In today’s information age, pets have become important members of more and more families. With the rise of social media and the rapid spread of information, the pet industry has been growing faster than ever! Platforms like Instagram, TikTok, and YouTube have turned pets into social media stars. People are falling more in love with pets and starting to keep them, and as a result, many pet brands are benefiting from the power of social media to promote and sell their products.
Steady Growth of the Global Pet Market
According to Petkeen, the global pet market is currently valued at approximately $260 billion, with the U.S. market accounting for half of that figure, followed by Europe and East Asia. By 2030, the global pet market is expected to reach $500 billion.
The increase in pet ownership and changing attitudes towards pets are key drivers of market growth. Compared to the past decade, there are now more pet owners, and they are more willing to spend money on their pets.
Regional Insights
In terms of regional distribution, North America and Europe are the leading consumer markets for the global pet products industry. Pet owners in these regions tend to have higher purchasing power and are more inclined to seek out high-quality and personalized products. These markets are already in a mature phase of development. In contrast, the Asia-Pacific region is still experiencing rapid growth. Within Asia-Pacific, countries such as Indonesia, Vietnam, and the Philippines have some of the highest numbers of pet owners.
source: cognitiveGlobal Pet Ownership Trends
Currently, dogs dominate global pet ownership numbers, followed by cats in second place. As people become more aware of the benefits of pet ownership, markets for reptiles, birds, and fish are also growing rapidly, becoming new areas of growth in the pet industry.
The United States has the highest number of cats and dogs, with over half of Americans owning at least one dog or cat. Americans are known for their deep affection for pets, with pets playing an integral role in many households.
Argentina has the highest pet ownership rate in the world, with two out of every three people owning a dog. According to CAENA, 86% of households in Argentina currently own at least one pet.
Consumer Profiles
Pet owners around the world share a love for animals, but significant differences exist across countries in terms of economic conditions, culture, and consumer preferences. Here’s a look at pet owner demographics in key markets.
Southeast Asian Consumers
Pet owners in Southeast Asia are largely young and single, with the 18-30 age group being the main consumer force. This region is price-sensitive when it comes to pet care. Consumers in countries like the Philippines and Indonesia typically choose more affordable options, while those in Malaysia and Singapore have higher purchasing power.
U.S. Consumers
Millennials and Gen Z are driving growth in the U.S. pet market. Their increasingly friendly and inclusive views on pets have fostered a pet-friendly culture, contributing to the market’s flourishing.
Chinese Consumers
In China, pet ownership is more common among women. Most pet owners are aged 21-30 and live in second-tier cities or larger urban areas. These consumers tend to be well-educated and have higher incomes. Due to smaller living spaces, cats are the most popular pets, though dogs and fish are also commonly kept.
Pet Product Analysis
Dominance of Pet Cat and Dog Products
Globally, products for cats and dogs dominate the pet market. With a large base of cat and dog owners, a massive pet product market has emerged, expanding beyond just basic needs like food, clothing, and accessories to include health and companionship products.
source: 魔镜overseaPet Food: The Largest Segment
Pet food is the largest segment of the global pet industry, valued at approximately $120 billion, accounting for about 47% of the market. This is followed by the pet services market at 36%, and pet products at 17%.
source: StatistaToy Market to Exceed $15 Billion
The pet toy category is one of the fastest-growing segments, with the market size expected to grow from $8 billion in 2022 to nearly $15 billion by 2032. From 2023 to 2032, it is projected to grow at a compound annual growth rate (CAGR) of 6.7%.
source: xueqiuAmong toys, ball toys hold the largest market share, accounting for about 46%. Dogs make up the majority of the global market share, with 51% of all pet-related purchases.
Rapid Growth of Pet Home Products
Today’s pet owners are not only concerned about their pets’ nutrition, but also about the quality of their pets’ living spaces. As a result, home care products for pets are gaining significant popularity among consumers.
Sales Channels
In terms of sales channels within the pet industry, offline channels continue to dominate, accounting for 66.1% of the market share in 2023. However, with the global spread of the internet, online channels have been on the rise, reaching a market share of 33.9% in 2023.
source: StatistaIn developed countries, pet products are primarily sold through offline retail stores, such as supermarkets and pet specialty shops. In contrast, consumers in countries like China tend to prefer e-commerce platforms. This difference can largely be attributed to factors such as population density and the capacity for logistics and transportation in each country.
Consumer Trends
Healthier Foods: Pet owners are increasingly paying attention to the healthy eating of their pets. While there are many budget pet food options, more than 40% of dog and cat owners stretch their wallets a bit for higher-quality food.
Pet Care Innovation: As the pet care market continues to grow and pet ownership awareness rises, scientific and tech-driven pet care is becoming a mainstream demand. With busy work and lifestyles, younger pet owners are gravitating toward smart pet devices. Smart feeders, monitoring cameras, and self-cleaning litter boxes have become increasingly popular.
Personalization and Customization: With the growing influence of younger generations, personalized pet products have gained significant traction. This trend is especially visible in pet toys, accessories, and apparel, where individuality and unique designs are in high demand.
Social Media Influence: The widespread use of social media has had a direct impact on consumer choices. A pet product can go from launch to viral sensation in just a week—a phenomenon unimaginable in previous eras. Social media platforms, through algorithms and short video content, continuously push products to users, creating a sense of urgency and desire.
The global pet economy is thriving, and the latest consumer trends provide clear direction for the future. Through innovation and continuous improvement, we hope that businesses can capture more market share moving forward.
