August 12, 2022 08:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Aug. 12, 2022 (GLOBE NEWSWIRE) -- As per a recent market analysis by Future Market Insights (FMI), the pet lodging market is poised to reach a valuation of US$ 3.1 Bn in 2022. Furthermore, sales in the pet lodging market are projected to increase at a 5% CAGR between 2022 and 2032, totalling around US$ 5.0 Bn by 2032.
Rapid surge in pet adoption across the world is a key factor driving growth in the pet lodging market. With rise in disposable income and changing lifestyle, people are showing a keen inclination towards adopting pets like dogs and cats.
Similarly, rise of the parent market i.e. ‘pet care market’ along with growing trend of pet humanization is expected to positively impact the growth of the pet lodging market during the forecast period.
Furthermore, rising number of service providers along with increasing number of people opting for the pet lodging service will help the market to grow at an exponential rate.
Multi-dimensional service offerings provided by the lodge owners is expected to keep the market vibrant and growing, while avoiding stagnation. Providing the consumers with a ‘stress-free experience’ will be a key factor in maintaining the market edge.
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Key Takeaways from the Pet Lodging Market Study:
“Future growth of the market will depend on how the competition between different firms leads to new developments, and innovations in service offerings” – says the FMI Analyst.
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Key market leaders are looking to expand their market presence into newer regions and countries where pet-adoptions are on a rise. The focus on providing comfort and extra-services to the pets lodging with them has led to their presence and brand-image increasing. Offering premium services to further boost the revenue has also helped the key player to stay ahead in the global pet lodging market.
The key players in the pet lodging market are Oupet Co., PetBacker Co., PaCo Pet Care LLC, PetSmart Inc., Paradise 4 Paws LLC, Puss 'n' Boots Boarding Cattery, Dogtopia Enterprises LLC, Pet Station Kennels & Cattery, Preppy Pet Co., Barkefellers, Urban Tails Pet Resort, Royvon Dog Training & Hotels, Country Comfort Kennels, Camp Bow Wow Co., Best Friends Pet Care, and Carey Pet and Home Care.
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4. Global Pet Lodging Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
Click Here for Pet Lodging Market 300 pages TOC Report
Future Market Insights, in its new offering, provides an unbiased analysis of the global pet lodging market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the pet lodging market based on Pet Type (Dogs, Cats and Other), by Lodging Duration (Overnight Stay and Extended Stay), by Price Range (Mass, Premium), by Booking Type (Physical and Online), and Region.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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