Latest figures reveal global growth trends in the pet care industry
A new forecast confirms that the sector is expected to continue growing in 2024 – but at a slower rate.
Some pet owners have begun or are considering trading down the amount they spent on pet supplies, while others are switching to more affordable brands. This change of attitude is anticipated to impact the global market share of the pet industry this year.
A worldwide perspective
The global pet care industry is forecasted to represent €191.2 billion ($207.6B) by the end of 2024, 4.7% more than last year.
Fresh data from market researcher Euromonitor International projects that the pet food segment will increase at a higher pace than the overall industry, with the market representing €140.2 billion ($152.2B) by the end of 2024. This is 5.3% more than in 2023, when the pet food market hit €133.2 billion ($144.6B).
The pet products category is also forecasted to increase its market share by 3% this year. According to Euromonitor, it is expected to represent €50.9 billion ($55.3B) worldwide in 2024. Last year it represented €49.4 billion ($53.6B).
A slower pace of growth
The market research company confirms that the pet industry is performing well, but it forecasts a slight slowdown in comparison to previous years.
While in 2023 the performance of the global pet industry registered an increase of 6% against the previous year, in 2024 this growth rate is expected to represent 4.7% (-1.3%). This is in line with the growth registered in 2022.
Despite the expected increase in the pet food category, Euromonitor forecasts that the segment will be the most affected by this downtrend. This year the pet food segment could grow 1.6% less than it did in 2023, according to the data. The growth in the category would also be lower than it was in 2022.
On the other side, pet products would register a flat trend this year and grow at the same rate as in 2023 (3%). The category is expected to perform better than in 2022 though, when it grew by 2.2%.
Insights into the US market
Recent data released by Packaged Facts forecasts that the US pet industry will hit sales of $152.2 billion (€140.9B) this year, 4.9% more than in 2023.
Despite the upward trend, the market research company predicts that the sales growth will decrease from 8.1% in 2023 to 4.9% in 2024.
A Packaged Facts survey of pet owners carried out in January 2024 showed that 15% of dog owners and 13% of cat owners in the US spent less on pet care.
Sales are expected to hit $192.35 billion (€177.2B) by 2028 at a compound annual growth rate (CAGR) of 6%.
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