Revenues from the global pet economy are expected to reach $500 billion by 2030, according to Bloomberg Intelligence research . A new report from BI states that the global pet industry will grow by more than 45% over the next six years, with this growth driven by increased pet ownership, particularly in emerging markets such as China.
Strong performance in pet food sales, growth in health and welfare therapies, and strengthening pet humanization trends are the key factors driving the growth of this industry.BI expects the global pet food industry to grow at a rate of close to 7% in 2023, and at a rate of approximately 5% per year thereafter, to reach a market size of $146 billion by 2030. BI expects the pet food industry to grow at a rate of approximately 5% per year thereafter .
In addition, the market size of the pet pharmaceutical industry is expected to expand from the current $16 billion to more than $24 billion by 2030. This growth is attributed to the optimization of pet mix, increase in consumer spending, and development of novel therapies. Innovative and breakthrough products in areas such as pain, oncology and cardiology will continue to emerge as companies apply human health research findings to pets.
The trend toward humanization of pets will also further drive the industry, and BI observes that brands including Gucci, H&M and Tommy Hilfiger have already launched pet apparel lines to capitalize on this trend. The U.S. pet Halloween costume market is estimated at $700 million, according to the American Retail Federation.
The report also outlines key factors such as strong e-commerce, China's growth potential, and high resilience of supplies and services, which will contribute to the growth of the pet economy. Diana Rosero-Pena, Chief Consumer Analyst, Bloomberg Intelligence, emphasized the growth potential of the pet economy, while Andrew Galler, Principal Analyst, Global Healthcare, added that innovations in the pet healthcare sector will be crucial for market expansion.
While growth in the pet supplies market may be under some pressure, BI's analysis found that the size of the global pet supplies market is likely to grow by 36% to $65.8 billion by 2030. The U.S. will continue to be the largest market, while China's market size could grow by more than 50 percent.
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