The global pet industry is the fastest, largest, and most profitable market in the world, every segment of the industry is so stable, and the growth is exponentially appealing that everyone is looking to invest in the industry with an already booming market.

If you are looking to get a spot in the pet industry either as a retailer or a service provider, then you should listen to your heart and get a plan in motion as the article below will give you an insight into the pet industry market in all the various sectors that together make the pet industry a dominating market in the world.

The United States pet industry was valued at 86 billion dollars in 2017, and since then it has continued to grow. The pet industry is estimated to revenue a whopping 96 billion US dollars, not bad for an industry that is just over a decade old.

The table below shows how the pet industry has increased since its inception over a decade ago

Total US Pet Industry Spending

Year	Amount (Billion $)		Year	Amount (Billion $)
2019	75.38 predicted		2018	72.56
2017	69.51		2016	66.76
2015	60.28		2014	58.04
2013	55.72		2012	53.33
2011	50.96		2010	48.35
2009	45.53		2008	43.4
2007	41.2		2006	38.5
2005		36.3	2004		34.4
2003		32.4	2002		29.6
2001		28.5	1998		23
1996		21	1994		17

 

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Why the pet industry is gaining ground

The pet industry spending has been on a steady rise and is projected to reach a total of 96 billion dollars by 2020. The reasons have not been oblivious, but are for very obvious reasons including an increase in pet dependency, humanization of pets, the demands of pet parents for better and healthier products for their pets. 

In fact, over the years other pet trends have also influenced the pet industry market like the use of technology, organic, and natural food options and better pet care products for the pets. The American Pet Products Association states that almost 85 million household/homeowners in the United States have one or two types of pets. 

This market figure increased went from 56 percent to 68 percent. This increase of pet ownership is also dictating the market, driving innovation and specialty stocks to meet the demands of pet parents and their pets.

And for pet store owners that are reaping the benefits from this pet ownership increment and pet parent demand, they have had to change their inventory to meet the increasing demands.

The Market Overview

Valued at over 87 billion US dollars in 2018, the pet industry market is said to register a projected growth of 5.4 percent between 2019 and 2024. The United States despite global competition remains the largest market for pets and pet products with a huge share of almost 40 percent of the global pet industry.

The pet industry is known as the recession-proof market space that has remained the same despite the economic problems that countries undergo.

Countries that are the major player in the global pet industry Market

• United States of America
• Brazil
• Germany
• Russia
• United Kingdom
• India
• Japan

The Pet food industry is another sector that is doing extremely well, making revenues of 91 billion dollars in 2018 out of the 125 billion US dollars of the total revenue for pet care products. In fact, the pet food industry takes 73 percent of the total revenue on the entire pet care industry. The countries that own the market for pet food are the United States, Japan, France, Germany, and India accounting for more than half of all pet food production in the industry.

With that said, the pet types that are top consumers are dogs and their food market reached a sum of 51 billion dollars and has grown 5.3 percent between 2011 and 2018 with a projected growth of 4.5 percent between 2019 and 2024.

Furthermore, other pets are cats, birds, and fish in that manner.

Market Trends that are influencing the Pet Industry

The Pet food industry

You cannot talk about the pet industry without speaking on the most lucrative aspect of the market. The pet food industry is the reason why the pet industry is still in business, everything in the industry revolves around it. The reasons are

Premiumization of pet and the rising dog ownership

Dogs owned the pet industry; there are more dogs than any other pet. Almost every family with a pet has a dog alone or in conjunction with other pets. Currently, the world population of dogs stands at over 900 million hence the unmatched sales record of dog food. From 2013 – 2018, the pet care industry recorded more than 1.5 percent but cat food went up by 2 percent.

The reason was the increase in the global ownership of cats than dogs among people living in urban areas in countries like China, South Korea where cat ownership rose by 6 percent. However, the population of dogs changed from large dogs to small dogs has gone up by almost 5 percent due to the busy lifestyle of pet owners and social status change. Smaller dogs are becoming a choice because they are easier to manage, unlike bigger dogs.

Increase in pet Humanization

As more and more pet owners are being referred to as pet parents, this status change has changed the type of food that pet parents demand from the food industry for their pets. Formally, dogs and pets, in general, were known to eat the scraps of the household after each meal, now with more breeds on the market, pet parents are demanding better food for their pet with more nutrients and the need for a variety other than the regular food.

Increase in more organic and natural food sources

As more pet gets humanized, pet owners are looking for pet diets that are more natural and organically oriented. This demand is gaining wide-spread popularity among the pet parent community who are looking for foods that are made with locally grown ingredients, GMO-free, uses more pet-friendly herbs, free of excess sugars and artificial sweeteners, additives, dyes, and colors.

These demands rise although expensive has seen companies and new pet food start-up come out with sustainable food option that ticks all the boxes for pet parents who are now more health-conscious about their pets.

