However, the overall loss will be somewhat mitigated by growth in the pet food and cat litter segments. Packaged Facts forecasts growth of four per cent for the pet food segment.
The forecast means an overall decline from 95 bn dollars in 2019 to 78.5 bn dollars in the current year. However, Packaged Facts expects a significant, albeit partial, recovery next year.
Sales of non-medical services for pets are expected to decline the most, namely by 47 per cent. The veterinary and non-food sectors of the pet industry are also likely to see a decline in sales, Packaged Facts continues.
Packaged Facts predicts that online trade in pet products will account for 24 per cent of total sales this year and an increase to 26.5 per cent by 2024.