The report below gives a good overview of the Winter 2023 M&A activity in the Animal Health Industry Sector. The global pet care market was valued at US$280.0 billion in 2022 and is expected to grow to $550.0 billion in 2032 with a CAGR of 7.0%, during the period 2023-32, as per research published by Global Market Insights. Based on data from the American Pet Products Association, the US pet care market is estimated to be over US$130 billion in 2022. Factors such as increased demand for pet supplies, grooming & boarding services, and the high pet adoption rates led to the growth of this industry. The pet care businesses are evolving, resulting in a shift towards more convenient and technologically advanced services, as well as more sustainable and ecologically friendly products to suit the needs of modern pet owners. As a result, digitally native and vertically integrated pet care firms witnessed double-digit sales growth in 2021, and the trend is expected to continue. Veterinarians have become more skilled and efficient. Furthermore, subscription-based services have grown in popularity in the pet grooming industry. The pet care market is anticipated to be driven by a growth in the demand for preventative care and wellness products, the consolidation of veterinary clinics, shortened R&D timeframes for pet health products, and a greater emphasis on automating procedures to provide better customer services. Pet food manufacturers are also expected to reengineer their products to include more sustainable protein sources and ingredients that enhance intestinal health of the pets.
Posted by Alexander Petersen.