Pet care market to grow $98.4b by 2028

The growing popularity of pet fashion is a key driver of this expansion.

The global pet care market is projected to expand by $98.4b from 2024 to 2028, according to Technavio. This growth is expected to occur at a compound annual growth rate of 7.44%.

Increased pet ownership, particularly in urban areas, and the rising popularity of pet fashion amongst owners are key drivers of this expansion.

The demand for pet care products is surging, with a strong focus on cats and dogs, the most popular pets globally. Key products, including feeders, bowls, and waterers, are seeing high demand, particularly through online channels.

Additionally, pet adoption and fostering are gaining traction whilst pet health issues such as anxiety and stress are increasingly being addressed with sustainable and eco-friendly accessories. Products made from recyclable materials are particularly appealing to environmentally-conscious consumers.

Affluent pet owners are boosting spending on luxury items such as rhinestone collars, designer leashes, and fashionable apparel. However, the market faces challenges from intense competition and the cost of pet care. Companies must innovate and address supply chain issues to stay competitive.

Moreover, pet health concerns, including anxiety and diet-related issues, continue to drive demand for high-quality food and healthcare products.