MARKET OUTLOOK
The Australia pet healthcare market is expected to display an upward trend and with a growth of 4.69% in CAGR over the forecast period of 2019-2025.
Australia, over the years, has witnessed a significant increase in pet ownership with a large number of people adopting dogs, cats and other animals for several reasons such as security and recreational purposes. This has resulted in an increase in demand for pets in the country, which, in turn, is driving the pet food market in the country. People in Australia prefer to keep dogs rather than cats as pets. Around 65% of pet owners in Australia owned dogs compared to other animals. The rising number of elderly & DINK (dual income, no kid) couples and the growing disposable income are the key factors responsible for pet adoption in the country. However, factors such as unsuitable home or lifestyles, added responsibility of pet ownership and reluctance of other family members towards living with pets make people apprehensive towards owning a pet. This factor significantly constrains the market and limits its growth.
COMPETITIVE OUTLOOK
The important players in the Australia pet healthcare market are PetEdge, Ancol Pet Products Limited, Zoetis, Inc., Virbac Group, Bayer AG and Mavlab Pty. Ltd.