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 record significant growth through 2026.
 

With surge in disposable income of individuals in emerging economies like India and China, rate of pet adoption has spurred significantly, thereby propelling the growth of global pet market. Additionally, millennial inclination towards nuclear families and inclusion of pets as family members, coupled with trends of pet humanization, and adoption of premium pet products are amplifying the industry revenues.
 

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Moreover, emergence of mobile pet grooming, planned initiatives by established players, along with popularity of e-commerce are also creating lucrative prospects for growth of worldwide pet market.
 

Based on type, the market is segmented into pet food, pet services, and pet care products. Speaking of pet type, the marketplace is divided into dog, fish, and cat among others, wherein dogs are the most preferred pets among the populace.
 

Moving on to distribution channel, global pet industry is classified into e-commerce, and pet stores. The report cites that currently pet stores account majority industry share, but e-commerce is slated to gain traction in the ensuing years.
 

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

Notably, North America market is likely to showcase remunerative growth over the forecast period, with Canada and the U.S. leading the way, owing to rising rate of adoption in the region.
 

Major companies in global pet industry sphere include Mars Incorporated, PetSmart, ADM Animal Nutrition, 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.