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LONDON, GREATER LONDON, UK, August 8, 2024 /EINPresswire.com/ -- The global pet sitting market is projected to expand from $2.67 billion in 2023 to $2.94 billion in 2024, at a robust compound annual growth rate (CAGR) of 10.3%. The market has experienced substantial growth recently, driven by rising pet ownership, evolving lifestyles and work patterns, increased awareness of pet well-being, and the humanization of pets. This upward trend is expected to continue, with the market anticipated to reach $4.37 billion by 2028, achieving a CAGR of 10.4% during the forecast period.
Increasing Humanization of Pets Fuels Market Growth
A major driver behind the growth of the pet sitting market is the increasing humanization of pets. Pet owners are treating their pets as family members, providing them with extensive care and attention similar to that given to human family members. This trend is leading to a greater demand for pet-sitting services that offer personalized care and regular updates, such as photos and videos. According to a U.S. Chamber of Commerce report, Americans spent $123 billion on pets in 2021, reflecting a 13% increase from the previous year. With significant pet ownership in the U.S., including 14% of Gen Z and 32% of millennials owning dogs, the expenditure on pets is expected to continue rising, further driving the pet sitting market.
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Key Players and Market Trends
Leading companies in the pet sitting market include A Place for Rover Inc., Best Friends Pet Care, Camp Bow Wow, Chicago Dog Walkers, and PetSmart Inc., among others. These companies are leveraging technological advancements to stay competitive. For example, Whistle Labs Inc. introduced Whistle Health, an AI-enabled device for dogs that provides a comprehensive wellness index and connects pet parents with veterinarians via the Whistle app.
Major Trends Shaping the Market
Several trends are influencing the pet sitting market:
• Technology Integration: Adoption of advanced technologies, such as AI-driven wellness devices.
• Specialized Services: Rise of tailored and professional pet sitting services.
• Enhanced Safety Measures: Focus on safety and insurance coverage for pets.
• Urbanization and Enrichment: Increased urbanization and attention to pet mental health and enrichment.
Market Segmentation
The pet sitting market is segmented as follows:
• By Pet Type: Dogs, Cats, Fish, Cage Pets, Other Pet Types
• By Service: In-House Sitting, At-Care Facilities
• By Application: Day Care Visits, Dog Walking, Pet Transportation, Other Applications
Regional Insights: Asia-Pacific Leading the Market
In 2023, Asia-Pacific was the largest region in the pet sitting market. However, North America is projected to be the fastest-growing region during the forecast period, driven by high pet ownership rates and increasing demand for specialized pet sitting services.
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Pet Sitting Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Pet Sitting Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on pet sitting market size, pet sitting market drivers and trends, pet sitting market major players, competitors' revenues, market positioning, and market growth across geographies. The pet sitting market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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