How Pet Care Companies Are Formulating Strategies to Introduce Novel Products in the Market
Recent trends in the pet care space are being impelled by an upsurge in spending on pet products. The high expenditure areas include grooming, pet ownership, healthcare, food, and pet insurance, among others. Numerous pet care companies are formulating new strategies for the introduction of novel products in the market.
According to a report published by Fortune Business Insights, the global market for pet care was valued at USD 235.32 billion in 2022. The market is set to expand from USD 246.66 billion in 2023 to USD 368.88 billion by 2030, exhibiting a CAGR of 5.92% over the forecast period. The market expansion is majorly being driven by a shift toward dietary food items for avoiding unexpected weight loss and obesity.
Enlisted below are the top 10 pet care companies that are poised to influence the future of this industry in the forthcoming years. Some of the strategies adopted by these industry players comprise merger agreements, partnerships, collaborations, research & development activities, and formation of alliances:
