PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1258135
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1258135
Global Pet Travel Services Market is valued approximately USD 1.64 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.63% over the forecast period 2022-2029. The rapid rise in pet adoption among millennials and young Generation is a significant factor that is anticipated to raise demand for pet training services internationally, which will further enhance demand for the pet travel services industry. Additionally, increased humanization trends, pet adoption rates, and the amount of visitors taking their pets with them on vacation are all factors contributing to the market's expansion.
People all throughout the world are adopting more pets as companions, including dogs, cats, rabbits, and birds. There are several advantages to owning a companion animal, including a decrease in stress, an increase in confidence, the maintenance of heart health, and the management of blood pressure and cholesterol levels. These advantages have all been scientifically verified, which encourages people to keep pets. According to a 2021 survey by the American Pet Products Association, there are 69 million dog-owning households in the United States. The industry has grown as a result of an increase in the number of people adopting dogs since they offer companionship and emotional support. Adopting pets has therefore recently gained popularity among families, especially nuclear families. Approximately 90.5 million households in the United States, or 70%, have pets, according to the APPA Survey 2021-2022. Furthermore, growing pet-friendly traveling services & hotels is creating a lucrative growth to the market. However, the high cost of Pet Travel Services stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Pet Travel Services Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In terms of market revenue, North America dominated due to increased pet ownership and rising concern for animal welfare. While Asia Pacific is predicted to see the highest CAGR during the projected period due to factors including rising interest in adopting companion animals and expanding disposable income, the region's pet care expenditure is expected to increase there. Additionally, the growing increase of tourism in nations like China, India, South Korea, and Japan is anticipated to fuel market expansion. Additionally, the market opportunity is expanding as pet taxi services become more prevalent in developing nations.