Pet Hotels Market Share, Size, Revenue, Latest Trends, CAGR Status, Growth Opportunities and Forecast 2032
The global pet hotel market is predicted to reach a value of US$ 9679.1 Mn by 2032, with sales growing at a robust CAGR of 8.4% from 2022 to 2032. Predicted to reach an estimated US$ 4320.6 Mn in 2022, the target market is fueled by shifting and prevailing trends for premium pet services. The growing awareness of veterinary health further aids the growth of the pet hotel market during the forecast period.
The increasing popularity of pet daycare services, rising pet humanization, along with a fast-paced lifestyle and unavoidable work commitments of pet owners is expected to act as a major growth driver for the pet hotel market. In addition, more and more pet owners are inclined to spend more on the welfare of pets which ultimately increases the overall expenditure for animal care, including services like pet sitting. This will likely further propel the growth of the target market.
The emergence of evolved, cost-effective, and personalized services, that includes a wide range of services such as grooming, pet entertainment and others, has resulted in the rise, the establishment and adoption of pet hotels. Similarly, the chance for pet parents to be able to customize the experience of their pets in these hotels is a highly appealing factor which invites a larger consumer base.
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Again, increasing impact of social media and e-commerce platforms as well as the rise in pet ownership, particularly amongst millennials and Generation Zs, is predicted to supplement the pet hotels market growth. All of these considerations, in addition to others, will augment the global sales of the pet hotels market during the forecast period.
“Rising pet ownerships coupled with increasing pet humanization efforts are expected to supplement the global growth of the pet hotels market over the forecast period,” says an FMI analyst.
Competitive Landscape
D Pet Hotels, Critterati, Camp Bow Wow, Posh Pet Hotel, The Barkley, Best Friend Pet Care, Old Towne Pet Resort, The Ings Luxury Cat Hotels, Wag Hotels, and Pacific Pet Resort, among others are some of the major players in the pet hotels market profiled in the full version of the report.
Leading market players are focusing on adopting new and developed technologies to enhance their facilities and provide ****ter service. Offering a wide range of services, upgrading their product offerings, and expanding their operations are some strategies used by these market participants. These firms also employ tactics like mergers, acquisitions, and partnerships to gain a competitive edge.
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