Pet Sitting Market to hit $5.35 billion by 2031, growing at 12.1% CAGR, says Coherent Market Insights (CMI)
Global pet sitting market is estimated to be valued at USD 2.41 Bn in 2024 and is expected to reach USD 5.35 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.1% from 2024 to 2031
Burlingame, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The global pet sitting market, valued at 2.41 billion dollars in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 5.35 billion dollars by 2031, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Rising demand for reliable pet care services has risen considerably when owners are away on business trips or vacations. Pet sitting offers pet parents peace of mind knowing their furry companions are being well looked after in their own home environment with daily visits and activities. This driver has significantly boosted the growth of the pet sitting industry.
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Market Dynamics
The growth of the pet sitting market is attributed to the increased pet ownership and humanization of pets. According to the American Pet Products Association, around 70 million homes in the U.S. own at least one pet. Owning a pet has positive impact on mental and physical health of owners. However, pet owners face challenges to take care of their pets when they are on vacations or business trips. This drives the demand for pet sitting services wherein professional pet sitters take care of pets at their homes, providing them food, water, medication if needed, playtime and walks. Another factor fueling the market growth is increasing number of nuclear families wherein both partners have career responsibilities leaving little time to take care of pets. This has increased the acceptance and demand for pet sitting services.
Pet Sitting Market Report Coverage
Report Coverage | Details |
Market Revenue in 2024 | $2.41 billion |
Estimated Value by 2031 | $5.35 billion |
Growth Rate | Poised to grow at a CAGR of 12.1% |
Historical Data | 2019–2023 |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Pet Type, By Service Type |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Growth Drivers | • Rising number of pet owners |
Restraints & Challenges | • High service charges |
Market Trends
Advent of online pet sitting platforms: Major players in the market are focusing on developing online platforms for sourcing pet sitters as well as for pet owners to book sitting services. These platforms provide transparency and convenience to users. For instance, Rover.com connects pet owners with pet sitters nearby who can drop-in, walk, feed, and care for pets. Such platforms are gaining increasing traction among millennial pet owners who are frequent travelers and career-driven.
Mobile applications for pet sitting: Market players are also offering mobile applications for pet sitting convenience. These mobile apps help pet owners track pet sitter's location, receive photos and updates about their pets, and make payments. They also provide safety features like verification of pet sitter's credentials. For example, Wag offers a mobile app for both IOS and Android to match pet owners with local pet sitters, track visits, and make payments. Such tech-enabled services are expected to drive the pet sitting market.
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Market Opportunities
The care visits segment involves regular visits by pet sitters to feed, walk and play with pets when the owners are away. This segment accounts for around 60% of the total pet sitting market currently owing to the assurance and personalized attention it provides pets. Being away from home for long hours puts stress on pets and regular care visits help reduce anxiety and maintain their daily routine and bonding with the sitter. With increasing pet ownership and dual income households where owners travel more frequently, the need for reliable care visits is growing steadily.
While care visits ensure pets remain well taken care of during longer owner absences, drop-in visits are a convenient option for shorter trips or when paired with care visits. They involve brief check-ins by sitters to feed, play and tend to pets for a few minutes. This segment is growing at a faster pace compared to care visits driven by flexibility and cost savings it provides owners. Busy lifestyles mean taking more occasional short trips which makes pre-scheduled drop-ins a suitable solution for many pet parents.
Key Market Takeaways
The global pet sitting market is anticipated to witness a CAGR of 12.1% during the forecast period 2024-2031, owing to rising pet ownership and humanization of pets.
On the basis of pet type, the dogs segment is expected to hold a dominant position, accounting for around 65% share due to their popularity as pets and regular need for care when left alone.
On the basis of service type, the care visits segment is expected to hold a dominant position over the forecast period, contributing to more than 60% revenue share due to the personalized daily care and reassurance it provides pets and owners.
On the basis of region, North America is expected to hold a dominant position over the forecast period, with the US alone constituting over 45% of market share. This can be attributed to high pet spending and preference for professional pet care in the region.
Some of the leading players operating in the global pet sitting market include A Place for Rover, Inc., Pets at Home, Inc., Wag! Group Co. The pet sitting industry is expected to experience considerable consolidation as large players look to enhance market share through mergers and acquisitions.
Pet Sitting Industry News
In September 2022, PetSmart collaborated with interior designers Nate Berkus and Jeremiah Brent by launching a collection of couches, beds, stands, etc., designed specifically for pets and pet parents’ comfort & needs.
In May 2022, Kimpton Hotels & Restaurants partnered with Wag! Offering on-property & at-home walks and drop-ins for guests staying in their hotels across the U.S.
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Detailed Segmentation-
By Pet Type
Dogs
Cats
Others
By Service Type
Care Visits
Drop-in Visits
Dog Walking
Boarding
Pet Transportation
Others
By Region:
North America
U.S.
Canada
Latin America
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
GCC Countries
Israel
Rest of Middle East
Africa
South Africa
North Africa
Central Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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