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Do you want to get into the pet industry? Then you should check and confirm whether the pet industry is growing or shrinking. The pet market in the United States has always been a favorite among investors, but the year 2020 only added to its allure. According to the report U.S. Pet Market Outlook, 2021-2022, published by Packaged Facts, a leading supplier of consumer market research and a division of MarketResearch.com, the U.S. pet industry had a document year and soared to $107 billion, despite the financial setbacks affiliated with the COVID-19 pandemic.
The expansion of the pet sector may be seen in a range of market categories, from pet food to pet pharmaceuticals. While sales of pet goods and services increased by 9% in 2020, the rate of change in the pet industry will continue to accelerate in the near future. Here are a few important themes that are transforming the pet industry’s future in 2022 and beyond.
A thriving market for pet medications
According to a recent analysis by Packaged Facts, the pet pharmaceutical industry saw its biggest single-year growth rate in the preceding decade in 2020, with a 13 percent increase in sales. The market is projected to maintain its upward trend in the future.
The industry is being fueled by the recently increased population of pet dogs and cats, a deepened pet parent emphasis on pet wellness, and more brick-and-mortar and online alternatives for pet health care services and goods. COVID-19 has caused 41% of pet owners to pay more attention to their dogs’ health and welfare, according to statistics from Packaged Facts.
A New Beginning for Pet Services
Due to the effect of social distance, a reduction in travel, and the growth in remote work, discretionary pet services such as pet grooming, pet boarding, pet sitting, pet walking, and pet training all took a blow during the epidemic. According to the study Pet Services in the United States, pet boarding declined 45 percent and pet sitting/walking fell 35 percent in 2020.
Sales, on the other hand, are likely to increase. Momentum will be fueled by a number of causes, such as consumer attitudes of pets as members of the family and to compete with the Internet, brick-and-mortar stores should focus on services. Millennials and upper-income families spend a lot of money on pets.
A Rejuvenated Pet Food Industry
The degree to which the pet food sector has thrived throughout the epidemic is shown by new statistics from Packaged Facts. In 2021, retail sales of pet food (for dogs and cats) in the United States totaled $37.1 billion, up 6.4 percent from 2020. The pet food industry is expected to accelerate in the coming years, with sales reaching $47.9 billion in 2025, rising at a 6.6 percent compound annual growth rate.
The rise of super premium pet foods such as natural formulations and science-based foods, the growing popularity of ethically sourced ingredients and eco-friendly packaging, and pet foods in non-traditional forms such as fresh and meatless, according to Packaged Facts Research Director David Sprinkle. Sprinkle also mentioned e-growing commerce’s importance, citing curbside pickup and same-day delivery as examples.
Home Automation and Pet Care
People are increasingly incorporating smart gadgets into their homes for security and convenience, and pets are also being considered.
To begin with, the majority of pet-related smart home gadgets are now intended for remote monitoring to guarantee that pets are kept safe and nourished while their owners are away. When individuals return to work and travel after the epidemic, this category is expected to witness a boom in demand. They may also provide as a source of diversion and amusement for dogs at home, allowing owners to work from home without interruption. For busy pet owners, automated feeders are also a popular product category Stardew Valley Farm Names.
As smart home gadgets become more diverse, we’re starting to see a lot more innovative ideas that make life a bit easier for dogs at home. The MyQ Pet Door, for example, was the star of the virtual CES earlier this year. It features a pet flap that links to your smartphone and cameras, as well as a smart collar for your pet that allows you to see when it wants to go in or out and open and shut the door thereafter.
Meowmate, a little robot that follows pets about and acts as a buddy throughout the day, is also available. Better, since it comes with a camera and speaker, you can use Meowmate to monitor and communicate with your dogs at home while you’re away.
A Surge in Demand for “Other” Pets
The Pet Practice says the epidemic resulted in an increase in the ownership of not just dogs and cats, but also fish, small animals, reptiles, and amphibians. According to recent Packaged Facts study, 12.2 percent of all families in the United States own one types of pets other than dogs and cats, up from 10.8 percent five years ago.
When consumers depended on these pets for comfort and entertainment while trapped at home, the surge in “other” pets was also beneficial to the pet business. In 2020, retail sales of fish, small mammal, reptile/amphibian, and bird goods increased by 18.5 percent. Marketers should explore broadening their product lines and emphasizing both pleasure and usefulness to capitalize on the burgeoning market for “other” pets.
Adoption and Purchase of Pandemic Pets
Pet ownership rose during the epidemic as homebound people sought company and attempted to alleviate stress and boredom. According to Packaged Facts, the number of pet dogs in 2020 will be 96 million, up almost 2 million from 2019, while the number of pet cats will be 32 million, up nearly 2 million from 2019.
Final words
As you can see, the pet industry continues to grow along with time. It is up to you to keep these facts in mind and get into the pet industry without keeping any doubts in mind.
