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Pet Oral Care Market Development, Analysis and Demand 2033…
In 2023, the Global Pet Oral Care Market is flourishing at a market value of US$ 12,298.5 million. By the end of the forecast period in 2033, it will have reached a market value of US$ 17,016.0 million. During the forecast period, the pet oral care market will conclusively have a CAGR of 3.3%, According to experts at Future Market Insights.
Several drivers are contributors to these pleasantly surprising numbers. Increasing awareness of the importance of pet oral health and its impact on overall well-being has led to a shift towards preventive pet care. As pet ownership rates rise and pets are increasingly considered family members, pet owners are investing in their pets' health, including oral care.
The recommendations of veterinarians and the emphasis on routine dental care have further fueled the demand for oral care products. Additionally, the availability of innovative and convenient pet oral care options, along with the influence of social media and pet influencers, has created greater awareness and understanding of the significance of pet oral care practices.
A collaboration between veterinarians, pet dentists, and manufacturers is evident. This collaboration is used to develop and promote effective oral care solutions. These effective solutions look at potentially curing health challenges faced by pets such as periodontal disease as well.
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These drivers, coupled with the expanding pet healthcare industry and the strong human-animal bond, contribute to the steady growth and demand for pet oral care products in the market.
Key Takeaways:
The North American region dominates the pet oral care market with a substantial market share of 42.6% in 2022, reflecting the region's strong focus on pet health and wellness.
The Europe region commands a notable market share of 25.7% in the pet oral care market in 2022, highlighting the region's emphasis on comprehensive pet care.
The United States holds a significant market share of 39.4% in the pet oral care market in 2022, indicating the country's substantial contribution to the industry.
Germany maintains a market share of 5.8% in the pet oral care market in 2022, highlighting the country's commitment to pet health and hygiene.
Japan accounts for 3.8% of the market share in the pet oral care market in 2022, reflecting the country's increasing awareness of the importance of pet oral health.
Australia contributes to the pet oral care market with a market share of 1.9% in 2022, emphasizing the country's recognition of the role of oral care in overall pet well-being.
China exhibits a compound annual growth rate (CAGR) of 5.3% in the pet oral care market in 2022, reflecting the country's increasing pet ownership rates and evolving pet care practices.
India experiences a robust CAGR of 6.7% in the pet oral care market in 2022, indicating the country's growing pet ownership culture and the rising importance of pet oral health.
The United Kingdom showcases a CAGR of 3.2% in the pet oral care market in 2022, reflecting the country's steady growth and demand for pet oral care products.
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Competitive Landscape:
Companies in the pet oral care market are seen to be going after strategic alliances and partnerships with other manufacturers with the intention of increasing their product lines and meeting the demands of their rapidly expanding customer base.
These leading pet oral care companies have also adopted new product development as a strategic approach to increase their market presence among consumers. These strategies have increased the popularity of natural and healthy, and organic products and dental chews.
Some leading companies are:
AllAccem Inc.
Colgate- Palmolive Company
Dechra Pharmaceuticals plc
Petzlife Products
imRex Inc.
Virbac
Nestlé S.A.
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According to forecasts, the automotive foams market is expected to be valued at US$ 38,290.9 million in 2023 and US$ 69,878.1 million by 2033.
Leading automakers have begun modernizing their cars by adding impact-absorbing foams to improve consumer safety and reduce strain and stress. The demand for the product is expected to be impacted by these goods' lowering prices throughout the projected period.
Consolidating the complete value chain is considered of the utmost importance since several businesses are working to manage costs, regression, and forward integration. The demand for these resources from other application industries is predicted to affect their availability.
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Several companies focus on increasing their manufacturing capacity to meet the growing demand. However, the adverse environmental effects of blowing agents and stringent regulatory restrictions provide a substantial barrier to the market's growth. The rising usage of these foams in the automotive industry is driving the market on a worldwide scale.
Key Takeaways
By 2033, the automotive foams market in the United Kingdom is likely to expand, with a CAGR of 4.3%.
In 2023, the United States is expected to expand in the automotive foams market with a share of 17%.
The automotive foams market grew considerably to US$ 36,712.3 million in 2022.
The automotive foams sector expanded at a CAGR of 3.7% from 2018 to 2022.
By 2033, China's automotive foams market is projected to expand with a CAGR of 7%.
By 2033, India's automotive foams market is projected to develop with a CAGR of 7.6%.
Japan's automotive foams industry is likely to expand significantly, with a 9.1% share in 2023.
Australia's automotive foams sector is anticipated to grow with a share of 0.2% by 2023.
In 2023, the polyurethane segment is expected to dominate the market, with a share of 46%, based on foam type.
In 2023, the agriculture segment is anticipated to dominate the market, with a share of 36.3%, based on application.
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Competitors Winning Strategies
To increase their market share, key automotive foam companies focus on providing cutting-edge bio-based products. One of the primary business strategies producers use to assist customers and expand the market sector is local manufacturing to reduce operating costs.
Key Players
Bridgestone Corporation
Johnson Controls
Evonik Industries AG
BASF SE
Rogers Corporation
FoamPartner
ARMACELL LLC
Woodbridge
Lear Corporation
Toray Plastics (America), Inc.
The Dow Chemical Company
Recticel
Fostek Corporation
Trocellen
Zotefoams Plc.
Recent Developments:
In October 2021, Huntsman and Catalisti began a research initiative to develop state-of-the-art polyurethane foams for automotive applications. The project uses bio-based components to make the foams more environmentally friendly, boosting the automotive foam market's revenue.
Thor Industries, a manufacturer of recreational vehicles with headquarters in the United States, acquired Elkhart Composites in January 2022 for an undisclosed fee. Thor Industries builds RVs more efficiently and provides greater customer service due to the acquisition. Elkboard, a foamed polypropylene-based composite material used for insulation and RV sidewalls, is produced by Elkhart.
Sika AG, a Swiss manufacturer of speciality chemicals, said in March 2019 that it has acquired Belineco LLC, a producer of polyurethane foam systems in the CIS region. The group's trade distribution networks in Eastern Europe should be strengthened as a result.
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