Pet Care Industry Booming Expected To Double By 2030 Spending growth in the pet industry could reach 7% annually by 2030, after below average growth of 2.5% projected in 2024 and 3.9% in 2025. “that’s a whisker below the previous morgan stanley survey of pet owners in 2022, but still outpaces nearly all retail subsegments and is one of the largest rates of return of any retail sector,” says. The global pet care market size was valued at usd 150.67 billion in 2021 and is expected to expand at a compound annual growth rate (cagr) of 5.1% from 2022 to 2030.the rising trend of pet humanization and increased consumer spending in the household and pet care categories are the major growth drivers.
Pet Care Industry Booming Expected To Double By 2030 Youtube The american pet products association says about 70% of households have a pet and the $123.6 billion industry is expected to more than double by 2030. that may be because pet parents are starting. Listen to audio version. the global pet care market size was valued at usd 246.66 billion in 2023 and is projected to grow from usd 259.37 billion in 2024 to usd 427.75 billion by 2032, exhibiting a cagr of 6.45% during the forecast period. north america dominated the pet care market with a market share of 33.81% in 2023. New york, march 24, 2023 — the pet industry is poised to swell from $320 billion today to almost $500 billion by 2030, according to a new report from bloomberg intelligence (bi). Pet care market size was valued at usd 304.4 billion in 2023 and is anticipated to grow at cagr of 6.8% between 2024 and 2032. one of the primary drivers is the increasing humanization of pets, where owners consider their pets as integral members of the family, leading to higher spending on pet health, grooming, and nutrition.
Global Pet Industry To Grow To 500 Billion By 2030 Bloomberg New york, march 24, 2023 — the pet industry is poised to swell from $320 billion today to almost $500 billion by 2030, according to a new report from bloomberg intelligence (bi). Pet care market size was valued at usd 304.4 billion in 2023 and is anticipated to grow at cagr of 6.8% between 2024 and 2032. one of the primary drivers is the increasing humanization of pets, where owners consider their pets as integral members of the family, leading to higher spending on pet health, grooming, and nutrition. This includes sustainably sourced ingredients for pet food, biodegradable waste products, and eco friendly toys and accessories. the expansion of online retail and services will continue to be a trend. according to bloomberg intelligence, the pet industry is expected to grow significantly by 2030, reaching $500 billion. The pet industry is doing fantastic in 2024 so far. according to michigan state university, the pet industry had an overall economic contribution in 2023 of $303 billion, an increase of 16% from 2022.
Pet Care Industry Booming Expected To Double By 2030 This includes sustainably sourced ingredients for pet food, biodegradable waste products, and eco friendly toys and accessories. the expansion of online retail and services will continue to be a trend. according to bloomberg intelligence, the pet industry is expected to grow significantly by 2030, reaching $500 billion. The pet industry is doing fantastic in 2024 so far. according to michigan state university, the pet industry had an overall economic contribution in 2023 of $303 billion, an increase of 16% from 2022.
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