The COVID-19 pandemic led to an increase in pet ownership among households throughout the world. For instance, the number of pet dogs and cats in the US grew 7% year-over-year to 149 million in 2020, leading to higher spending on pet food and medication. Moreover, pet ownership is anticipated to keep booming in the post-pandemic environment.
With that, the Global Market Insights report reveals that the global pet care market is estimated to hit $350.3 billion by 2027, growing at a CAGR of 6.1%. So, companies in this space should benefit from the strong demand for pet products.
