Latest News by Industry
DUBLIN--(BUSINESS WIRE)--Nov 9, 2022--
The "Pet Insect Repellants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The global pet insect repellants market is projected to witness a CAGR of 4.4% during the forecast period (2022- 2027).
Companies Mentioned
Key Market Trends
Increased Focus and Expenditure on Pet Health
The pet insect repellants market is benefiting tremendously, owing to the increasing per capita animal healthcare expenditure. For instance, according to the American Pet Product Association (APPA), Dog owners in the United States spent an average of USD 1,880 per canine in the prior 12 months, which includes pet food, treats, toys, vitamins, grooming, visits to the vet, and dog-walking/kennel services. Cat owners, during the same time frame, spent an average of US 902 per feline.
Among all, Vet bills are typically the costliest segment of the budget to own a pet, and lack of access can be prohibitive to pet ownership for many people.
Furthermore, in the past ten years, American pet spending has more than doubled. For instance, in 2010, the total money spent on pets was roughly USD 45.53 billion. Within the next decade, this spending has mushroomed to USD 103.6 billion annually. The biggest annual increase was between 2017 and 2018, when spending quickly jumped from USD 69.51 billion to USD 90.5 billion, a growth of 30%.
Similarly, in Canada, according to Ontario Veterinary Medical Association (OVMA), the annual cost of caring for a puppy was CAD 3,242. According to the Centers for Disease Control and Prevention, during the 13 years, from 2004 to 2016, seven new germs spreading through the bite of an infected tick were discovered in the United States alone. These germs can also infect people, alongside dogs, and cause zoonotic diseases. As the prevalence of various diseases in companion animals is increasing, the demand for diagnostic imaging procedures and supplements to prevent diseases is rising across the country.
North America Leads the Market
North America is the major market for pet insect repellants occupying about 43.5% share of the total market in 2021. The United States stands first in the overall pet population globally. According to the 2021-2022 APPA National Pet Owners Survey, 70% of US households own some pet, an increase from 67% in the 2019-2020 survey. In fact, 14% of total respondents obtained a new pet during the pandemic. Moreover, pet spending increased during the past year in the country, with 35% of pet owners spending more on their pet/pet supplies, including food, wellness-related products, and other pet care items, including insect repellants which are anticipated to drive the market in the country.
The insect attack incidences on pets in the country, for instance, in 2020, an aggressive swarm of bees fatally attacked three dogs in Arizona, will lead to an increase in demand for insect repellants to protect and ensure the well-being of the pets.
Further, in Canada, many products on the market claim to protect against insect bites. Only those that have been government-approved for their safety and effectiveness are allowed for use in the country. In Canada, the West Nile virus and Lyme disease are health concerns for pets. Medically formulated insect repellants are widespread in the country.
For instance, Mozi-Q, a homeopathic formulation made by Xerion Dispensary, a manufacturing company based in Calgary, Alberta, has brought insect repellant made in Canada to the market that provides safe and natural solutions to everyday concerns in pets. Thus, increasing pet ownership and the spread of insect-transmitted diseases among pets are anticipated to drive the demand for pet insect repellants during the forecast period.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Pet Type
5.2 Insect Type
5.3 End User/Application
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/xj8pdp
View source version on businesswire.com:https://www.businesswire.com/news/home/20221109005544/en/
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD: NORTH AMERICA
INDUSTRY KEYWORD: HEALTH CHEMICALS/PLASTICS CONSUMER MANUFACTURING COVID-19 PETS VETERINARY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/09/2022 07:15 AM/DISC: 11/09/2022 07:17 AM
http://www.businesswire.com/news/home/20221109005544/en