The pet industry continues to grow as more people bring pets into their lives. Owners regard their pets as family members who must be kept comfortable and healthy. Thus, pets are provided with the best pet food, pet care products, and veterinary care to promote a long life.
Pet Industry Growth
Due to an increasing number of pet owners, certain segments of the pet industry are seeing a significant amount of growth. For example, in Statista's 2018 report, pet food was the highest selling U.S. pet market product segment, with $30.32 billion of pet food sold in 2018, which is expected to increase in future years. The vet care segment brought in the second highest revenue, with sales totaling approximately $18.11 billion in 2018.
According to the American Pet Products Association (APPA), in 2018, $72.56 billion was spend on pets in the United States, which is expected to increase in future years. Based on Statista's 2018 survey results, the majority of U.S. pet owners stated they spent up to $500 on their pets annually.
Results from the 2019-2020 APPA Pet Owner Survey show that 67% of U.S. households, an estimated 84.9 million homes, own at least one pet.
Natural Pet Products
Natural products are gaining wide-spread popularity among pet owners. This is because people have become more conscious about improving and sustaining the health of the planet. Consumers are also increasingly leery of the potential toxicity of synthetic chemicals and other harmful materials.
In addition to a desire to decrease their pets’ carbon paw prints, pet parents are opting to purchase natural products to maintain or improve the health and well-being of their beloved companion animals.
The top-selling natural pet products are:
- Holistic cat and dog food
- Cat litter
- Natural flea and tick repellents
- Holistic grooming products such as the blueberry facial for dogs
- Products for older pets, particularly for dogs
- Toys made with natural fibers
Niche Pet Services
Traditional pet services such as pet sitting and training continue to grow as does an increasing number of niche services that include:
- Upscale and holistic spa services, for example, “paw-tinctures,” Reiki, and pet massage
- Pet behavioral consulting
- Pet portrait photography
- Yoga for dogs
- Psychic communicators
These can also serve as promotional services to increase a pet business’s visibility and ability to attract more store traffic.
Self-Service Dog Wash
Other pet services, such as the self-serve dog wash, offer ease and convenience to pet owners. This concept offers many unique retail opportunities, as business owners can make their own schedule, determine pricing, and sell other pet products and services.
Mobile Pet Grooming
As more pet owners look for ways to simplify their lives, they favor pet services that don't require a lot of time or effort such as mobile pet grooming. This service involves the use of specially equipped vehicles that travel to pet owners’ homes. It allows groomers the ability to perform a full range of services right outside the customer’s door. Benefits include the following:
- It’s convenient for the customer.
- It reduces potential stress on the pets.
- It’s perfect for home-bound older people who have companion animals.
However, initial start-up costs for such an enterprise are hefty. Those in a position to make an investment in this type of business are virtually guaranteed high business growth dividends.
Pet-friendly travel is another high-business growth concept that’s being adopted by an increasing number of businesses in the vacation and hospitality industries. As more people regard their pets as beloved family members, they are opting to take them along on vacations. Moreover, people are more mobile and may have to travel long distances to relocate for jobs, retirement, or other purposes.
Takeyourpet.com is an information resource and directory for those who travel with companion animals. Also, there are a number of free pet-friendly travel apps, such as BringFido and Slobbr, that can direct you to places that welcome cats and dogs.
An increasing number of hotels, motels, and inns, including New York’s posh Carlton Hotel, welcome pets. It’s a very smart move for those who wish to facilitate business growth and it’s sure to remain a red-hot industry trend for a long time to come.
Pet Health Insurance
Keeping pets healthy can be expensive without the proper insurance. Although available in the United States for a good 30 years, sales of pet insurance policies have only begun to accelerate in recent times. This trend is expected to proliferate dramatically and offer the enhanced potential for pet business growth due to a number of factors.
- People increasingly regard their pets as beloved family members.
- Pets—like people—are living longer, requiring more complex and extended medical care.
- Advances in veterinary technology have resulted in more costly medical care.
This industry trend presents such a huge potential for business growth that corporate behemoth Nestle Purina even got on the bandwagon by launching Pethealth Inc., a pet insurance subsidiary in 2008. Although insurance is a complex business, getting in on it may be a very smart move for those who have the inclination.
Pet parents spent $18 billion on vet bills in 2018 and, according to the APPA, surpassing growth in any other category at a rate of 6.1% annually.
These are just some examples of products, services, and concepts that offer great potential for business growth. Considering that American pet parents are expected to spend even more on their companion animals in the future, the sky’s the limit for those who have a good head for business and genuine love of animals.