2024 Report | Pet Cosmetics Market to Surpass $2 Billion as Demand for Pet Grooming Products Escalates - Global Long-term Forecast to 2028 and 2033
Pet Cosmetics Market
Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Pet Cosmetics Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The recent upsurge in pet ownership has catalyzed growth within the pet cosmetics market, with predictions estimating its ascent from $1.86 billion in 2023 to $1.99 billion in 2024, marking a compound annual growth rate of 6.8%. Factors driving this expansion include heightened pet humanization trends, increasing pet hygiene awareness, and rising disposable incomes. An observed influence of social media and pet influencers also contributes to a bolstered expenditure on pet wellbeing.
Market Projections Through 2028
Insights into the market forecast reveal a promising trajectory for the pet cosmetics industry, which is anticipated to witness a climb to $2.6 billion by 2028, with a steady compound annual growth rate of 7%. Forecasted growth draws upon continuing pet ownership increases, persistent pet humanization, advancements in pet grooming and hygiene products, a burgeoning demand for natural and organic offerings, and the proliferation of e-commerce platforms dedicated to pet products. Noteworthy trends include a tilt towards premium, specialized pet cosmetics, sustainable and eco-friendly initiatives, and technological integrations such as smart grooming tools and applications.
Companion Animal Adoption and Market Impact
The mounting adoption of companion animals for emotional support and companionship underpins the market's growth prospects. A recognized array of psychological and sociological benefits of pet ownership is pushing the demand for companion animals upward, with corresponding implications on the pet cosmetics market to cater to their grooming needs.
Shift Towards Natural and Sustainable Products
Key players in the industry are increasingly curating their product lines with natural, sustainable ingredients, with organic shampoos being a paradigm. Product innovations emphasize gentle, effective cleansing while leveraging plant-based substances, aligning offerings with consumer inclinations towards ethically produced pet care commodities.
Strategic Acquisitions and Market Expansion
Strategic business moves, including acquisitions by industry leaders, signify a concentrated effort to command a more pronounced presence in the burgeoning sector. These acquisitions not only merge expertise and distribution networks but also amplify the reach of high-quality pet cosmetic and supplemental offerings.
Global Market Dynamics and Future Outlook
The North American region has staked its claim as the reigning region within the pet cosmetics market as of 2023. However, the market spans across a vast geographic landscape, encompassing diverse regions and consumer bases. Pet cosmetics cater to a range of grooming and hygiene needs, from shampoos and conditioners to specialised skin care treatments, each serving the purpose of maintaining and enhancing pets' appearance and wellbeing.
The pet cosmetics industry embodies a sector responsive to the evolving dynamics of pet care, where the convergence of aesthetics, health, and technological advancement meets the ever-growing love and care pet owners devote to their animal companions.
Key Attributes:
Report Attribute | Details |
No. of Pages | 175 |
Forecast Period | 2024 - 2028 |
Estimated Market Value (USD) in 2024 | $1.99 Billion |
Forecasted Market Value (USD) by 2028 | $2.6 Billion |
Compound Annual Growth Rate | 7.0% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/3cfwmf
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