Veterinary Grooming Equipment Market
Veterinary Grooming Equipment Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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Veterinary Grooming Equipment Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Veterinary grooming is an essential part of healthcare of animals. Grooming reduces chances of the various health problems and ensures the cleanliness of pets. Veterinary grooming comprises of bathing, hair removal, nail trimming and other such services. Shampoos & conditioners, combs and dryers are common veterinary grooming products used worldwide.
Global veterinary grooming equipment market is expected to grow at a significant CAGR over the forecast period. Further, rising expenditure on pet and increasing number of pet adoptions across the globe is expected to foster the growth of the global veterinary grooming equipment market. Apart from this, high rate of adoption of pets in developed countries is expected to supplement the growth of the veterinary grooming equipment market.
In the terms of regional platform, North America accounted for the highest percentage of market share in overall veterinary grooming equipment market in 2016. Further, North America is expected to continue its dominance over the forecast period. This growth can be attributed to high number of pets in the region. Further, U.S. is the prominent market in the region. According to American Society for the Prevention of Cruelty to the Animals, 78 million dogs and 85.8 million cats are owned in the U.S. In 2016, more than 65% of the Americans were held for pet ownership. Further, number of pet ownership is expected to increase during the forecast period which further, is likely to escalate the demand for the veterinary grooming equipment market in the nation. Europe is expected to capture second position in overall veterinary grooming equipment market. Further, increasing willingness of the pet owners to spend on their pets is expected to drive the growth of the veterinary grooming equipment market in the region.
Asia Pacific is likely to showcase a robust growth during the forecast period. Further, rising adoption of companion animals is expected to escalate the growth of the veterinary grooming equipment market in the Asia Pacific region. Countries such as China, Japan and India are projected to witness the augmented demand for veterinary grooming equipment over the forecast period. Further, India is projected to be fastest growing market of the pets. Rising disposable income of the population is expected to contribute to the growth of the veterinary grooming equipment market in India. Latin America is projected to observe high growth rate during the forecast period on the account of high pet ownership in the region. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis has segmented global veterinary grooming equipment market into the following segments:
Global veterinary grooming equipment market is further classified on the basis of region as follows:
Rising expenditure on the pet care is one of the major growth drivers for the global veterinary grooming equipment market. Apart from this, increasing number of pet grooming spas and mobile pet groomers are expected to fuel the growth of the veterinary grooming equipment market during the forecast period. Moreover, increasing prevalence of diseases in pets is resulting in increased awareness about the pet care among pet owners. This factor is expected to grow the market of the veterinary grooming equipment market.
Increasing adoption of the pets across the globe is predicted to trigger the growth of the global veterinary grooming equipment market. Moreover, pet owners are more concerned about health and welfare of their pets owing to the continued strengthening of the bond between pet owners and their companion animals. This factor contributes to the growth of the veterinary grooming equipment market.
On the contrary, slow adoption rate of veterinary grooming equipment in underdeveloped and developing nations is expected to hamper the growth of the veterinary grooming equipment market.
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