According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 58 percent of the respondents aged between 16 and 24 years indicated that they do own pets. On the other hand, 34 percent of the respondents aged between 25 and 34 years indicated that they do not own any pets.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 60 percent of the respondents in Malaysia indicated that they have cats as pets. On the other hand, 36 percent of the respondents indicated that they have dogs as pets.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 53 percent of the respondents in Malaysia indicated that they own pets. In contrast, 36 percent of the respondents indicated that they do not own any pets.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 59 percent of the female respondents in Malaysia indicated that they owned cats. On the other hand, 33 percent of the male respondents indicated that they owned dogs.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 53 percent of the male respondents in Malaysia indicated that they own pets. On the other hand, 36 percent of the female respondents indicated that they do not own any pets.

According to Cognitive Market Research, the global Pet Product market size is USD 296815.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 118726.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 89044.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 68267.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
The Latin American market will account for more than 5% of global revenue and have a market size of USD 14840.76 million in 2024. It will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 5936.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Supermarkets held the highest Pet Product market revenue share in 2024.

Market Dynamics of Pet Product market

Key Drivers for Pet Product market

Increasing pet ownership rates worldwide are driving the demand for a wide range of pet products

Increasing pet ownership across the world is a good sized driving force within the pet product market. As more humans welcome pets into their houses, the call for for diverse Pet products surges. This trend spans various demographics and geographies, reflecting a regular preference for companionship and the emotional benefits related to Pet ownership. Consequently, manufacturers and retailers enjoy heightened demand for Pet food, add-ons, grooming elements, and healthcare products. The expanding pet population creates possibilities for innovation and specialization within the market, prompting agencies to develop new products and services tailored to satisfy the evolving needs and alternatives of Pet proprietors globally.

Rising disposable incomes allow pet owners to spend more on premium pet products

Rising disposable earnings amongst clients have a proper away effect on the doggy product market with the aid of allowing Pet owners to allocate more of their price range in the direction of top-class Pet products. With more monetary assets at their disposal, pet owners are increasingly inclined to put money into higher-excellent meals, treats, toys, accessories, and healthcare products for their loved pets. This trend drives a call for premium and distinctive pet merchandise, leading to the expansion of offerings in this section of the marketplace. Manufacturers and retailers reply by introducing modern and high-end products to cater to the options and buying strength of affluent Pet owners, contributing to standard market increase and profitability.

Restraint Factor for the Pet Product Market

Stringent regulations governing pet product safety and labeling may pose compliance challenges for manufacturers

Stringent regulations governing Pet product protection and labeling impose compliance-demanding situations for producers. These regulations, intended to guard animal fitness and purchaser pastimes, require rigorous trying out, documentation, and adherence to precise labeling requirements. Compliance with those regulations entails substantial time, sources, and financial investment, particularly for smaller producers. Moreover, navigating complex regulatory frameworks throughout exceptional regions or countries provides additional complexity. Non-compliance can result in fines, product recollects, harm to logo recognition, or even prison liabilities. As an end result, manufacturers must stay abreast of evolving regulatory standards and spend money on strong, fine-managed measures to make certain their merchandise meets regulatory requirements while preserving purchaser acceptance as true with and market competitiveness.

Impact of Covid-19 on the Pet Product market

The COVID-19 pandemic has had a combined impact on the Pet product market. Initially, panic buying brought about increased sales of pet meals and supplies as Pet proprietors stocked up on essentials. However, financial uncertainties and lifestyle modifications, along with remote paintings and reduced social sports, motivated pet adoption costs and spending behavior. Whil...

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 95 percent of the respondents in Malaysia aged between 16 and 24 years indicated that they purchase pet food, treats, and snacks for their pets. Moreover, 13 percent of the respondents aged between 25 and 34 years indicated that they purchase clothing and accessories for their pets.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 34 percent of the respondents aged between 16 and 24 years in Malaysia indicated that they spend up to 50 Malaysian ringgit on pet products. On the other hand, 37 percent of the respondents aged between 25 and 34 years indicated that they spend around 50 to 100 Malaysian ringgit on pet products.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 95 percent of the female respondents in Malaysia indicated that they purchase pet food, treats, and snacks for their pets. Moreover, 10 percent of the male respondents indicated that they purchase clothing and accessories for their pets.

According to Cognitive Market Research, The Global Pet Daycare and Lodging market size will grow at a compound annual growth rate (CAGR) of 7.50% from 2023 to 2030.

The demand for pet daycare and lodging is rising due to the rise in pet-friendly travel and tourism options.
Demand for dog daycare remains higher in the pet daycare and lodging market.
The overnight stay category held the highest pet daycare and lodging market revenue share in 2023.
North America will continue to lead, whereas the Asia Pacific pet daycare and lodging market will experience the strongest growth until 2030.

