Pet owners have today turned into pet parents as pets are now considered as a family member. This transition and increasing love for pets have subsequently raised the spending on pets.
The pets hotel market the global pet hotels market, due to the growing demand during the forecast period. It is anticipated to be appraised at US$ 9,679.1 Mn by 2032, up from US$ 4,320.6 Mn in 2022.
Pet owners today expect their animals to live as opulently as they would expect for their own loved ones. Pet vacations for dogs, cats, and other exotic animals are becoming more and more popular as pet owners increase their spending on their animals. Because of this, pet hotels are now more common.
Pet hotels are referred to as both pet boarding facilities and daycare facilities. A wide range of pet services are offered by pet hotels, including pet boarding, daycare, grooming, training, spas, entertainment, and other services. Nowadays, pet owners are very interested in planning vacations for their animals because they see them as four-legged children. This aspect has significantly fueled the market’s expansion of pet hotels.
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Drivers for Pet Hotels Market
The rising number of pets is one of the major factors that is driving the growth of the pet hotels market. According to the statistics of the American Pet Products Association 85 million households in America have pets and in the last 30 years, pet ownership has risen by 12% of all households.
This rise in the number of pets is expected to further fuel market growth. The rising luxury pet obsession in different regions is further likely to facilitate market growth.
Trends for Pet Hotels Market
Few of the popular industry trends like personalization and customization highly prevail in this market. Pet owners can customize or personalize the pet hotels experience for their pets. The pet hotels in the market are providing customized packages to attract a large customer base.
The pet owner can design a customized experience for their pets in a pet hotels that can include a range of activities ranging from pet entertainment, grooming, and other services.
Opportunities for Pet Hotels Market
The concept of pet hotels is newly gaining prominence in the market. The market is currently in the growth stage and a lot of potentials is yet untapped. With a little more awareness about the concept in the market will open new doors of opportunities for the players.
Besides this, internet penetration is expected to fuel market growth through increasing online booking of pet hotels in the coming futures. The increasing awareness of furry guests in developing regions is likely to create more opportunities.
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Challenges for Pet Hotels Market
As pet parents are today more concerned about their pets, the concept of home boarding is gaining prominence that is indirectly affecting the pet hotels market.
Amid the covid-19 outbreak, the risk of spreading the virus among animals is also high. The current fear and panic caused by the spread of covid-19 have impacted the market temporarily as the pet parents would restrain from sending their pets out. In such time, pet hotels need to assure maximum hygiene.
Global Pet Hotels Market: Key Players
Some of the key players operating in the global pet hotels market are
These players are expected to positively influence the growth of the pet hotels market through adoption of innovative strategies.
Pet Hotels Market: Regional Outlook
North America followed by Europe are the dominant regions in the pet hotels market as on one side the pet adoption rate is high and on the other side, the spending on pet care is rising in these regions. The pet hotels market is likely to register growth in East Asia, South Asia, and Oceania as the awareness of pet care is increasing in these regions.
The rising penetration of social media in these regions is further likely to boost market potential. Moreover, the players in the market are also seeking franchise opportunities, which in turn is expected to boost the sales of pet hostels market during the forecast period.
Global Pet Hotels Market: Market Segmentation
By pet type
By hotel type
By global pet hotels
By basis of ratings
By booking mode
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Dec 08, 2022
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