A Pet Boarding Services Market Trends, Share and Size Analysis by ResearchAndMarkets.com, predicts the global pet boarding services market size reach $12.59 billion by 2030, with annual growth of 8.30% from 2023 to 2030.
“The pet boarding and daycare market is experiencing substantial growth, driven by Rising companionship rates, the humanization of pets, and rising expenses in the industry”says the report. “Pet owners are increasingly aware of the availability of affordable pet boarding services, including dog daycare, contributing to the expansion of the market.”
The pandemic highlighted the psychological benefits of having a pet and the need for safe places for pets. pets socialize, have fun, relax and learnwhich fueled the resurgence of the market.
The global pet population has also been increasing, with significant increases in the number of companion animals from 2016 to 2020, according to the American Veterinary Medical Association. Only in the United States, millions of households own dogs and cats, reflecting the growing trend of pet ownership. Additionally, major players are expanding their reach through deals and expansion activities, further driving market growth.
According to the study:
· In terms of pet type, the dog segment dominated the pet boarding services market with the highest revenue share of over 80% in 2022. This is attributed to the adoption of boarding services for dog breeds, along with their growing population in developed countries.
· Depending on the type of services, daycare or short-term segment dominated the market with the highest revenue share of 54.54% in 2022. Short-term pet boarding services are usually the most adopted and preferred option as they are comparatively more in demand and allow the owner to leave their pets under professional care during the day.
· The North American region dominated the global industry with the Increased revenue share of over 35% in 2022. This substantial share is due to the presence of a large population of pets with a correspondingly high expenditure on services.
· The market is competitive and largely fragmented with the presence of a significant number of small and large scale pet boarding service providers.
Given these facts, key industry players are taking initiatives to further support this growth.
Keep reading:
· American consumers are willing to spend more on their pets this year despite inflation
· Which are the most dog-friendly US states in 2023?
· Walmart opens its first pet service center in the US.
2023-09-22 15:28:12
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