According to the research report titled ‘Global Pet Market - Analysis By Type (Pet Food, Pet Care Products, Pet services), Pet Type, By Distribution Channel, By Region, (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report, global pet market was worth USD 223.54 billion in 2020 and is anticipated to showcase lucrative growth trends through 2026.
 

Rising disposable income of individuals in emerging economies like India and China is stimulating the rate of pet adoption, thereby driving the growth of global pet market. Furthermore, society’s inclination towards nuclear families and including pets as family members, along with cognizance of humanizing pets, and increased use of top-quality pet products are augmenting the market outlook.
 

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Additionally, advent of mobile pet grooming, planned initiatives by significant market players, in consort with more manufacturers preferring e-commerce are also positively swaying the business dynamics.
 

Based on type, global pet industry is segmented into pet food, pet services, and pet care products. As mentioned in the report, pet care products segment is estimated to hold market share in the near future, owing to several benefits of these commodities to pet’s daily activities with emphasis on their health.
 

Speaking of pet type, the marketplace is classified into dog, fish, and cat among others, wherein dogs are the most favored pets among the people.
 

Moving on to distribution channel, global pet market is divided into e-commerce, and pet stores. The report cites that currently pet stores hold a significant share in the industry, but e-commerce is anticipated to take off in the coming years.
 

Geographically, United States, United Kingdom, Canada, Germany, Brazil, France, South Korea, Japan, China, and India are major revenue generators for overall pet industry.
 

As cited in the report, North America market is expected to expand significantly over the forecast duration, with countries like Canada and the U.S. contributing a major chunk in the valuation, owing to rising rate of pet adoption in the region.
 

Established firms in worldwide pet industry include Mars Incorporated, PetSmart, ADM Animal Nutrition Inc., Agrolimen SA, Hill's Pet Nutrition Inc., Nestlé S.A., Unicharm Corporation, General Mills Inc., Spectrum Brands Holdings Inc., and the J.M. Smucker Company.