Do you wish to get into the pet business? It is important to determine if the pet industry is expanding or shrinking. The market for pet products within the United States has always been popular with investors however the year 2020 made it more attractive. In the study U.S. Pet Market Outlook 2021-2022, which was released through Packaged Facts, a leading producer of market research for consumers and a part of MarketResearch.com According to the report, the U.S. pet industry had the most prestigious year in its history and increased to $107 billion despite the negative financial effects of the COVID-19 virus.
The growth of the pet industry can be observed in a variety of categories in the market that range from pet food to pharmaceuticals for pets. Although sales of pet-related products and services grew by 9 percent in the year 2020 and the pace of change within the pet industry is expected to grow in the coming years. Here are a few key topics that are changing the future of the pet industry into 2022 and beyond.
A flourishing market for pet medicines
According to a report of Packaged Facts, the pet pharmaceutical industry experienced its largest single-year increase over the previous decade, 2020, which saw a 13 percent rise in sales. The market is expected to remain on the upward path for the foreseeable future.
The market is being fuelled by the recent increase in the number of pets, both cats and dogs as well as growing stress on the health of their pets and increasing brick-and-mortar as well as online options for pet products and services for health. COVID-19 has led 41 percent of pet owners to focus more on their pets’ health and welfare according to data from The Packaged Facts.
Potential for Pet Services
Due to the impact on social isolation, decrease in travel, as well as the rise of remote work, pet services like grooming as well as pet boarding and dog walking, and pet sitting and pet education all took an injury during the outbreak. Based on the research of the study on Pet Services across the United States, pet grooming declined by 45 percent, and walking/sitting for pets fell by 35 percent by 2020.
The sales, on the contrary, are expected to grow. This will be due to various factors like the perceptions of consumers towards pets as part of the family. In order to keep up with the Internet brick and mortar stores must focus on the services. The millennial generation and families with higher incomes are known to spend lots of money on pets.
A Rejuvenated Pet Food Industry
The extent of how the pet food industry has flourished during the current crisis is evident in new figures taken from the Packaged Facts. In 2021, the retail consumption of food for pets (for cats and dogs) across the United States totaled $37.1 billion which was up 6.4 percent over 2020. The industry of pet food is expected to grow rapidly over the next decade and will reach $47.9 billion by 2025, growing by a 6.6 percent annual compound growth rate.
The rise of ultra-high-end pet food, including natural formulations, scientifically-based food, the rising popularity of ingredients sourced ethically and environmentally friendly packaging, as well as pet food in non-traditional formats like fresh and non-meatless as per packaged Facts Research Director David Sprinkle. Sprinkle also emphasized the growing importance of e-commerce, citing curbside pick-up and same-day delivery for examples.
Pet Care Along With Home Automation
The majority of people are adding smart devices to their homes to ensure safety and convenience, as well as pets, are being thought of as.
For starters, most pet-related home appliances are currently designed for remote monitoring in order to ensure that animals are secure and fed when their owners are not around. If people return to work and travel following the outbreak, this segment is likely to see an increase in demand. They could also be sources of entertainment and entertainment for dogs in their homes, allowing pet owners to work at home without interruption. If you have a pet that is busy Automated feeders are a very popular type of product Stardew Valley Farm Names.
As smart home gadgets get more varied, we’re beginning to notice more creative ideas which make life more comfortable for pets at home. MyQ Pet Door MyQ Pet Door for instance was the star at the online CES earlier in the year. It has pet flaps that can be linked to your phone and cameras and an intelligent collar to your dog which lets you know the moment it is ready to get in or out and to open and close the door afterward.
Meowmate, a tiny robot that follows pets around and functions as a friend during the entire day is available. More importantly, because it has audio and a camera that you can utilize Meowmate to keep track of and talk with your dog when you’re at home.
Increase in Demand for “Other” Pets
The pet practice claims that the outbreak caused increasing the number of owners of pets that include not only cats and dogs but also small animals, fish amphibians, and reptiles. According to the most recent Packaged Facts study, 12.2 percent of families living in the United States own one type of pet other than cats and dogs. This is which is an increase from 10.8 percent five years ago.
In the days when people relied on pets to be a source of comfort and enjoyment in their homes The growth for “other” pets was also advantageous to the pet trade. In 2020, the retail sales of small mammal, fish reptile/amphibian, bird, and small mammal items were up 18.5 percent. Marketers should consider expanding their offerings and focusing on the pleasure of pets and their utility to take advantage of the growing demand for “other” pets.
Adoption and buying of Pandemic Pets
Pet ownership increased in the wake of the crisis as people sought out companionship and tried to reduce boredom and stress. According to the Packaged Facts, the number of pets in 2020 will reach more than 96 million, an increase of nearly 2 million from the year prior and the number of pets will be at 32 million, which is up by almost 2 million over the previous year.
As you can observe, the pet industry is expanding with the passage of time. It’s your job to keep these statistics in your mind and join the industry of pets without any doubts in your mind.