Growth in Popularity of Different Breed Dogs to Provide Viable Market Output

A significant market driver for Pet Daycare and Lodging has been the rising popularity of both large and small breed dogs. Large breed dogs, like Labradors and German Shepherds, are sought after for their loyal and protective nature, making them popular choices for families and individuals alike. On the other hand, small breed dogs, such as Pomeranians and Chihuahuas, are favored for their adaptability to apartment living and portability.

For instance, Labrador Retrievers have a thick, water-repellent double coat that sheds. Therefore, they require occasional baths and nail trimming to keep them clean.

(Source:www.akc.org/dog-breeds/labrador-retriever/#:~:text=AKC%20Privacy%20Policy-,Grooming,and%20his%20teeth%20brushed%20frequently.)

The trend has led to a surge in pet ownership, creating a higher demand for pet daycare and lodging services as pet owners seek safe and comfortable accommodations for their furry companions when they are away. As a result, the market is witnessing growth as it caters to the diverse needs of both large and small-breed dog owners.

Rising Popularity of Various Pet Daycare Services Propels Market Growth

The market for Pet Daycare and Lodging has undergone a revolution because of the growing popularity of pet daycare and lodging services worldwide. There is an increasing awareness among pet owners about the importance of ensuring their pets' well-being and socialization, which has led to an increased demand for daycare facilities. Additionally, the humanization of pets has driven the need for premium services that offer specialized care, grooming, and activities.

For instance, in February 2021, Rover, a leading pet care marketplace, announced a partnership with Walmart to offer pet parents access to Rover's dog-walking and pet-sitting services at select Walmart stores.

(Source:www.rover.com/blog/press-release/rover-announces-expansion-of-pet-care-with-walmart/#:~:text=Pet%20parents%20can%20now%20access,insurance%2C%20provided%20by%20trusted%20brands.)

The changing lifestyles, longer working hours and travel have made it necessary for pet owners to seek reliable lodging options for their furry companions. Overall, the increasing bond between humans and their pets, coupled with the convenience and quality of care provided by these services, fuels the growth of the global pet daycare and lodging market.

The rise in disposable income is driving the pet daycare and lodging services market

Market Dynamics of Pet Daycare and Lodging

High Operational Costs to Hinder Market Growth

The constraints of high operational costs associated with maintaining quality facilities and staff constrain the Pet Daycare and Lodging market. These costs can be particularly burdensome for smaller businesses, limiting their ability to compete with larger, well-established players. Moreover, the industry is vulnerable to economic downturns, as pet owners may cut back on discretionary spending during challenging economic times, affecting demand for pet daycare and lodging services. To grow in this market, businesses must carefully manage their operational expenses and adapt to changing economic conditions.

Impact of COVID–19 on the Pet Daycare and Lodging Market

The enforcement of lockdowns and travel restrictions reduced the demand for daycare and lodging services, leading to a decline in the share of businesses in this sector. Additionally, concerns about virus transmission prompted stricter hygiene and safety protocols, increasing operational costs. However, as restrictions eased and the adoption of pets surged during the pandemic, the market began to recover gradually. Pet owners sought reliable and safe facilities for their furry co...

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 24 percent of the respondents in Malaysia aged between 16 and 24 years indicated that they acquired their pets by buying them at a pet store. On the other hand, 17 percent of the respondents aged between 25 and 34 years indicated that they acquired their pets by adopting them from an animal shelter.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 37 percent of the female respondents in Malaysia indicated that they got their pets during the COVID-19 lockdowns. On the other hand, 62 percent of the male respondents indicated that they already had their pets before the lockdown.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 15 percent of the respondents in Malaysia indicated that the main reason for them to get a pet during COVID-19 lockdown was because they were lonely. On the other hand, 20 percent of the respondents indicated that the main reason for them to get a pet was because they were bored.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 30 percent of the respondents in Malaysia indicated that they spend up to 50 Malaysian ringgit on pet products. On the other hand, 37 percent of the respondents indicated that they spend around 50 to 100 Malaysian ringgit on pet products.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 29 percent of the female respondents in Malaysia indicated that they spend up to 50 Malaysian ringgit on pet products. On the other hand, 38 percent of the male respondents indicated that they spend around 50 to 100 Malaysian ringgit on pet products.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 61 percent of the female respondents in Malaysia indicated that they purchase products for their pets in a specialty pet store. On the other hand, 44 percent of the male respondents indicated that they buy products for their pets in a supermarket or hypermarket.

According to a survey on pet ownership conducted by Rakuten Insight in January 2022, 14 percent of the female respondents in Malaysia indicated that the main reason for them to get a pet during COVID-19 lockdown was because they were lonely. On the other hand, 22 percent of the male respondents indicated that the main reason for them to get a pet was because they were bored.