There is no question about it. Pets are part of the family. And when it comes to family, we will go to great lengths to do what is best for them, including spending money. According to Packaged Facts, a leading publisher of market research, U.S. pet market sales have increased every year in the last decade, growing from $50.96 billion in 2011 to an estimated $123 billion in 2021. That’s an increase of over 100%. Worldwide, the pet market is worth $261 billion. That is great news for our beloved pets and even better news for those who work in the pet industry.
When the COVID pandemic hit, and people were locked in their homes, adoption rates increased as people looked for furry companions to help get through isolation. In fact, according to the ASPCA, over 23 million people adopted a pet during this time. This increase in adoption has been helpful in boosting the profits of the pet industry all around, including pet food, toys, grooming products, medicines, and veterinary services. With all of this growth in the pet industry, things seem to be trending upward, specifically so in the following areas:
Pet food and treats are number one on the list for big spending. According to the Pet Food Industry, there was an 18% increase in pet food sales in 2020. This probably stems from the increase in adoptions that took place. According to Petfoodindustry.com, 42% of pet owners are willing to spend more on premium and organic options if it’s better for their four-legged friends. In fact, 6% of Americans spend more money on their pet’s food than they do on their own.
The second hot ticket item on the list is trips to the vet. According to a study by OnePoll of 2,000 Americans, 90% polled will call their veterinarian when their pet displays odd or unusual behavior, but only 79% will actually schedule an appointment. Still, the number of visits one does make to the vet counts for something because, on average, U.S. pet owners spend about $1,480 a year on their dog’s veterinary care and $902 on cat veterinary visits. This comes out to be approximately $50 a month for dogs and $30 a month for cats.
Today, with online resources directly at our fingertips, pet owners are more aware of their pet’s health. All of this knowledge has created an increased demand for pet supplements. Pet supplements are like vitamins and minerals for pets. With five general kinds, they typically help with one of the following:
In 2022, immune support supplements increased by 236%, while digestive health supplements increased by 173%. In fact, according to a Brainy Insights report done back in April, the pet supplements market is expected to grow to 9.65 billion by 2030.
And what about supplies and accessories for pets? This broad range term can apply to anything pet related, including food and water bowls, litter boxes, pet beds, pads, leashes, toys, brushes, and other grooming products. In 2020, the global market for pet accessories was around $29.4 billion. By 2026, it is expected to reach $42 billion. Thirty-seven percent of that growth is expected to originate here in North America.
What are some of the fastest-growing pet products today?
Let’s not forget about our online services. Due to the pandemic, supply chain problems, and various other reasons, consumers have been shifting more and more to ordering everything from cars to furniture to pet food and supplies online. But now, subscription services where you pay a monthly fee are gaining popularity. With subscription services, you pay a fee per a specified time period and receive benefits such as items delivered right to your door as needed.
In 2020, one out of every five people utilized subscription services for their pets.
With subscriptions to items like medicines and pet food, pet owners rarely find themselves at the bottom of the pet food bag and in a panic. Most subscription services also provide members with specific perks, discounts, and other benefits such as free shipping.
If you enjoy working with dogs and have an entrepreneurial mindset, there is no better time than now to start your own dog daycare franchise. High-quality pet care is in demand, and with over 65% of U.S. households having at least one dog, this trend is not going to change anytime soon. We can see from all the trends above that now is the time to invest in the pet industry.
At K9 Resorts, we offer a strategic business model in which franchisees benefit from our knowledge and experience. We offer help every step of the way, including location selection, training, marketing, technology, and financing. If you’re interested in partnering with a K9 Resorts franchise, contact us to learn how to start your own dog daycare business today.