DUBLIN–(BUSINESS WIRE)–The “Pet Carriers Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The pet carriers market size has grown strongly in recent years. It will grow from $906.83 billion in 2023 to $958.75 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The pet carriers market size is expected to see strong growth in the next few years. It will grow to $1210.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
North America was the largest region in the pet carriers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the pet carriers market report during the forecast period. The regions covered in the pet carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet carriers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The growth observed in the historical period can be attributed to several factors, including trends in pet ownership, urbanization leading to pet-friendly lifestyles, increased interest in travel and adventure with pets, the humanization of pets, and innovations in materials and design of pet carriers. These factors collectively contributed to the growing demand for pet carriers, reflecting the evolving preferences and needs of pet owners.
The anticipated growth in the forecast period can be attributed to factors such as the rise of pet adoption, the expansion of e-commerce platforms, a heightened focus on pet safety and comfort, growing trends in customization and personalization of pet products, and increased consideration for the health and wellness of pets. Major trends expected in the forecast period include a focus on lightweight and portable solutions in pet carriers, the integration of comfort features, an emphasis on health and wellness integration within carrier designs, a rise in luxury pet carriers to meet consumer preferences, and the global expansion of the market for pet carriers.
The upward trend in pet adoption is set to drive the pet carrier market in the future. Pet adoption involves taking responsibility for a pet that was either abandoned or given to a shelter by a previous owner. Pet carriers play a crucial role in transporting pets and can function as both indoor and outdoor dog kennels, making them essential for pet owners. In 2021, Chewy, Inc., a US-based online pet product retailer, reported a significant adoption rate of 61% in the US, with approximately 977,202 pets adopted, marking the highest rate in the past six years. Additionally, a national survey by Animal Medicines Australia (AMA) in November 2022 revealed that around half of Australian households own at least one dog, making them the most common pets. This increase from 40% in 2019 demonstrates a growing trend in pet adoption, thereby propelling the pet carrier market.
The expansion of e-commerce is anticipated to be a driving force behind the growth of the pet carriers market. E-commerce, which involves online buying and selling of goods and services, is increasingly popular, and pet carriers serve as a crucial product for safely transporting pets. For instance, The Census Bureau estimated that US retail e-commerce sales for the second quarter of 2023 reached $277.6 billion, reflecting a 2.1% increase from the first quarter. This growth in e-commerce is contributing to the demand for pet carriers, making them essential for pet owners shopping online.
The pet carrier market is witnessing a notable trend towards product innovations, with major companies in the sector concentrating on the development of cutting-edge technological solutions to fortify their market positions. An exemplar of this trend is Delta Air Lines, a US-based provider of domestic and international travel services, which introduced the CarePod in October 2021.
This innovative pet travel solution boasts a built-in hydration system capable of holding up to a liter of water, ensuring automatic replenishment of the spill-proof water bowl. The CarePod features a robust enterprise-level GPS tracking and monitoring system that seamlessly connects to the pet’s journey, allowing owners to access key travel updates throughout the entire trip. Furthermore, the industrial-strength walls of the CarePod are insulated, providing enhanced protection for pets against potential temperature fluctuations.
Leading companies in the pet carriers market are directing their efforts toward the innovation of collapsible travel carriers, including pet crates designed to ensure in-car pet safety. Pet crates are portable and enclosed structures crafted to offer a secure and confined space for pets, providing a designated area for rest, sleep, or transport. A notable example is PetSafe brand, a US-based manufacturer specializing in electronic pet training products, which unveiled the Happy Ride Collapsible Travel Carrier in September 2022.
This carrier, designed for secure and comfortable pet transportation in cars, adheres to new Highway Code regulations to ensure dogs are suitably restrained and avoid fines. Featuring a lightweight design suitable for all vehicle sizes, the carrier includes a durable aluminum frame, easy installation, a foldable design, and a leather handle for portability. Emphasizing in-car safety and storage convenience, the carrier is a testament to the industry’s focus on innovative solutions.
In February 2022, Pet Value Holdings Ltd., a Canada-based provider of pet food and pet-related supplies, completed the acquisition of Chico Inc. for an undisclosed amount. This strategic move is anticipated to leverage the combined resources of Pet Value and Chico, creating a synergistic fit that enhances the provision of premium-quality products. The acquisition is expected to empower Chico to fortify and broaden its coverage across Canada. Chico Inc., headquartered in the US, specializes in providing pet carriers and other reputable products and services catering to dogs, cats, and fish.
A selection of companies mentioned in this report includes, but is not limited to:
For more information about this report visit https://www.researchandmarkets.com/r/ep801q
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