Market Trend
1. Development of Petconomy
'Pet Humanization' phenomenon, which emphasizes treating pets as beings worthy of respect, recognizing them as personalities, and replacing family or friends, is expanding, leading the growth of the 'Petconomy.'
In the United States, the pet care market grew from $41.3 billion to $46.1 billion in 2020 to 2021, and it is projected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030. According to the American Pet Products Association, approximately 85 million households are raising pets, and the percentage of households raising pets has increased from 56% to 68% over the past 30 years. Thanks to this trend, the pet care-related market has experienced explosive growth in recent years.
According to market analysis reports, the size of the market for pet care consumption is estimated to reach $253 billion by 2030, showing an average growth rate of 8.0% from the projected period of 2023 to 2030. Pet care encompasses a wide range of services and products, from essential items such as canned pet food and pet care clinics to luxurious pet grooming visits and pet accessories.
As the number of households raising pets continues to increase, the pet economy is also growing rapidly. The term 'Petconomy' refers to the market associated with industries related to pets, including various products such as pet-exclusive snacks, nutritional supplements, clothing, as well as services such as pet kindergartens and vets. The four main industries of the pet economy include pet food, pet healthcare, pet services, and pet technology.
In the era of the Petconomy, pet owners consider their pets as family members and exhibit the phenomenon of 'pet humanization', treating them as they would humans and taking care of them accordingly. This includes opting for high-quality food and homemade treats, as well as utilizing services such as spa baths and attending daycare facilities during the pet owner's work hours.
Meanwhile, the global market size of e-commerce for pet care products, food, clothing, and other accessories related to pet care, traded online, was approximately $23.01 billion in 2022. It is expected to grow to around $45.6 billion by 2030, with a compound annual growth rate (CAGR) of approximately 8.92% from 2023 to 2030.
Digital platforms offering e-commerce services have proven beneficial in enhancing accessibility to pet care products, reducing the time required for searching and purchasing them. Additionally, these platforms can provide specific additional features tailored to pet care, such as pet management, consultation, and pet insurance support, making them more suitable for pet owners.
2. Expansion and importance of the Pet DNA testing market
The global market size of pet DNA testing was approximately $321 million in 2021, and it is projected to reach around $641 million by 2030, with a compound annual growth rate (CAGR) of approximately 9.21% from 2022 to 2030. Various factors contribute to the expansion of the pet DNA testing market, including the increase in pet ownership rates, growing consumer interest in genomics, the rising level of research and development activities by major companies and academic researchers, and the increasing consumer awareness and demand for pet DNA testing kits.
Pet DNA (deoxyribonucleic acid) testing is similar to human DNA testing. It involves collecting samples from a pet's blood, hair, saliva, or other body parts containing DNA or DNA proteins and sending them to a laboratory for advanced analysis. The results of the test help determine a pet's lineage, breed, and other genetic information for future medical or non-medical purposes.
Pet owners are increasingly recognizing the benefits of DNA testing in terms of the quality of medical, preventive, and therapeutic care provided to their pets. Pet DNA testing not only helps reduce or prepare for potential health risks for pets but also enables pet owners to make informed decisions based on a comprehensive understanding of their pet's genes. Pet DNA testing plays a crucial role in assisting pet owners in caring for their pets by providing accurate information.
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