Pet Health Products Market Across The Globe | Industry Size, Share, Key Trends, Growth, Demand, pet health products & Prevention And Analysis By Top 10 Companies To Forecast By 2026
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Pet Health Products Market
The trend of pet adoption has been gaining rapid traction across the globe. The acceptance of western culture and changing lifestyles, especially in the world’s emerging economies, such as India and China, have led to an increased adoption of pet animals, which in turn, is supporting the growth of the pet health products market. In the present day, pet ownership is widely considered as a status symbol. Cats and dogs are usually adopted by the populace for psychological, as well as therapeutic benefits. Pets influence social, emotional, and cognitive development in children, promotes a dynamic lifestyle, and have also helped in detecting the presence of certain cancers in people. As per the statistics released by the American Veterinary Medical Foundation (AVMF), there were 43,346,000 pet dogs and 36,117,000 pet cats found in the U.S. in 2012, with a total of US$ 569 in veterinary spending. Therefore, this makes for a favorable growth factor for the global pet health products market.
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In pets, zoonotic diseases can be caused by germs, viruses, parasites, bacteria, and fungi. Zoonoses can lead to various types of illnesses among people and animals, ranging from mild to serious illnesses, and even death in certain cases. The most common diseases and health conditions observed in pets are obesity, heartworm, dental diseases, parvovirus, distemper, rabies, flea and tick-borne diseases, arthritis, diabetes, and kidney diseases.
Based on the pet care type, the global pet health products market is segmented into:
- Dog Care
- Cat Care
- Fish Care
- Bird Care
Pet owners are inclined towards top food products and creative grooming products for their domestic pets. This has raised their spending limits considerably, thereby leading to the growth of the global pet health products market. Pet humanization is a significantly developing trend, especially prevalent in the developed regions of the world, including North America and Europe. Owing to changing cultural and socio-economic aspects, pets are regarded as family members in these regions. This gives the market growth in these regions a major boost. On the contrary, factors such as firm cultural conventions and governmental regulations, rising incidence of allergies from pets, as well as swelling prices of pet care products, could potentially hamper the global market growth in the following years.
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.
Global Pet Health Products Market – Key Players & Significant Developments
The well-known 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.
These companies are highly focused on adopting various business strategies, such as mergers and acquisitions, business expansion, and strategic marketing, in order to gain a competitive edge in the market. For instance, in August 2019, Elanco Animal Health Incorporated acquired Bayer AG’s animal health business for around US$ 7.6 billion.
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Nestle S.A., a Swiss food and drink processing company, entered into the Indian pet market under the brand name ‘Supercoat’, with packaged foods for dogs, in January 2018. Furthermore, in March 2019, Spectrum Brands Holdings Incorporated’s Global Pet Division Care participated in the 2019 Global Pet Expo, held in Orlando, U.S. The company highlighted its commitment to offer top-quality solutions for pets’ lives and showcased its latest products for pets.
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