The pet industry trends are changing the pet industry with some amazingly mouth-watering statistics that will move you; the dollars and pound keep rising, and stakeholders are lounging in exotic destinations around the world with their favorite companion – a pet.

The American Pet Association is moving the pet industry into the limelight so bright that investors and business persons are taking note. The industry is predicted to bring in a whopping 100 billion USD in 2020. Currently, Americans are predicted to spend up to 90 billion dollars in pet care from every sector put together. 

This is a far shift from the 70 billion USD pet expenditure for 2018, or the almost 60 billion for 2016/2017. It doesn’t matter how you do the math, the pet industry is booming, growing, expanding, and making a huge profit at it.

While the big names are reaping the benefits, smaller companies are also getting their fair share of this exponential growth, but the fact is if you are looking into a business that will remain evergreen, it is the pet industry – it is a win-win situation, you can’t lose with the right trends.

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Now talking about trends, the rolling dollars are not just from  manufacturers, brick and mortar store, e-commerce ventures or the numerous pet services provided at every corner catering to the demands and needs of pet parents and their pet, but are due to trends, a shift in the mindset of how these pets are viewed by society especially their owners.

In this article, we will try to look at the different pet industry trends sectors of the pet industry, the reasons for the pet industry growth, the challenges and why the pet industry has remained vibrant, buoyant and profitable despite any economic dent.

So, if you have been thinking of getting some from the pet industry, this might be your chance to hold on to something more than the dollar bills, which is not a bad idea anyway.

Let’s Get Started.

The main sectors of the pet industry are the following

    Pet food

    Pet supplies

    Pet purchases

    Pet tech/ products

    Pet healthcare – over the counter medication, veterinary, etc

    Pet care – training, grooming, etc

    Pet Insurance

    Miscellaneous

Pet Industry Growth Trends You Need to know

Several pet trends have been dancing around the pet industry’s corridors, or how else will you expect the dollars raining in the industry and more, these are some of the trends driving the industry.

Part of the trends we see in the pet industry growth is the shift in pet ownership from the more elderly people to a younger, more independent and sassy population in the form of the Generation Z and millennial whose pet-loving lifestyle is changing the whole perspective of the pet industry and the future.

Pet Tech Industry

The pet tech industry is a new trend that is taking the pet industry slowly but surely, and as more people rely on their smartphone devices for the basics of things, the ability to know how their pets are doing in their absence is a new trend. 

Some Tech Pet Trends are

Although pet tech is a new pet industry trends, this section of the industry has experienced significant growth and predicted to reach 3.5 billion dollars by 2025. The drive for the growth is the driving need for pet owners to know what is happening to their pet everywhere they go when away from their pets.

The pet wearable market, which includes GPS based wearable is due to the increasing rise of pet theft, and pet-napping taking the pet communities by storm. The RFID pet technology is at the forefront in this sector and expected to hit an all-time high of about 1.5 billion dollars by 2025.

Overall, the pet tech industry is expected to register a 14 percent growth between 2019 and 2025 and with new trends like IoT taking the reins, consumers are expected to have tech devices that can identify and track pets, medical diagnosis, treatment and healthcare innovation, pet facilitation, safety and security, and pet behavior and control.

The ability to track and maintain their pet health and overall wellbeing show pet owners using pet tech fall into the following categories: 31 percent want to know about their pet fitness and wellbeing, 46 percent follow a vet or pet healthcare system for the latest information on pet health, and 47 percent use tech for tracking pet nutrition and what’s new in the industry.

In fact, 53 percent of pet owners have shown interest in pet monitoring devices such as camera, trackers and in-body microchips, and almost 60 percent have a uniquely customized pet tech product for their pet. One product is Pawscout; this is a virtual leash that is placed on your pat. With this pet tag, you can stay in sync with your pet and the whole Pawscout community and know how your pet is doing at all times. Read more on their website.

Pet HealthCare

Over 80 million homes have one pet in the United States, that is not including the many pet owners who are homeless; putting the numbers on a paper, we have like 300 plus pets in the US alone and over a billion pets across the globe.

Certainly, a huge market for pet doctors and physician (or vets), but as more animals are becoming humanized, pet healthcare is also changing just like the demography of pet owners.

The trends in the pet healthcare system are driven by the fact that pet owners are concerned about their furry friends and how they can be comfortable with what the industry has to offer. Pet owners are going beyond caring for their pets to pampering them.

As regards to pet healthcare, A trend that pet owners are looking into is alternative treatments. From aromatherapy to cannabis or hemp products, this trend has seen almost 74 percent of pet owners try alternative medication because they have tried it, and it worked for them. It also showed pet owners taking their pets for acupuncture, reflexology, chiropractic, spa, deep massages, and ever pet physiotherapy.

