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Pet Industry Trends: The Next Big Bang
Pet humanization is increasingly becoming a reality in the modern world, especially within high-income nations. The pet market has become one of the most valuable business prospects worldwide. Merchandisers within the landscape of pet food, pet care, and pet supply benefit from high-volume sales, the luxury of reduced margins, and scale despite fierce competition.
The pet sector data is relatively tough to map. This is because there is no single source of market research based on the pet industry, unlike in other businesses. This article thus offers a thorough analysis of the pet industry growth trends in various markets by taking an in-depth look into the future, using actual data and tried-and-true methods.
Pet Food
The global market for pet food was valued at $112.87 billion as of 2021. It is thus believed to be the single-largest niche within the overall pet market.
Over the past ten years, pet owners have mostly shifted their attention to nutritious pet meals because nutritious foods contain minerals and vitamins that aid in developing the immune system and metabolism of the pets thus maintaining normal functioning. This has notably contributed to consumers today favoring natural ingredients over conventional pet diets by a wide margin. In 2021, this trend significantly picked up speed as pet healthcare became a global issue. Many startup companies have introduced entirely new categories of nutritious pet food in an effort to gain momentum in the market. The market is anticipated to grow at a CAGR of 5.42% from 2022 to 2027, reaching US$ 154.04 billion.
Pet Toys
Toys ensure that pets exercise and play games that aid in sharpening their senses. Playing games also improve their coordination and keeps them agile. Some of the currently trending pet toys include squeaker toys, throw and fetch toys, intelligence puzzles, and agility and sports toys. According to statistics, the world pet toys market is estimated at US $2.5 billion. This is however projected to hit 3.7 billion USD by 2027. This implies that the global pet toys market will grow at 5.8% CAGR over the period between 2020-2027.
The key companies in the worldwide pet toys market include The Kong Company and Benebone LLC. The former is an American company, whose headquarters are in Colorado. It designs and produces lines of cat and dog toys. Its trending product is a dog’s snowman-like chew toy, also known as Kong. Conversely, Benebone LLC is based in Edison, New Jersey, US. Their trending line of products is durable chew toys made of significantly strong nylon and real flavors such as peanuts, maple wood, and chicken.
Pet Tags
This category of pet supplies is currently trending within the global pet market. It’s every pet owner’s worst nightmare when his pet slips a leash, jumps a fence, or gets loose before anyone finds out. In such scenarios, Pet tags come in handy to minimize the likelihood of pets being adopted into new homes, surrendered to shelters, or even being caged for years waiting for their owners to find them. Pet tags generally contain certain details that will ensure owners are located faster. These include the name, address, and telephone number of the owner. These details should always be updated in case of changes.
Despite their great benefits, almost all pet tags come with significant price tags and limited life for batteries. These two issues have lately driven pet parents to a newly popular option for their dogs: Apple’s Air Tags.
How Does the Apple Air Tag Work? These devices, with an averagely cost of $29, measure approximately 1.26 inches in diameter and have a height of 8mm. They resemble small tiles usually clipped to backpacks or attached to keychains to make them instantly discoverable on Find My App by Apple. While GPS trackers utilize cellular data and satellite signals to convey your pet’s location, the Air Tag utilizes Bluetooth along with ultrawideband, more advanced technology to locate the location of the tracker.
What are its Pros and Cons? For its effective usage, all you need to do as a pet owner is register the Air Tag on the application, identify the pet as your own, and watch Apple Maps instantly show your pet’s exact location. This, along with the ubiquity of this device is what makes the Apple Air Tag tracker advantageous and more unique in its use than a normal Bluetooth tracker.
However, the device is more limited than other dedicated trackers that use GPS systems. Firstly, the App will not instantly notify you upon separation from an Air Tag. Although this feature is under development in iOS 16, the pet trackers using GPS have these missing capabilities. Secondly, an Air Tag Loop or a third-party holder must be used to attach Air Tags to a pet’s collar. The loop cost is equivalent to that of an Air tag, thereby posing as an additional cost to the pet owner.
What Lies Ahead for Apple AirTags? Although Apple Airtag has not received much attention, its sales and distribution worldwide have greatly grown worldwide. The future of this trend is likely to stir the emergence of a second-generation version of similar devices. Research suggests that the subsequent devices could be rechargeable, use feature motion for their sensors or even offer better proximities.
Pet Grooming
This category of pet supplies is more of a service than a good, and the service is currently trending within the global pet market. Proper pet grooming is more than owning a cute pet. It is beneficial to the pet owner in various ways. For instance, it aids in getting rid of ticks and fleas, while managing to shed at the same time. Besides, it tackles potentially unhealthy conditions by allowing pet owners to identify any diseases or underlying conditions early.
Globally, the market size of pet grooming services was approximated at US $5.38 billion in 2021. This is anticipated to gradually increase at 7.09% CAGR from 2022 to 2030. The key factors fueling this growth include an increase in the number of grooming businesses and pet groomers, a rise in pet expenditure, pet humanization, and an expansion of service offerings.
Some of the leading companies manufacturing products for pet grooming include PetSmart LLC and Petco. PetSmart is located in Phoenix, Arizona, US whereas Petco is situated in San Diego, California, US. Both companies offer various types of pet grooming services which include bathing, hair cutting, and nail, paw, and pad trimming.
Pet Health
It is critical for pet owners to ensure their pets are healthy. This is because pets sometimes contract health issues that may affect the entire family. Outbreaks such as bird and swine flu in the past have indicated that human beings are not immune to pet diseases. Thus, meeting the health needs of your pet ensures a safe homestead.
In 2020, the global market size of pet healthcare was US $207.9 billion. Within a span of 1 year, the market grew up to US $222.93 billion, and it is expected to grow to US $325.75 billion as of 2028. The economic scale of this niche of the global pet market attests to its trending status.
The chart below implies that veterinary care, which deals with pet health issues, occupies a substantial portion of the global pet care market. The pet products industry is on a fast and steady hike to the moon. Take, for example, the global pet industry was valued at 245 billion USD in 2021, but this figure ballooned to over 261 billion USD in 2022. All factors remain constant, and with a growth rate of 6.1% per year, the global pet industry will be worth a massive 350 billion USD in 2027.
Future vision
Global Sales of the Pet Industry for the Period Between 2016-2027. The chart implies that veterinary care, which deals with pet health issues, occupies a substantial portion of the global pet care market.
If the chart above is anything to go by, the bright future of the pet industry is cemented more by the increased technology incorporation. For instance, in the US alone, there are numerous online brands dedicated to pet products, which include PETCO, PetSmart, and Besides, multinational retail companies like Walmart and Target that were originally brick-and-mortar establishments are shifting their interest towards online markets from the perspective of pet products.
