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  • Rushmi Rosairo

Monday Market Musings>>> The Booming Pet Industry

Updated: Aug 29, 2022

Picture Credit: SheThePeople website

The pet industry has become a formidable part of economies, with pets being a fundamental part of a family. The industry might just be worth monitoring, the market for pets and pet related products and services is growing at a steady rate of 6% per annum.

The industry has come a long way from family-owned distributors and small independent businesses, it is now immensely diverse, ranging from little independently held companies to enormous multibillion dollar corporations. And it keeps expanding. It has grown from USD 216 billion in 2020 to USD 232 billion in 2021, globally.

Pets are becoming increasingly popular specially among the younger generations, it is on an ascending trend. The industry seems to be fairly resistant to recession; “The industry is resilient,” states Denise Wolin, the founder and CEO of Royal Pets Market & Resort. “We don’t feel the impact that other businesses do. COVID hurt us because we had to close, but outside of that, my stores are back to performing at 2019 levels.”

Picture Credit: CHOICE website

Many of the pet industry's current trends have accelerated due to the COVID- 19 pandemic, which is also probably a contributing cause for the significant increase in pet owners, since more individuals are able to care for a pet and as people spend more time at home since they are working from home. The pandemic also fast-tracked the shift to online methods of purchasing pets and pet related products.

In 2021, 46% of 90 million European Union households owned at least one pet, up from 38% (88 million households) in 2020. Cats are found to be the most popular home pet in Europe with over 113.6 million, followed by dogs with nearly 93 million. The industry grew almost 70% within the last decade globally, and it is projected to become a 350-billion-dollar industry by 2027.

A large number of companies are benefiting off the boom in the industry, the single largest sectors in the pet industry is considered to be food and pet accessories. Pet owners want only the best to keep their fur-babies healthy, and pet pampering is a major thing. Luxury houses have started offering luxurious collections for pets, with any kind of accessory you could think of for owners to spoil their pets with.

Picture Credit: sarandy westfall

Due to their higher degree of authority, veterinary hospitals are also becoming increasingly popular places to purchase pet supplies, particularly food, snacks, and nutritional supplements. Additionally, a growing number of veterinary clinics are expanding the range of services they provide by adding retail elements like pet sitting and grooming.

The industry is expanding at a phenomenal pace, and projections show that the future is looking good. As is expected, since pets have become such a significant part of human lives.

August 29th 2022 | 5:30 PM

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