October 08, 2021 05:23 ET | Source: Research and Markets Research and Markets
Dublin, Oct. 08, 2021 (GLOBE NEWSWIRE) — The “Pet Hair Care Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Pet Hair Care Market is expected to register a CAGR of 6% during the forecast period (2021-2026)
Currently, the ongoing COVID-19 pandemic situation has resulted in a huge increase in the number of pet adoptions. Several animal shelters, non-profit rescue organizations, private breeders, and pet stores observed increased consumer demand. Foster Inc., a non-profit organization, claimed to register more than a 1,000% increase in foster applications during the lockdown period in New York, which was the epicenter of COVID-19 cases in the United States. Also, the Society for the Prevention of Cruelty to Animals, Los Angeles, reported that the rate of adoption was doubled in June 2020, with daily adoptions of about 10 to 13 per day. The rising adoption of pets may drive the growth of the studied market in the longer term.
Factors that are driving the market’s growth include the growing adoption of pets coupled with rising in hair problems, and the growing need for natural products, and product innovations.
According to the 2019-2020 National Pet Owners Survey conducted by American Pet Products Association (APPA), 67% of the US households, or about 85 million families, own a pet. Also, As per the 2018 report by American Society for the Prevention of Cruelty to Animals (ASPCA), every year there are around 6.5 million companion animals enter animal shelters, countrywide, in the United States. Thus, the rise in the adoption of pet animals is expected to increase the spending on the hair care needs of these animals, which, in turn, is expected to boost the growth of the market over the forecast period.
Moreover, rising awareness campaigns may also contribute to the growth of pet hair care market. For instance, in July 2020, Zoetis announced its second “Itchy Pet Awareness Month campaign”, which aims to create awareness among veterinarians and pet owners about the severity of skin allergies and how treating them faster can significantly improve pets’ lives. All these factors are anticipated to have positive impact on the growth of the market over the forecast period. However, the side effects and allergies associated with hair care products are expected to impede the growth of the market.
Key Market Trends
Dog Segment are Expected to Hold a Significant Market Share During the Forecast Period
By animal type, the dog segment of the pet hair care market is expected to hold significant market share because of the growing dog population which is leading to high expenditure on dog health products and thereby driving the market growth, According to the WorldAtlas, there are approximately 900 million dogs around the world and their numbers are growing. Also, according to Petsecure Pet Insurance (2020), the number of dogs across the different countries is as follows: China: 27,400,000, Japan: 12,000,000 United Kingdom: 9,000,000, France: 7,570,000 and Australia: 3,700,000.
Furthermore, the human-centric personal care brands have entered the pet grooming space, with Hempz, Wet Brush, and Waterpik all releasing successful pet product crossovers; however, retailers and brands need to offer easy-to-use, comprehensive product kits that satisfy a variety of grooming needs as consumers familiarize themselves with at-home pet care.
The main difference between a dog and human products is that ingredients in pet formulations in the United States require approval in line with the Toxic Substances Control Act (TSCA). Also, dogs’ skin pH is slightly higher, 7.0, and slightly less acidic than that of humans, which is in the 6.0 range
In 2021, luxury hair-care brand Ouai launched its Fur Bebe pet shampoo to coincide with National Puppy Day. The brand originally debuted a limited-edition run of the product in 2018, but now the shampoo for pets, such as for dogs and cats is part of the brand’s permanent collection. Thus, owing to the aforementioned factors, the studied segment is expected to witness significant growth over the forecast period.
North America Dominates the Market Over the Forecast Period
Geographically, North America is anticipated to dominate the pet hair care market. The factors such as increasing companion animal adoption and increasing per capita animal healthcare expenditure are the factors that are expected to help the region to retain its large market share.
According to the American Pet Products Association (APPA), there is an increase in expenditure on the pet industry in the United States. The total U.S pet industry expenditure was around USD 97.1 billion in 2019, while the expenditure in 2018 was USD 90.5 billion.
Also, according to the 2019-2020 National Pet Owners Survey conducted by APPA, 67% of the US households, or about 85 million families, own a pet. This is up from 56% of US households in 1988, the first year the survey was conducted. Dogs and cats are the most common in the U.S household that owns a pet with a population of nearly 63.4 million and 42.7 million, respectively. Since the past few years, people have been willing to spend more on premium products for their companion animals. The spending on the humanization of pets has been increasing significantly across the world. This factor is also expected to drive the demand for hygiene products in the near future.
In addition, the companies are engaging themselves in merger and acquisition activities, in order to expand their business. For instance, in March 2018, BioAdaptives Inc., acquired a Philco Animal Health Inc., which is a Canadian veterinary product company, in order to expand its portfolio. Thus, the rise in adoption of pet animals led to the increased spending on pet haircare products. This is expected to boost the overall growth of the pet haircare market.
The global pet hair care market is highly fragmented and consists of a number of major players. Companies, like Elanco Animal Health Incorporated, Clorox company (Burt’s Bees), CHI Haircare, General Nutrition Centers Inc., Innovacyn Inc. (Veterycin), Petkin Inc., SynergyLabs, Spectrum Brands Inc. (FURminator), Vetoquinol, and Zoetis Inc., among others, hold substantial shares in the pet hair care market.
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Adoption of Pets
4.2.2 Rise in Hair Problems and Growing Need for Natural Products
4.2.3 Product Innovations
4.3 Market Restraints
4.3.1 Lack of Awareness Regarding Specialized Products
4.3.2 Side Effects and Allergies Associated with Products
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.2 Animal Type
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 CHI Haircare
6.1.2 Elanco Animal Health Incorporated
6.1.3 General Nutrition Centers Inc.
6.1.4 Innovacyn Inc. (Veterycin)
6.1.5 Petkin Inc.
6.1.7 Spectrum Brands Inc. (FURminator)
6.1.8 The Clorox Company (Burts Bees)
6.1.10 Zoetis Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/vx7bsu