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Pet business of the future: A whole different breed
The pet industry in the US is booming, approaching $60bn in revenue. Growth in the market is derived both from increasing pet ownership as well as from increased spending per pet. If people have been willing to buy something for themselves, they are likely to now buy it for pets. There are plenty of opportunities across various segments of the industry, especially in the pet-related services segment which is growing at nearly twice the rate of the overall pet market.
People increasingly view their pets as part of the family and are willing to spend even during difficult economic times, which is proven by the consistent market growth. There are already more households with dogs than with children in the US, and this long-term expansion in the rate of pet ownership, expected to continue, is supporting the growing number of pet-related businesses and the emergence of previously unheard-of offerings like pet play dates, or pet plastic surgery, to name a few.
Pet pampering is becoming the norm, as pet owner spending has moved far beyond simple food and grooming expenses to include innovative and specialized premium products. Innovative new startups offering new technology products are getting increased attention from investors.
The changing approach towards pet ownership, combined with rising education and income levels, not only cause the shift towards higher-end products but is also encouraging a wave of innovation, with many specialized premium products and services incorporating sophisticated technologies. There are plenty of startup companies taking advantage of these new trends and getting attention from investors. Future technologies promise to bring us even closer to our pets and to make pets’ lives look more like human ones.