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Strategic Analysis of Specialty Ingredients in the Animal Grooming Market : Increasing per Capita Income and Demand for Multifunctional Ingredients Drive Market Growth
This research service analyses specialty ingredients used in shampoos, conditioners, sprays, and wipes in the animal grooming market. The number of pet-owning households has significantly increased in the last five years and the bond between companion animals and their owners is gaining importance; as a result, owners are willing to spend more on pets. This trend has increased the demand for grooming and pharmaceutical products that contribute significantly to the appearance, health, and well-being of the animal. North America and Europe are leaders in the global companion animal market, while China, India, and Japan are emerging countries with exponential pet industry growth.
-Specialty ingredients in the animal grooming market was worth $ Million in 2015 and is expected to grow at a Compound Annual Growth Rate (CAGR) of % from 2015 to 2020.
- The market is in the growth stage; improved earning potential of individuals and an increase in nuclear families is expected to significantly impact this growth.
- Shampoos dominate the market as a result of its stable cost structure and usage for all types of animals.
- The market is expected to be driven mainly by the growth of grooming trends for companion animals; this, in turn, propels the growth of specialty ingredients in animal grooming.
- Innovation is the key factor towards sustaining and expanding the market share for participants.
- Enhanced gloss, safety, softness, and cost effectiveness are the most important attributes that pet owners look for in animal grooming products.
- Key participants such as BASF, Solvay, and Evonik are leading, specialty-chemical manufacturers in the human personal care sector that have diversified into the animal grooming market.
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