers' Association (PFMA) 2018 report, 6.6 million households in the United Kingdom own a dog compared to only 5 million U.K. households owning a cat as a pet. However, the cat segment is projected to witness a considerable compound annual growth rate during the forecast period. This is because many people adopt cats as they are relatively low maintenance, require less veterinary care, and require less training.
Europe is the major Pet Care E-Commerce market.
The global pet care e-commerce market has been segmented into the five major regional markets- North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). North America accounted for a significant share of the global pet care e-commerce market in 2019 and is projected to grow at a decent CAGR during the forecast period. A rapidly growing number of pet owners in countries like the United States and Canada is the major driver of the growth of this regional market.
The presence of a well-established e-commerce industry coupled with major market players also contributes to the growth of this region's pet care e-commerce market. With increasing spending on the well-being of pets, the demand for pet care e-commerce services is growing rapidly, thus positively impacting the market growth.
According to the APPA (American Pet Products Association), total U.S. pet industry expenditure is projected to reach US$99 billion by 2020, from US$90.5 billion in 2018. Asia Pacific (AAPC) is projected to showcase lucrative growth between 2019 and 2025 because of the rising number of pet owners in APAC countries with rising disposable income and living standards. Growing awareness among pet owners about their pets' good health, supported by the booming e-commerce industry, will continue to drive the growth of this regional market during the forecast period.
Market Segmentation:
By Pet Type
- Dog
- Cat
By Product
- Pet Grooming
- Pet Food
- Medications
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Netherlands
- Italy
- Ireland
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Asia Pacific
- China
- Japan
- South Korea
- India
- Thailand
- Taiwan
- Indonesia
Companies Mentioned
- PetSmart Inc.
- Amazon.com, Inc.
- Walmart Inc.
- Chewy, Inc.
- Petco Animal Supplies, Inc.
- PetMed Express, Inc.
- BarkBox
- Dover Saddlery, Inc.
- Oliver Pet Care Solutions Pvt. Ltd.
- PETstock
- Nestle
For more information about this report visit https://www.researchandmarkets.com/r/kop3y3
