Pet Daycare Market is Projected to Reach US$ 6.7 Billion by 2032, at a CAGR of 8% from 2022 to 2032: FMI
Future Market Insights, Inc.
7 min read
China is projected to witness the fastest CAGR of 13.8% during the forecast period. The regional market is anticipated to witness decent progress owing to the rapid economic development, which is expected to boost customer expenditure on pet daycare products.
NEWARK, DE / ACCESSWIRE / September 6, 2022 / As per a recent market analysis by Future Market Insights (FMI), the pet daycare care market is valued at US$ 3.7 Billion in 2022. Sales are projected to increase at an 8% CAGR during the forecast period, with the market size reaching US$ 6.7 Billion by 2032.
The rising pet humanization culture has increased the demand for pet daycare services. Humans have regarded their pets as their friends and family members. Also, they prefer to raise them with the best. With various pet organizations working on enhancing the lives of pets, governments are also spending on animal well-being.
Moreover, there have been rising cases of depression and anxiety in recent times. To deal with these psychologists believe that adopting pets is an effective way to deal with such psychological issues. With the increase in working hours, people hardly get time to take proper care of their pets. Therefore, they turn to pet daycare to avail their services. This is as well is expected to increase the demand for pet daycare.
Moreover, certain conditions like obesity, health getting regularly affected, etc., because pets have a hard time. Pet owners often rely on pet daycare specialists to deal with the above situations effectively.
Another vital factor that has positively impacted the pet daycare market trends is the increase in disposable income. A decade back, availing of this facility was something that pet owners had to ponder upon unless it was a necessity.
Thus, based on the study conducted by the Future Market Insights research team, "Increase in the working hours of the pet owners along with upsurge in the disposable income is expected to drive the demand for pet daycare during the forecast period."
Key Takeaways
The valuation of pet daycare market as on 2022 is US$ 3.7 billion.
The expected valuation of pet daycare market in 2032 is US$ 6.7 billion.
The anticipated CAGR during the forecast period is 8%.
Based on the animal type, dogs occupy the largest chunk of market.
The Group plays sessions are the most preferred service type in the pet daycare market.
Based on the country wise insights, USA has the largest market share.
North America has the largest market share based on the regional insights.
Asia-Pacific is all set to be the fastest growing pet daycare market based on regional analysis.
Competitive Landscape
Some of the major companies are involved in several strategies such as collaborations, mergers, and acquisitions to maintain their market position. Moreover, they are expanding their presence and are opening many more pet care facilities across the globe.
For Instance:
In July 2022, Dogtopia announced that it would open second San Antonio location om city's far Northwest side.
In 2019, PetBacker started providing guilt-free tours to the pet parents which will arrange a fast online booking for cage-free pet boarding. This initiative was a collaboration with Uber and Airbnb.
What Are Some Of The Existing Trends In The Pet Daycare Market?
New products with improved abilities backed by research and innovation help key manufacturers involved in pet daycare to extend their global value. Smart technologies also contribute to the easy grooming of pets. They ensure pet security; hence, they are globally popular in the pet daycare market.
Various new technologies are appointment scheduling apps with veterinary doctors and applications that give orders to pets such as sitting, running, sleeping, eating, walking, etc. These advanced technologies also provide various fun activities and other entertainment for pets.
Explore FMI's Extensive Ongoing Coverage on Consumer ProductDomain
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