Rise in pet ownership among millennials and Generation Z, the growing trend of humanization of pets, rise in awareness of pet health, and the rapid expansion of social media and e-commerce platforms globally drive the global pet travel services market growth.
PORTLAND, Ore., Jan. 26, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Pet Travel Services Market by Pet Type (Dog, Cat, Birds, Others), by Travel Type (Domestic, International), by Mode of Transport (Ground, Air, Sea): Global Opportunity Analysis and Industry Forecast, 2021-2031″ According to the report, the global pet travel services industry generated $782.41 million in 2021, and is estimated to reach $1.3 billion by 2031, witnessing a CAGR of 5.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Rise in pet ownership among millennials and Generation Z, the growing trend of humanization of pets, rise in awareness of pet health, the rapid expansion of social media and e-commerce platforms globally, a shift toward nuclear families as a result of urbanization, an increase in pet population, and rise in consumer disposable income are key factors that drive the growth of the global pet travel services market. However, stringent government norms on pet vaccination & travel hamper the global market growth. On the other hand, growth in popularity of pet cafes or animal cafés is expected to open new opportunities for the players in the pet travel services market during the forecast period.
Covid-19 Scenario
- During the COVID-19 lockdown period, pet travel services were considered nonessential. Hence, no pet movement was allowed unless authorized by the government. However, pet owners who planned to fly with their pets needed to postpone their trips.
- As COVID-19 lockdown came to an end, flight traffic increased but priority was given to human passengers alongside essential cargo.
- However, as the travel restrictions were removed, the owners took help from pet relocation professionals to ensure safe pet travel.
The dogs segment to dominate in terms of revenue during the forecast period
Based on pet type, the dogs segment was the largest market in 2021, contributing to nearly half of the global pet travel services market, and is expected to maintain its leadership status during the forecast period. The same segment is projected to witness the fastest CAGR of 5.7% from 2022 to 2031. The growing trend among dog owners to train their pets for different functional benefits and to make them participate in dog shows & events led to the significant growth of the segment. This is owing to the fact that dog owners seek pet travel services to reach the venue of events. Further, the growing trend of pet adoption among the millennials & Generation Z, growth in urbanization, shift toward nuclear families, adoption of pets by elderly people, and growth in population of dogs are the key factors that propel the growth of the segment.
The domestic segment to maintain a prominent revenue growth during the forecast period
Based on travel type, the domestic segment held the largest market share of more than four-fifths of the global pet travel services market in 2021 and is expected to maintain its dominance during the forecast period. This is because domestic travel is affordable and takes less time to reach a destination. Moreover, less documentation is required as compared to international traveling. The international segment, however, is projected to witness the fastest CAGR of 5.6% from 2022 to 2031. Increase in the demand for pet visa is likely to uplift the market for international pet travel services. Moreover, some popular airlines allow pets for international travel and have simple pet policies, which is projected to contribute towards the growth of the pet travel services market.
North America to maintain its dominance in terms of revenue by 2031
Based on region, North America was the largest market in 2021, capturing more than two-fifths of the global pet travel services market, and is expected to lead in terms of revenue in 2031. The demand for pet travel services in the region is driven by several factors, such as increase in ownership of pets, rise in awareness of animal welfare, and change in lifestyles of pet owners. However, the market in Asia-Pacific would manifest the fastest CAGR of 6.5% during the forecast period. The market growth in this region is primarily driven by an increase in the number of millennials who own pets along with the trend of pet humanization.
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Leading Market Players
- Air Animal, Inc.
- PetRelocation, Inc.
- Blue Collar Pet Transport
- Royal Paws
- Pet-Express
- PetSpot
- World Pet Travel
- Pet Travel Services Guam
- Happy Tails Travel, Inc.
- AirPets Relocation Services Pvt. Ltd.
- Pets Travel, Inc.
- Pawsome Pet Travel Ltd.
- Across the Pond Pets Travel
- Best Pet Travel Service
- Pet Airways
The report analyzes these key players of the global pet travel services market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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