Stairlifts Market: Foresees Skyrocketing Growth in the Coming Years pet Health Products Market

Pet Health Products Market – Global Industry
Insights, Trends, Outlook, and Opportunity
Analysis, 2018-2026
A pet or companion animal is an animal kept primarily for one's company, protection, or
entertainment. Popular pets are regularly noted for their attractive appearances and their loyal or
playful personalities. While dogs and cats are the most preferred pet animals, people also keep
house rabbits, fancy rats, guinea pigs, parrots, chickens, and aquatic pets. The trend of pet adoption
and keeping is gaining rapid traction across the globe. The acceptance of western culture and
changing lifestyles in emerging economies such as India and China, has increased the adoption of
pet animals, which in turn is supporting the growth of the pet health products market. Pet ownership is
largely considered to be status symbols in emerging economies. Cats and dogs are usually adopted
by the populace for psychological and therapeutic benefits. Pets influence social, emotional, and
cognitive development in children, promotes dynamic lifestyle, and have even been able to detect
presence of certain cancers. As per stats released by American Veterinary Medical Foundation
(AVMF), there were 43,346,000 pet dogs and 36,117,000 pet cats in the U.S. in 2012, with mean
veterinary spending on these pegged at US$ 378 and US$ 191 respectively per year. This argues
favorably for growth of the pet health care products market.
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Pet owners are inclined towards top food products and creative grooming products to care for their
domestic pets. This has considerably raised the spending limit of pet owners in the industry, thereby
adding to the growth of the global market of pet health care. Pet humanization is a major trend,
especially prevalent in developed regions such as North America and Europe, with pets considered to
be family members owing to changing cultural and socioeconomic factors. This in turn is projected to
create a favorable environment for growth of the pet health care products market. In addition to the
above mentioned drivers, the rising disposable income of pet owners belonging to the middle income
group and rising trend of nuclear family are projected to lay a strong foundation for the advancement
of the market. The global pet health products market could find some hurdles in its growth path due to
firm cultural and government regulations, rising incidence of allergies from pets, and swelling prices of
pet care products.