Are you a pet lover? Then you must have noticed the steady growth of the pet industry in recent years. From customized collars and leashes to smart feeders and GPS trackers, pet owners are increasingly seeking high-quality, practical, and stylish products for their furry friends. The humanization of pets has played a significant role in this trend, as pet owners are treating their pets as family members and are willing to spend more on their health, comfort, and happiness. Another driving force behind this growth is the rise of social media and influencers, who are promoting the latest and greatest pet products to their millions of followers. With pet ownership continuing to rise, the pet industry's growth is set to continue, making it an exciting time to be part of this booming industry.
It’s anticipated by the year 2023, the Global Pet Care Industry will cross $358.62 billion. (Globe Newswire) Worldwide, North America holds more than 40% of the market share. Pet ownership has increased by 12% since 2010, with 67% of US households owning at least one pet (APPA), and people are now spending an average of $1,300 annually on their pets. A pet’s love, loyalty, and devotion can’t be denied, and people recognize it. They can actually lower our blood pressure and lessen anxiety and depression. Americans don’t want to be without their pets.
One of the most significant factors contributing to the growth of the pet industry is the humanization of pets. Pet owners are increasingly treating their pets as members of their families, which means that they are willing to spend more money on their pets' health, comfort, and happiness. This trend has led to the development of a variety of pet products and services, including high-quality food, toys, grooming services, and veterinary care.
Another driving force behind the pet industry's growth is the rise of social media and influencers. Social media platforms like Instagram and TikTok have created a new way for pet owners to discover and purchase the latest and greatest pet products. Influencers with large followings on social media platforms can promote products to their followers, leading to increased sales and exposure for pet products.
According to a survey conducted by the influencer marketing agency, Obviously, 71% of pet owners follow pet influencers on social media, and 46% have purchased a product recommended by a pet influencer. With pet influencers like @jiffpom and @tunameltsmyheart boasting millions of followers, it's no wonder that businesses are turning to influencer marketing to tap into this lucrative market.
One of the most significant contributors to the pet industry's growth in the past two years has been the rise of high-quality dog accessories. Statistics show by the year 2025, the pet accessories market will grow by $9.2 Billion. (Technavio) Pet owners are increasingly looking for stylish and practical products that improve their pets' lives, and dog accessories have become the perfect solution. The dog accessory market has seen a surge in demand, with customized collars and leashes, designer dog beds, and interactive toys becoming more popular than ever.
One of the most popular dog accessories in recent years has been the harness. Pet owners concerned about the potential harm caused by traditional collars have turned to harnesses as a safer and more comfortable option for their dogs. Harnesses distribute weight more evenly across a dog's body, reducing the risk of injury or discomfort. They also offer more control over the dog, making it easier to manage and train them.
High-tech gadgets like GPS trackers and smart feeders have also become popular among pet owners who want to keep their pets safe and healthy. These gadgets offer real-time tracking of a pet's location, making it easier to find them if they get lost, and smart feeders help ensure that pets receive the right amount of food and water.
The pet industry's growth is a reflection of the increasing love and care pet owners have for their furry friends. With the rise of dog accessories, the industry has seen a surge in demand. As pet ownership continues to rise, and pet owners continue to seek out high-quality, practical, and stylish products for their pets, the pet industry's growth is only set to continue. Whether you're a seasoned pet owner or a new pet parent, there's never been a better time to be part of the booming pet industry.