Pet Obesity Market

• Increasing adoption of pets globally to boost the market growth

Pet adoption is predicted to increase globally, boosting market growth throughout the forecast period. According to the American Pet Products Association's (APPA) 2021-2022 National Pet Owners Survey, 70% of American homes, or around 90.5 million families, owned a pet. Increased pet ownership and per capita income among individuals, particularly in emerging countries, will most certainly accelerate the growth of this industry. The North American Pet Health Insurance Association (NAPHIA) estimates that gross written premiums for pet health insurance in the US reached USD 1.99 billion in 2020, up 27.5% from USD 1.56 billion in 2019.

From 2016 to 2020, the market increased at a pace of roughly 24.2% each year. As a result, this is anticipated to contribute to market growth.

The Global Pet Obesity Market Industry is experiencing growth due to the rising trend of pet ownership worldwide. As more households adopt pets, particularly dogs and cats, the demand for pet-related products and services increases. This trend is particularly pronounced in urban areas, where pets are often viewed as family members. With the increase in pet ownership, there is a corresponding rise in the prevalence of obesity among pets, as many owners may inadvertently overfeed or provide insufficient exercise. This growing concern about pet health is driving the market, as owners seek solutions to manage their pets' weight effectively.

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America pet obesity market is expected to account for USD 0.49 billion in 2022 and is expected to exhibit a 5.12% CAGR during the study period. Insurance policies that are favorable are also predicted to increase the market's potential. Increased concern among pet owners about the dangers of obesity is increasing demand for efficient weight control programs, helping to the market's rise.

Obesity has affected one-fourth of the canine population in the region, according to an article published in VCA Animal Hospital, resulting in a boom in the adoption of pet obesity control techniques and plans. Obesity is also listed as the most common avoidable ailment in dogs and cats in North America. Obesity affects 25-30% of the dog population, with 40-45% of dogs aged 5-11 years overweight.

Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: PET OBESITY MARKET SHARE BY REGION 2022 & 2032 (USD BILLION)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe pet obesity market is expected to account for the second-largest market share due to the presence of leading pet care companies, pet hospitals and clinics, and medical centers that provide as a firm foundation for finding and developing food supplements and drugs. The well-developed healthcare industry, as well as the prevalence of pet obesity in economies such as the UK, Germany, Romania, France, and Portugal, are significant driving factors in the market.

Further, the Germany market of pet obesity is expected to hold third place for the market share, and the UK market of pet obesity is expected to fastest-growing market, and which is in the 4th place in the European region. Furthermore, France market of pet obesity will hold the 5th place for the market share.

The Asia-Pacific pet obesity market is expected to have the fastest growth rate from 2023 to 2032. This increase can be attributed to rising pet adoption in emerging economies such as India, which is one of the most profitable markets due to government initiatives to expand veterinary healthcare facilities and different funding initiatives provided by both the national and state governments. Moreover, China market of pet obesity is expected to hold the largest market share, and the India market of pet obesity is expected fastest-growing market in the Asia-Pacific region.

The Rest of the World includes the Middle East, Africa, and Latin America. Growing adoption of pets and increase pet obesity in the region contribute to the growth of the rest of the world market of pet obesity.

The industry is very competitive, with numerous small and large-scale players. Royal Canin (France), Hills Pet Nutrition, Inc. (US), and Pedigree (US) are among the leading firms in the global market. To gain a larger market share, these companies concentrate on new product development and distribution channel expansion. They are inclined to maintain intense rivalry by meeting unmet demands with inexpensive items. They are also constantly attempting to increase their profits through mergers and acquisitions, geographical growth, and other means.

One of the primary business strategies adopted by manufacturers in the global pet obesity industry to benefit clients and expand the market sector of pet obesity sector is to manufacture locally to reduce operating costs.

Merck Animal Health is a subsidiary of Merck & Co., Inc., and is a global biopharmaceutical company that develops prescription medicines, vaccines, biologic therapies, and animal health products. It operates in more than 140 countries to deliver innovative health solutions. The company operates through pharmaceutical, animal health, and healthcare services segments. The pharmaceutical segment includes human health pharmaceuticals and vaccine products. The animal health segment discovers, develops, manufactures, and markets products such as pharmaceuticals and vaccines to prevent, treat, and control diseases in livestock and companion animal species, which are sold to veterinarians, distributors, and animal producers by the company.

Moreover, Chanelle Pharma is Ireland's largest indigenous generic pharmaceutical manufacturer of medical and veterinary products. The company is a partner of choice in developing and manufacturing pharmaceutical products for many human generic and animal health multinationals and distributors. It has three manufacturing facilities and five R&D laboratories. Chanelle Pharma Group won Ireland's 2018 Pharma Company of the Year and Industry Company of the Year awards. It holds over 1,900 product licenses for human health products worldwide and 3,500 for animal health. Its key markets include Europe, Australia, New Zealand, Japan, South Africa, the Middle East, and the US.