Game on, an in-depth analysis of the global sports equipment market suggest that the market is anticipated to cross USD 540 Billion by 2029, increasing from USD 372.15 Billion in 2023.
Consumer Goods & Services
The fur-ever companions have opened up an ever-increasing potential market. - Bonafide Research
The South American pet care market is growing steadily and one of the potential markets when considered globally. The South American region is very huge consisting of many developed and underdeveloped countries with a rise in attraction of owning a pet. People now have a very stressful life due to long working hours, which led the people to own a pet so they can play & spend with them, which tends to reduce their stress and often to fend off their loneliness. While dogs, cats, fishes, rabbits, etc being adopted as pets, the region has a high adoption rate of dogs due to their human-friendly nature and loyalty. With an increase in pet adoption rate, the minor segments such as pet food, pet grooming, pet accessories, and pet healthcare have an opportunity to flourish. With only few companies present in grooming and accessory market and a high demand for the comfort of pets, the segment proves to be fruitful for the companies to enter. Brazil has the largest market share in the South American pet care market followed by Argentina, Chile and the rest of South American countries.
According to the report, "South America Pet Care Market Outlook, 2027" published by Bonafide Research, the South American pet care market stands at fourth place, which has generated a revenue of above USD 13 billion in 2021. Further, the market is expected to expand with a 7% CAGR for 2022–2027. The retail segment and distribution of the pet food are largely dependent on pet shops and supermarkets, which is now shifting towards e-commerce. This change in trade mode will reflect a growth in sales in the coming years. People in certain South American countries like Argentina, Chile prefer to adopt small-sized pets, which have made the companies to introduce hierarchical pet food packs for pet based on their age & breed.
The most recent trend among the pet parents in the region is the pet insurance. The pet insurance is much similar to human insurance and the companies have started to offer routine pet treatments are part of the insurance coverage. Pet parents are likely to get insurance for their pets that includes more wellness services and illness or accidental covers.
According to the report, "South America Pet Care Market Outlook, 2027" published by Bonafide Research, the South American pet care market stands at fourth place, which has generated a revenue of above USD 13 billion in 2021. Further, the market is expected to expand with a 7% CAGR for 2022–2027. The retail segment and distribution of the pet food are largely dependent on pet shops and supermarkets, which is now shifting towards e-commerce. This change in trade mode will reflect a growth in sales in the coming years. People in certain South American countries like Argentina, Chile prefer to adopt small-sized pets, which have made the companies to introduce hierarchical pet food packs for pet based on their age & breed.
The most recent trend among the pet parents in the region is the pet insurance. The pet insurance is much similar to human insurance and the companies have started to offer routine pet treatments are part of the insurance coverage. Pet parents are likely to get insurance for their pets that includes more wellness services and illness or accidental covers.
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