Why is The Pet Industry So Desirable in 2022?

WHY IS THE PET INDUSTRY SO DESIRABLE?

Pandemic Pet Adoption Soars And Animal Lovers Find Their “Passion Projects”

During 2020, the pet industry hit a record $107 Billion in revenue. While humans were stuck at home day after day, many of them decided it was the perfect time for a new furry addition to their families.

Currently, it’s estimated that 70% of all US households own one or more pets. Consumer expenditure on the pet industry rose by 560% from 1994 to 2019!

The sales of pet-related products and services rose 9% in 2020, and isn’t expected to slow down anytime soon. The number of dogs and cats as pets rose to 96 million and 32 million, respectively. Even as the pandemic recedes, market growth is still projected to increase over the next few years. In 2020 alone, pet food and treat sales made up $42 Billion, while “services” like Walking, Pet-Sitting, and Grooming totaled over $8.1 Billion.

While the pandemic caused a dip in discretionary pet services initially (pet grooming, pet boarding, pet sitting, pet walking, and pet training), they are expected to rebound and then some. Consumers today have a “pets-as-family” mindset and a focus on pet wellness. Millennials are projected to spend the most money on their pets in the near future – choosing to forgo the traditional family route and instead becoming “pet parents”.

The pets adopted since 2020 are your potential new customers – and many single pet owners are expected to adopt additional pets in the future. With COVID shifting existing work and work-from-home schedules, it is now easier for people to own and care for pets. This will maintain the need for a stronger pet services industry.

Key Industry Points:

Semi-absentee or Owner-operator business model
Home-based, operational in 4-6 weeks
Low initial investment, low overhead
Start with 0-1 employees

More pet owners than ever before so the opportunity is unlimited
Pet owners are focusing more on higher quality food
Millennials will delay starting a family and adopt pets instead

Click Here to Find Pet-Related Brands in Your Area

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