US Pet Market: Insights & Forecast with Potential Impact of COVID-19 (2022-2026)

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US Pet Market Insights Forecast with Potential
Impact of COVID-19 (2022-2026)
November 2022
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Executive Summary
The US pet market is anticipated to reach
US135.2 billion in 2026, experiencing growth at
a CAGR of 3.50 for the period spanning
2022-2026. The market growth was driven by
various factors such as rise in millennial
population, growing adoption of e-commerce in pet
care products and increasing share of
single-person households. Furthermore, growth in
the US pet market is expected to happen due to
the surging adoption of veterinary telehealth and
innovation of newer product categories. The
market growth is likely to get disrupted due to
pet food shortage. The US pet market by category
can be segmented as follows pet food veterinary
products services pet supplies (products OTC
medicine) and other services. In 2021, the
dominant share of market was held by pet food
segment, followed by veterinary products
services segment. The US pet market by
distribution channel can be segmented into the
following categories online retail stores,
specialty stores and supermarkets/hypermarkets.
In 2021, the market was dominated by online
retail stores segment. This was followed by
specialty stores and supermarkets/hypermarkets
segment.
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Executive Summary
Scope of the report The report provides a
comprehensive analysis of the global polyethylene
market with potential impact of COVID-19. The
major regional markets (Asia Pacific, North
America, Europe, MEA and South America) have been
analyzed. The market dynamics such as growth
drivers, market trends and challenges are
analyzed in-depth. The company profiles of
leading players (LyondellBasell Industries,
SABIC, Repsol Group, ExxonMobil Corporation,
INEOS and MOL Group) are also presented in
detail. Key Target Audience Polyethylene
Manufacturers Raw Material Providers End
Users (Businesses/Consumers) Investment Banks
Government Bodies Regulating Authorities.
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Report Coverage
Introduction/Market Overview
Impact of COVID-19
US Market Analysis
Market Dynamics
Company Profiles
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Common Types of Pets
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Impact of COVID-19
At the beginning of the global pandemic,
individuals across the country were trying
everything in order to beat the quarantine blues.
Initially, flour and eggs flew off the shelves
for the purpose of baking, then workout equipment
went out of stock and art supplies were also
impacted. Apart from this, imposition of lockdown
and rise in quarantine period created higher
demand for new furry friends. Adoption of pets
skyrocketed as more people have decided to own a
pet as they were all home and had adequate time
for feeding them and training them. During the
time of distress pets proved to be a loyal and
happy companion for the individuals and acted as
the best medicine. People had their attention
diverted from the deadly pandemic as a result of
their new pet. Animal shelters in the Washington
region have been experiencing a unique problem
throughout the pandemic period, as more residents
are at home. The practice of self isolation has
created rising demand for the adoption of pets
such as dogs and cats that its supply became
increasing limited. Some animal shelters and
humane rescue groups experienced double the
typical number of requests from people regarding
the adoption of pets since the initiation of
pandemic in the US. As organizations have
switched their in-person adoptions to virtual
meet and greets, they were also competing with
rescue groups in other parts of the country to
bring in animals. Although it was expected that
people would stop adopting pets during the
pandemic because they would be required to
conserve money for medical or other essential
needs but nothing like that happened. Instead,
people were more attracted towards pet adoption.
Last Chance recorded growth in its pet adoption
rate, mostly dogs from 30 to 40 over the year.
Furthermore, Lucky Dog Animal Rescue situated in
Arlington stated that they helped 3,385 pets to
find a home by the end of 2020, up from 1,800 in
the previous year. Encouraged by the enthusiasm
of individuals to adopt new pets, various animal
adoption centers boosted their organizations
online adoption services that were helpful during
the time of pandemic. Shelter Animals Count,
that runs a database tracking shelter and rescue
activity, looked at pet adoption rate during the
global pandemic period and stated that 26,000
more pet adoptions were recorded in 2020 as
compared to 2019. In April, around the beginning
of the pandemic, national pet adoption rate
jumped by 34 over the year. This happened
because adopting a pet provided more emotional
support to overcome stress during the pandemic.
Moreover, pandemic was the perfect time to get a
new pet because people had more time to spend
with their new member. Thus, emergence of
COVID-19 pandemic had a positive impact on the US
pet market.
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The US Pet Market by Value
The US Pet Market by Value, 2017-2026 (US
Billion)
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2017
2018
2019
2020
2021
2022E 2023E 2024E 2025E 2026E
Note These are dummy figures. Please purchase
the report for actual figures.
In 2026, the US pet market is expected to reach
USxx billion, increasing from USxx billion in
2022, at aCAGR of xx, during 2022-2026. Factors
such as increasing population of youngsters and
rising number of unmarried childless households
would impact market growth.
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The US Pet Market by Category
The US Pet Market by Category, 2021()
Note These are dummy figures. Please purchase
the report for actual figures.
The US pet market can be categorized as follows
pet food, veterinary products services and pet
supplies (products OTC medicine). In 2021, the
dominant share of the market was held by pet food
segment with xx, followed by veterinary products
services and pet supplies (products OTC
medicine) segment with xx and xx, respectively.
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The US Pet Market by Distribution Channel
The US Pet Market by Distribution Channel, 2021
()
Note These are dummy figures. Please purchase
the report for actual figures.
The US pet market by distribution channel can be
segmented into the following online retail
stores, specialty stores and supermarkets/hypermar
kets. In 2021, the dominant share of the market
was held by online retail segment with xx. This
was followed by specialty stores and
supermarkets/hypermarkets segment with xx and
xx share, respectively.
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