Another trend in pet healthcare is genetic testing to check for diseases and genetic disorder present in a particular breed and preventing it from happening in the descendant of the breed. The knowledge allows pet parents to devise a customized pet health plan for their pets to manage the condition with as little pain and discomfort as possible.

Overall, pet healthcare in the US saw significant growth since 16.6 billion dollars registered in 2017. Now dog owner spends almost 2000 dollars annually on pet healthcare with fees going up to 236$ for dogs, 244$ for cats and 140$ for birds. Emergency services cost 350$ for dogs, 160$ for cats 480$ for horses and 110$ for birds and with a regular vet earning almost $95,500 annually, do the math, it’s never going to stop because pet owner wants the type of healthcare as they want for themselves for their pets.

The Pet Food Industry

This is the biggest market in the pet industry, with over 32 billion dollars spent on pet food in 2018, the American Pet Products Association is predicting a 5 percent increase of about 1.5 billion dollars with the increase of e-commerce sale to more than 50 percent, there is utterly no reason not to invest in this sector of the pet industry.

The rise in pet food is due to rather unusually trends, yes we know the usually Premiumization, humanization and personalization of pet food but do you know other trends are sweeping the pet food industry. Below are some of them

Restrictive Dieting For Pets

Over 70 percent of pet owners in a survey stated that they feed their pets more exotic food than the regular ones sold in the supermarket. 45 percent say their pet is on a protein-rich diet for health reasons such as bison with added vitamins and supplement to keep them strong and active.

Pet food companies like Petco has also pledged to remove the addition of artificial additives to their pet food products which took effect by May 2019.

Some Common Food Trends are

Stress-reducing foods– as the humanization of pets increases among pet owners, so are the illness and conditions affecting humans showing up in a pet life too. We now see dogs with depression, mood swings and anxiety, while we may not know all the reason for this behavior change, pet food are popping up everywhere that can calm your pets and relieve stress like symptoms on pets. 

Products like FOMO Bones are making pet bones stronger and reducing the stress of anxiety, and arthritis in dogs to make your beloved pet happier and stronger.

Freshpet is another food trend that deals with serving pets nutritious meals for health-conscious parents. The company uses ingredients grown in the United States, which are steamed instead of cooked in high heat that destroys the nutrient in them. 

Still, on nutritious food, we have pet foods services that make customized pet food according to the demands of the clients which can be delivered right to your doorstep as specified and gentle on your pet’s belly.

Pet Funerals Service

All that is talked about in the pet industry is the basics but as pet attain humanization statuses, a particular trend is cropping up in the industry. Funeral services for pets. Yes, pet parents now wan a full funeral service for their beloved pets when they pass away. Though it is still new and quiet, pet owner cremates, buy burial spots and host procession for their beloved pets.

What Is The Risk Involved?

The pet industry was a competitive one before the trends that are shaping the industry now, and with the trends, the risk of the industry is higher. This is because companies are fighting for a spot in the hearts of pet parents to produce better products, lower prices, delivering products to your home and making apps and tech products that will make you closer to your pet even when you are away.

Why The Pet Industry Remains A Booming Industry?

It is a Growing Business

Since 1994 when the pet industry first revenue digits came into the limelight, it has not stopped growing. If you are thinking of a business, this industry might look crowded, but with trends popping up everywhere, you will definitely find a space for yourself. And with more pets bought every year, pet owners are looking for Petcare services, groomers, sitters, walkers, boarders, and alternative food, medicine, and training for their pets.

The Profits are Great

While the food, health and care sectors produce the highest revenue, one sector that is upcoming with huge margins is pet social circle. Pet owners want their pets to look great at pet social events and others. 

Hence we see the pet designer market booming in the silent background of the industry. Items like customized collar, tags, dresses, and other pet accessories are bursting the profit margins faster than ever.

Customers are always Available

This is the beauty of the pet industry growth unlike other markets, the pet industry has a waiting market willing to try the next latest item as long as it is for their pet. Pet owners will pay top dollar for the newest collar if it makes their dog relaxed and sleep better, or install an app on their smart device if it makes a fierce cat calm and compassionate, if you can think it, make it, and show it, you will find a buyer.

In conclusion, the Pet industry growth is due to the pet industry trends that aim to satisfy the Gen Z and millennial population of the society who are the majority of pet owners in the US market and the world.

While the market for pet trends is still hot and not cooling down, the US pet market will remain an unrivaled force among pet industry products in the world. Every sector of the pet industry will continue to grow and whether you are a business person or not, investing in the industry is the wisest decision you could ever make in your business life.

If you still doubt the growth in the pet industry, take a walk through the pet aisle, it’s a wonderful sight (talking dollar and cents).

Want to grow and scale your Pet Business ?? Then you need to apply right targeted strategies & an Automated System which can bring a lot of Pet owners as your customers!! Click here to know more!