According to FutureWise analysis the market for Pet Services in 2023 is US$ 27.27 billion, and is expected to reach US$ 56.08 billion by 2031 at a CAGR of 9.40%.
Pet service is a part of the pet care business that includes services such as pet grooming, pet walking, pet sitting, pet transportation, and pet boarding that are specifically designed for pet care. These are the pet-related non-medical services. Bathing and grooming, pet sitting or boarding, behaviour training, and pet health insurance are among the services offered. Some of the key drivers of this market include the growing number of companion animals, pet humanization strategies, and rising pet expenditure. The global pet day-care and lodging sector is growing because of growing ageing population as pets are regarded good companions for the elderly. Pet fashion's popularity among pet owners has a favourable impact on the industry and is predicted to contribute significantly to growth during the forecast period. Some pet owners make every effort to reflect their lifestyles by purchasing luxurious and expensive things for their pets. The market's key players are primarily focusing on implementing various tactics, such as new services, collaborations, extending operations into new areas, and mergers and acquisitions, in order to gain a stronger foothold in the market and increase revenue share. For example in February 2022, Petco Health and Wellness Company, Inc. teamed with Rover, an industry online marketplace for pet services, to provide pet boarding, sitting, and dog walking services to Petco consumers. The majority of the market's expansion, however, is due to cultural trends. As millennial and Generation Z consumers have evolved, they embraced their pet-owning and pet-loving lifestyles far more than their ancestors.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Pet Services Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Pet Services Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.