The pet supplies market in the US and Europe is set for notable growth through 2024, driven by various trends and consumer behaviors. Key areas of interest include pet food, pet accessories, and pet services such as grooming and daycare.
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The global pet supplies market was valued at approximately €182.7 billion in 2023, with North America and Western Europe being the largest markets. North America accounted for around €84.8 billion, while Western Europe contributed about €37.9 billion. A growth rate of 4.7% is forecast for 2024 (International Pet Food). In the US, the market is expected to grow at a compound annual growth rate (CAGR) of 5% to 6% through 2028 (Market Research Blog).
Key Trends
1.Shift to Lower-Cost Products
United States
The pet supplies market in the US and Europe is expected to continue growing, driven by trends such as the shift to lower-cost products, the rise of pet probiotics, and increased demand for mobile grooming services. Despite economic challenges, the market remains resilient, with consumers prioritizing quality and convenience in their pet care choices. The multichannel purchasing behavior is likely to further shape the market dynamics, offering opportunities for both online and physical retail growth.
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