OKEYPETS,which is a professional dog collars and dog harness manufacturer in Guangzhou, China.

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Pet Supplies Trends to 2024

2024-07-15

About Pet Supplies Trends to 2024

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.

Market Size and Growth

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

Many consumers are economizing due to economic pressures, leading to an increased demand for lower-priced pet food brands and private label products. Despite this, product quality remains a priority for 71% of pet owners (Market Research Blog)

2.Increased Demand for Pet Probiotics

Pet probiotics are becoming popular for their health benefits, including improved gastrointestinal health and immune support. This segment is expected to grow as more products become available on the market (PetExec)

3.Rise of Mobile Grooming Services

As pet owners return to in-person work, the demand for mobile grooming services has increased. These services provide convenience by coming directly to the owner's home, often equipped with their own utilities (PetExec).

4.Pet Insurance and Veterinary Expense Plans

There has been significant growth in pet insurance, with a 29% increase in customer base from 2021 to 2023. This trend caters to households needing financial assistance for veterinary bills (Market Research Blog)

5.Multichannel Purchasing

Pet owners are increasingly using a mix of online and physical stores to purchase pet supplies. Specialist pet stores offer advantages such as expert advice and services like pet grooming and access to veterinarians (International Pet Food)

Regional Insights

United States

The US pet market remains robust, with the market expected to grow by about 5% in 2024. The market has seen a decline in dog ownership, which fell by 5% from 2019 to 2023. However, cat ownership has increased, partially offsetting this decline (Market Research Blog) (PetExec)

Europe

In Europe, Germany's pet market exceeded €7 billion for the first time in 2023, with significant contributions from both physical and online sales. The trend towards multichannel purchasing is evident, with a mix of online and in-store shopping being prevalent (International Pet Food)

CONCLUSION

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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OKEYPETS specializes in providing high-quality dog harnesses, collars, leashes, and other pet accessories. We are committed to quality and customization to ensure that your products not only look great, but also provide a sense of comfort and safety.

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Contact Person: OKEYPETS Bella

TEL/WHATSAPP: +86 183 1957 4312

E-MAIL: sale@okeypets.com

ADD: No. 777, Helong First Road, Helong Street, Baiyun District, Guangzhou, Guangdong, China,. 510000