Furthermore, the demands for sustainable food options are also in consideration with the ecosystem, as pet parents are also looking to reduce the carbon paw prints while improving the overall health of their beloved companion

Pet Treats

According to Euromonitor, the dry dog food treat dominates the global food market in 2018 raking in a whopping 35 US dollars, which was a 5 percent rise since 2013.  On the other hand, cat treats sales have been on the low since 2018 raking in only 2 billion dollars in the United States but growing in other parts of the world especially in the Asia-Pacific region.

The wet food sector has also seen an exponential increase over the years with a growth of 4.5 percent for cat and dog foods. This market has a large market share in countries like Brazil who dominated the dry food market for years. With a global wet food market expected to grow at a CAGR of nearly 5.7 percent between 2017 and 2021 some notable key players as Blue Buffalo Co. Ltd, Colgate-Palmolive, Mars Pet Care, Spectrum Brand and WellPet LLC in the US, Harringtons Foods and Beaphar in the UK, Nestle in  Switzerland, etc.

Who owns the pet food market?

There is no doubt the power that the US has over the pet food market with 5 companies taking the reins the pet food market worth 24.6 billion in 2016 is projected to grow to 69 billion dollars by 2024. Been a leader in the pet food market, the US market is known for a high level of consolidation, less reliance on importation and tight competition among the major players in the pet food manufacturing industry.

The market is also dominated by the increase of customized pet foods channel as a solution to the increase in pet problems like pet obesity, low-calorie content, and foods that help with allergies in pets.

Tagging behind are the Asia-Pacific market with projected sales of 4 billion US dollars by 2023 and a 7 billion increase on a global scale.

The Pet Care Industry

The pet care industry is worth 91 billion US dollar from 2018 and expected to reach a sum of 269 billion US dollars by 2025 with an expected growth of 5.8 percent between 2018 and 2023. The pet care market consists of all products, technology and care techniques used to care for pets such as grooming, sitting, walking, healthcare, and even the need for better food choices. Some trends influencing the pet care market are

The use of innovation and Technology in pet Monitoring and Security

Although the use of technology among pet parents is still new in the pet industry, a strong desire for safety, peace of mind and pet monitoring are driving the pet tech market into a booming venture. 

Pet owners and parents look for devices that allow them to monitor, track, feed, and be ahead for every singular movement made by their pets. With the revenue generated to the tune of 233 million in 2018, wearable pet technology like sensors, RFID and GPS sales are projected to reach a sum of 900 million US dollars by 2022. 

Although this is still a growing sector in the pet industry, consumers are looking to have automated water box, litter box, and feeders, electronic toys, care products for their pet in the future. Other tech trends influencing the market are online ordering, live webcams, or body cams for pets. Telemedicine and pet social media accounts are all new innovation creeping up in the pet tech industry.

Durable Pet Relaxation and Care Products

We know how much the pet care industry is worth, billions of dollars, but a huge part of this market is for durable pet products which is segmented as follows

• Carriers and pet homes – this includes crates, pens, kennels, travel and car containers, pet strollers and bicycles as well as a protective barricade for pets to keep them away from danger.
• Toys and items of distraction – these include soft toys, chewable, treat dispenser, fetch toys, plush toys, interactive toys, scratchers and other toys that keep a pet busy
• Collars, leashes, harness, chains, choke collar, training collars, and Bluetooth collar, pull collars, track collar, e-collar, retractable collars, hands-free leash, cables, etc
• Sleep and sleeping accessories, cushion beds, cuddle beds, bolsters, heating pads, cots, cave/covered bed, orthopedic bed and kennel pads.
• Feeders, bowls, elevated feeder, e-feeders and waterers, travel feeders, food storage units, etc
• Pet fashion and apparel, pet accessories and decorative outfit
• Waste bin, pet toilets, automated litter boxes, pet disposal system, litter liner, reusable waste systems, etc.

Pet Grooming Industry

Two classes of individuals own more pets in society- the millennial and the elderly. One is too busy to care for their pet on their own, and the other is too fragile and can’t care for their pets. 

The pet grooming industry covers all areas that care for the well-being of the pets including, washing, shampooing, fur cuts, trims, and clips, spa, and daycare center, pet sitting, and walking. 

The grooming industry care product is worth over 55 million dollars, with an estimated growth rate of 5.8 percent by 2025.  

From mobile and regular grooming techniques, the grooming industry is expanding its boarder to caring for pets with certain health issues like anxiety, stress, and mood swings.

Finally, the pet industry market research is a significant report that allows people on the outside to view the insights of the pet industry for proper evaluation. The industry has been on the rise since pets became a vital part of our society.

The US and UK are currently the biggest pet industry in the world, but the Asia-Pacific robust economy and the increasing love for pets in developing countries with access to the internet is also changing the market of the pet industry.

A global pet market worth is predicted to go over 103 billion dollars by 2027, and with increasing demands for certain options for the pets by their parents, one can only predict better days for all businesses related to pets. 

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