The value of pet grooming products shipped across the globe grew 5.3% year-on-year (Y-o-Y) in 2019, according to new study from Future Market Insights (FMI). The firm’s recent global pet grooming tracker reveals that sales will decline to 2.9% y-o-y to around US$ 16 Bn in 2020.
While supply shortages affected market’s capital performance in Q1 of 2020 and initial weeks of Q2 of 2020, sharp decline in consumer demand has been key factor behind sales dip. COVID-19-induced lockdowns and measures have triggered physical retail closures for extended time periods worldwide, leading to notable decline in demand.
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Pet Grooming Market Size Study
- Sales of pet grooming products will rise nearly twice over 2020-2030
- About 6 out of 10 pet grooming products to be sold will be conditioners & shampoos
- Majority of pet grooming products will be developed for dogs and cats
- Economy/mid-range pet grooming products continue to generate greater total returns to shareholders
- Market players to channelize their investments towards modern trade over following decade
- North America and Europe will remain epicenter of growth opportunities, owing to surging trend of pet humanization
COVID-19 Impact on Pet Grooming Market
While the global retail industry has taken hard hit due to COVID-19 pandemic, in particular, certain sub-categories of the industry have sustained the shockwaves, thanks to stay-at-home protocol. Among these is the pet grooming market.
New market entrants are actively looking for countercyclical categories amidst the public health crisis. Future-approved business models must include competitive pricing structure, clear value proposition, and unique delivery mechanism. In addition, stakeholders must ensure to integrate subject matter experts including, skilled pet professionals, into their advisory board to authenticate medical claims, product concepts, and lend credibility.
With more people owning pets and owners increasingly spending to improve health and lifestyle of their pets, the global pet grooming industry will experience unprecedented growth during this tough phase.
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Pet Grooming Market – Competitive Intelligence
The global pet grooming market is highly fragmented, with presence of several players joining industry competition. Market players are continuously involved in developing cutting-edge products with an aim to expand their consumer base and, in turn, ensure better margins. For instance,
- Australia-based, Oakwood Products has rolled out assembly of pet care and grooming products in the US. The products – derived from ingredients native to Australia – are developed to keep pets’ coats professionally shiny and clean. The assembly includes nine product SKUs containing conditioners, shampoos, pet odor and stain removers, and grooming tools.
- Atronia Innovations has developed new pet grooming device – Groomade – using cutting-edge air-touch technology. The proprietary technology ensures that any non-skilled individual can trim, comb, and groom his/her pet’s hair and fur akin to professionals. Moreover, the innovative product creates perfect cuts, is ideal for all dog breeds’ fur and coat types, and vacuums every hair strand that falls off during grooming session.