How The Pet Industry Has Grown
“Until one has loved an animal, a part of one's soul remains unawakened.” –Anatole France
Jake's sleeping positions vs. Maggie's one 🙂
What is the Pet Industry?
Franchises in the pet industry provide products and services, with the exclusion of veterinary care, that relate to all types of animals. The total translates into 84.6 million residences that are homes to dogs, cats, birds, fish, reptiles, horses and small animals.
How much money is spent in the pet industry?
According to the APPA, Americans spent a total of $23.04 billion on pet food, $14.39 billion on supplies/OTC medicine, $15.73 billion on vet care, $2.19 billion on live animal purchases and $5.24 billion on pet services like grooming and boarding.
Who spends the most money on their pets?
The most spoiled pets, though, are small mammals like guinea pigs, hamsters and gerbils. These little furry friends cost owners approximately $251.82 a month. The highest spending state is Delaware. Pet owners from the Diamond State spend an average of $311.90 a month on their animal friends.
How much do pets cost per month?
According to a new study from Rover, most people think a dog will cost them a mere $26-$75 per month. But that figure is actually more like $153 per month
The pet industry has been experiencing explosive growth. According to The American Pet Products Association, almost 85 million households have a pet and over the last 30 years pet ownership has gone from 56% to 68% of all households.
Food – Consumers don’t want traditional pet foods. They want healthy ingredients and they want to understand the ingredients list. They are opting for more fresh, frozen and made-to-order diets for their pets. These products cost more and consumers are trading up.
Online private brands – Amazon and Chewy.com are promoting their own brands to disrupt the market and eliminate middleman margins. Other smaller, niche players are likewise creating brands with their own identity.
Treats – Pet parents feed their pets 8-10 treats a day and the trends in which treats are succeeding are following the same trends as pet food.
Technology – We are seeing pet services and conveniences developing along the lines of services for people.
Increased services – There is more attention being paid to pet grooming, pet care, pet transportation, pet hotels and many others.
End of Life – There are a great deal more products and services for pets as they age and pass away. Palliative services for terminally ill pets, pet cemeteries and cremation, grief consulting are some examples.
Availability – Mass merchants, grocery and even dollar stores are adding premium pet foods and other products so that it’s available at many more points of distribution than ever before.
DTC – The direct-to-consumer trend has reached the pet industry in a big way. Many brands are following their human product counterparts and selling products without going through a traditional multi-brand retailer.
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