Signs Point to No
The pet industry has seen substantial growth over the past decade. From dog daycare to boutique grooming to personalized swag, pet industry growth has been fueled by pet parents trying to give their fur babies the best possible life. Pet business opportunities abound as people are more willing to spend extra bucks on their pets because they see them as a true part of the family. Since the way pets are viewed in the family has changed over the past several decades, the industry has seen an increase in both interest and patronage. Spending hundreds of dollars on a pet each month isn’t unheard of between days of daycare, grooming appointments, and outfitting your furry friend in the latest trends. But will this trend continue? Let’s take a look at current growth and projections for the future to determine if the pet industry will ever fade.
Years ago, fewer people owned pets and they were seen very differently within the family dynamic. Today, pets are treated as children, and for some, are the only babies in the household. That means that the industry has benefited from people’s desire to keep their pets healthy and happy. Nearly 80 million homes own a pet today, which means that they’re pouring money into a booming industry that sees no sign of slowing down. In 1998, the industry was worth about $23 billion, compared to today’s market worth more than $75 billion. From independent dog walkers to franchise dog daycare and boarding locations like K9 Resorts, to specialty pet stores and big box retailers – everyone is getting a piece of this ever-expanding industry.
The pet industry has been growing year after year. Learn why now is the time to invest!
As with many other industries, the pet industry is falling into the personalization of care, which means opportunity for additional growth. The future outlook of pet industry growth is positive considering how willing people are to provide the best possible life for their pets and the additional avenues that are presenting themselves which wise businesses are capitalizing on. High-income households own about 60% of the pets in the country, which means there’s even more revenue for the industry from people willing to drop serious money on their beloved four-legged friends for things ranging from specialized food to luxury daycare.
Since pets are members of the family, people are spending more on their health. Not only do pet parents make sure to keep up regular veterinary care, they are also willing to spend more money on treatment for injuries and disease. As an example, 30 years ago if a dog was diagnosed with cancer, the pet owner was more likely to let nature take its course. Today, there are a range of treatment options that pet parents can choose from – most with a large price tag – to give their pets more life. Additionally, they’re seeking out preventative care that can improve overall health through supplements and specialized diets.
Pet parents want to provide high-quality food to nourish their pets and keep them healthy. Big names and boutique food makers have both jumped on board in providing more niche foods that cater to different diets and even breeds. Traditional pet foods are no longer the first pick among a majority of pet owners. People are looking for quality ingredients in both dry and wet food formulas and are even interested in fresh foods for their pets. Since pets are members of the family, they’re essentially being given a seat at the dinner table in the form of higher quality food which, of course, comes with a premium price tag.
People are working outside the home for longer hours than ever and that means that pets are home alone more often than not. Since most pets, especially dogs, are social creatures, people are spending money to make sure that they don’t spend the whole day pining away for their owners to return. Depending on the pet, they may do well in a more personalized environment, like with a walker or sitter, or in a social setting like dog daycare. Any care option will come at a cost to the pet owner, thereby continuing the fuel the growth of the pet care industry.
For those looking to get into the industry, there are lots of pet business opportunities including franchising. Opening a pet care franchise can provide a solid footing and continued support throughout any business owner’s journey. When you partner with a quality franchise, you circumvent some of the trials and tribulations of standard business ownership. Franchising gives you guidance for operations, marketing, financing, and more.
One of the most popular arms of the pet care industry is dog daycare and boarding. For those who truly love dogs, this is a dream business to own. Thankfully, high-quality franchises like K9 Resorts exist to guide you along your journey through business ownership. K9 Resorts provides help to get your business off the ground and the framework for a successful operation. From proven, elite systems to award-winning methods and brand recognition, you’ll be on your way to doing something you love and making a living at it.
As pet industry growth isn’t expected to slow down, now is the perfect time to invest. In fact, according to the American Pet Products Association, the pet industry is recession proof. If you’re a pet lover, and are looking to own your own business, K9 Resorts could be an ideal fit when it comes to pet business opportunities.
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