The U.S. Pet Daycare Market size is anticipated to reach USD 2.02 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a significant CAGR of 6.8% from 2022 to 2030. The key factors driving the market growth include an increasing number of pet owners and spending on pets. For instance, in 2021, Americans spent around USD 123.6 billion on pets according to the American Pet Products Association. This number was notably greater than expenditure in 2020.
The COVID-19 pandemic adversely impacted the market
growth, due to the movement restrictions leading to temporary closures of pet
daycare centers while pet parents working from home led to low demand for
daycare services. At the start of the pandemic, key service providers witnessed
a significant drop in appointments and payment volume. For instance, Rover, a
pet-care start-up, laid off 41% of its employees just weeks after the lockdown
began. This was due to the economic impact and uncertainty affecting its pet
sitting business among others due to the pandemic. The company put 9% of staff
on standby. Despite the low demand, the company continued to offer pet
sitting services while adhering to social distancing and stay-at-home
mandates.
With the number of COVID-19 cases declining and more
individuals getting vaccinated, many companies are requiring employees to
return to work. As pet parents return to work from office, the need for pet
daycare services is anticipated to propel the market growth. As per a 2021
survey conducted by MetLife Services and Solutions, LLC, 38% of working pet
owners planned to hire additional help, such as a pet sitter or pet daycare to
combat potential issues arising from return to in-person work conditions. Thus,
the aforementioned factors are expected to drive market growth. The increase in
the number of pet owners, pet humanization, and expenditure on pets are other
key factors fueling the growth of the pet services industry, including pet
daycare.
Related Press Release@ U.S. Pet Daycare Market Report
U.S. Pet Daycare Market Report
Highlights
- The market is expected to witness growth as pet daycare services
gain popularity. Pet owners are becoming more attentive to their pets, and
as a result, demand for pet daycare is projected to rise
- The pet type segment was dominated by dogs in 2021 owing to
increasing preference for dogs as pets and premiumization of pet products
& services. Other factors include a rise in nuclear households, a
declining birth rate, and increasing adoption of dog insurance
- By service, the day boarding segment held the largest share of the
market in 2021 while the pet sitting segment is expected to register the
highest CAGR over the forecast period
- The commercial facilities segment held the largest market share of
over 70% in 2021. The drivers contributing to this share include the
growing number of pet daycare franchises, a wide portfolio of services,
and the capability to expand service offerings to include both indoor and
outdoor services
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment