The global pet hotels market is estimated to develop at an 8.4% CAGR during the forecast period, owing to rising demand. It is expected to be worth US$ 9,679.1 million by 2032, up from US$ 4,320.6 million 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 rising popularity of pet daycare services, growing humanization regarding pets, as well as an increasingly fast-paced lifestyle and unavoidable working commitments for those owning pets are thought to form a major growth enabler for the market concerning 24 hour hotel facilities.
In addition, pet owners are becoming increasingly willing to spend more on the welfare of pets which leads as a whole to higher expenses for animal care including services such as those related ot lap sitting. This would only hasten the development of the target market.
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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.
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.
Key Takeaways:
- High costs and fear of viruses may stymie the market growth.
- Rapid urbanization coupled with an upsurge in nuclear families fuels the target market in the Asia Pacific region.
- The pet hotel market in North America will hold about 58% of the revenue share.
- Rise in the number of pet sitters will drive the pet hotel market growth in China.
- Start-ups in this market are increasing their service offerings.
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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 better 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.
More Insights into Pet Hotels Market Report
In its latest report, FMI offers an unbiased analysis of the global pet hotels market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of pet type (dog hotels, cat hotels, other pets), hotel type (economic, mid-range, luxury), global pet hotels (small & medium, large), the basis of ratings (<3 stars, 3 & above), booking mode (offline, phone, online), and region.
According to the latest FMI reports, based on region, the pet hotel market in the North America will present remarkable growth during 2022-2032. Increasing pet ownership, particularly in the U.S., is driving the regional market growth. Thus, the pet hotel market in North America is expected to account for about 58% of the overall revenue share. Greater influence of social media along with pet owners’ desire for premium services for their animal companions will further aid the target market growth in this region.
The pet hotel market in the Asia Pacific region, too, will demonstrate notable growth over the next few years. A rise in nuclear families, swift urbanization, availability of personalized pet services, especially in Australia and Japan, and a surge in number of pet sitters due to a rise in disposable income in countries like China and India is driving the pet hotels market growth in the Asia Pacific region during the forecast period.
Key Segments Profiled In The Pet Hotels Market Survey
By Pet Type:
- Dog Hotels
- Cat Hotels
- Other Pets
By Hotel Type:
- Economic
- Mid-range
- Luxury
By Global Pet Hotels:
- Small & Medium
- Large
By Basis of Ratings:
- <3 Stars
- 3 & Above
By Booking Mode:
- Offline
- Phone
- Online
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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