People in the U.S. spent over $126 billion on their pets in 2021. That number is expected to grow, with some estimates reaching over $350 billion by 2027. So what are some of the industry trends behind those numbers? And what can you do to leverage those trends for your bottom line? Check out the ideas below.
It’s not just for humans. There is a wide variety of wearable tech available today for pets: LED lit collars and clothing; wearable RFID tags, cameras, and behavior modification tech; and sensors to measure and track health statistics. With more connectivity and the capacity to have this data transmitted in real-time to pet owners and their veterinarians, this $600+ million annual business vertical is expected to grow 40+% over the next decade.
Pets are family members – and pet parents want to feed these “children” as well as they’d feed their human ones. Recognizable ingredients that are more appealing to pet parents’ senses are just one of the reasons people are gravitating toward this food option for their furry family members. The growing demand is also driving an increase in the number of manufacturers in this market. TechNavio projects U.S. market share to grow incrementally by $8 billion over the next few years.
According to IBISWorld, pet grooming and boarding is one of the only established industries with continued growth year over year. One of the driving forces behind that is the inclusion of enhancements to the experience, such as new food options, enrichment opportunities, virtual visits, and other services that make it more comfortable for both the pet and the owner to be apart. With many people post-pandemic returning to workplaces and resuming travel, there appears to be even more demand coming for this sector.
Helping their pets maintain their health and ward off the effects of aging is front of mind for many pet owners. According to the AKC, almost ⅓ of dogs take some form of supplement, the most popular being glucosamine for their joints. And over 69 million U.S. households have a dog. The industry numbers reflect the focus on these supplements with accelerating market growth.
Shopping online has been a growing trend across many industries for years. Still, thanks to a variety of happenings (recent pandemic, increases in fuel costs, etc.), shopping online for pet products has become increasingly popular. Though the larger players in the mix are the “big box” or major pet product suppliers, thanks to easier to implement e-commerce software like Shopify, smaller pet-focused retailers, distributors, and manufacturers are also providing this method.
So what to do with these ideas? Depending on the kind of business you currently own, or are looking to start, there are several ways to leverage this information:
If you are interested in taking advantage of one or more of these trends, do additional research and talk to your trusted advisors. You never know where these trends may take you.