With pets becoming cherished members of 70% of households in America, Europe, and Asia, the pet care industry is not just thriving but evolving to meet the demands of discerning pet owners. They consider their furry companions as family and are willing to provide the best life and facilities.
Pets at home are a great mood booster and emotional support for many. The bond that people share with their pets is proven to be great for mental and physical health. It makes sense when families wish to invest in a better lifestyle for their furry family members with nutritious organic food and health insurance.
Pets come in all species and sizes! Pet lovers choose dogs, cats, rabbits, and reptiles as their extended family. The most common pet is a dog, with 58% of pet owners having at least one, and 36% have a cat. Apart from dogs and cats, the pet industry also caters to fish, horses, birds, and reptiles for those who like exotic animals. In this article, we’ll discuss current pet industry trends and the expected rise in the market.
Current Landscape of the Pet Industry
Pet owners seeking innovative care solutions are driving the thriving pet tech industry. The rise of artificial intelligence (AI), high-speed wireless products, the Internet of Things (IoT), and cloud computing has increased the global pet market size to $5 billion in 2022. There are several new smart tech products to make pet parents’ life a bit easier.
According to the growth projection, the pet industry market size is supposed to grow with a 15% Compound Annual Growth Rate (CAGR) from 2023-2032. This growth is possible due to the fact that pet owners are truly invested in the well-being of their pets. Their non-negotiables include healthy food, insurance, grooming supplies, toys, and monitoring devices. They will try and experiment with new products, ensuring good physical and emotional health of their pets.
Market Size and Growth, Key Players in the Industry
The pet care market may go from $246.66 billion in 2023 to $368.88 billion in the next 7 years. These pet industry statistics ensure a steady growth in pet food and care supplies as well as luxury products. Some buyers go beyond necessities and like to invest in products that are more about aesthetics and style. The combination of necessities and luxury goods has resulted in large market growth and the entry of new players.
These trends in the pet industry include items such as GPS trackers, treadwheels for pets, smart feeders, and automatic litter boxes. Global pet feeders sale are expected to reach US$ 419.2 million at the rate of 7.8% CAGR by 2032.
Pet trackers market is predicted to reach $2.6 billion in 2023. Although the tracker market is dominated by dog parents, cat parents are also catching up, opening new product market opportunities. Another player in the market is organic food and grooming supplies. These products are usually priced higher than others. Even then, pet parents tend to splurge on these items.
The key players in the industry include North American and European regions with popular pet brands like Nestle, Pedigree, DreamBone, and 9Lives. Asia Pacific and South America are also catching up to modern pet care supplies. Apart from food and grooming dog trends, common market types are clothing accessories and pet boarding. These are available both online and offline, depending upon the geographic location.
Technological Advancements in the Pet Industry
Technology has become a huge part of the pet industry, with clever products that help pet parents fulfill their responsibilities in a better manner. These products may range from automatic feeders to tracking devices. More and more pet parents are aware of new products in the market and are willing to give their pets the best life.
This impacts the market directly, giving an opportunity to introduce high-tech pet care products successfully. The gap in pet industry products also opens the door for new investors and entrepreneurs to deliver unique products in the market.
Smart Pet Products
Smart pet products may range from automatic litter box systems to small microchips that ensure your pet’s safety. A treat dispensing system that enriches the pet’s reward system or a smart collar that detects the pet anywhere is useful for pet parents. Those who work full time and find it hard to clean the litter box should invest in a self-cleaning litter box. It will sift through the cat litter, and you won’t have to do a thing.
Another great product is a pet containment system if your furball has a habit of jumping fences. These devices work on a radio signal and a loud siren when the pet tries to escape. This is better than watching your pets all the time when they are outdoors. You may also use IoT-enabled pet trackers to monitor movement and location.
IoT-Enabled Pet Trackers
Pet trackers are among the crucial pet trends to keep them safe from getting lost or pet thieves. You can choose a collar or a harness with GPS to connect with your phone. All the activity and location will be stored on the cloud. You can also opt for hourly notification from IoT-enabled trackers.
Such trackers are secure and robust, with programmable features depending on your needs. These work on Wi-Fi, Bluetooth, LTE, and mobile apps to ensure a seamless connection with your pet even when you’re not home. One fun product to use on the go while walking your pet is the GoPro Fetch harness. It will allow you to witness your pet’s perspective whenever you’re out.
Automated Pet Feeders and Toys
A smart pet feeder can be connected to the home’s Wi-Fi and controlled via an app. You can monitor your pet’s diet and alter it on the go. This will ensure your pet is eating the right amount of food instead of overeating or staying hungry when you’re not home.
Another great product that feeds and enriches the pet with some playing is a treat dispenser. Some models have sounds to attract the pets or release a scent to involve the pet in play. After a certain time, the toy will release the treat.
This is a fun way to engage your pet. You can also pick a hunting game or a hunting toy for your cat or dog. These have cameras and sensors to be more engaging for your pet, mimicking outdoor activities.
Cat owners will be thrilled to try a collar with automatic LED as it will keep their cat busy for hours instead of knocking down decor items. iFetch offers an automatic ball launcher for when you are not home, and your pet wants to play fetch. With the help of Wi-Fi and phone apps, it can work for hours, keeping your pet entertained.
Telehealth and Virtual Pet Care Services
Many apps and websites have started to offer virtual consultations for pet’s health. These work great when you have an emergency at 2 am. Vet Hero, PetPro Connect, and TeleVet are a few such apps catering to pet parents. Moreover, there are services available online to cater for pet grooming and boarding. The trips to the vet can be stressful when your pet is sick; therefore, choosing telehealth or scheduling home visits online can be a great solution.
Pet insurance is another aspect to ensure your furbaby will get the best care when needed. There has been a rise of 15% in pet insurance from 2018 to 2022. People may find different insurance policies for their exotic animals as well to safeguard their health. Several pet insurance companies are available online, making it easier for pet owners to register and get the service.
AI and Machine Learning Applications in Pet Products
Most of the pet gadgets work on modern technology. This shows how artificial intelligence, augmented reality, and machine learning have taken over pet products. If your pet is lonely all day at home and you cannot take the burden of another pet, you may get a pet robot. It is programmable and interactive to keep the pet engaged all day.
Another great product is the Wi-Fi pet camera, which can monitor pets at home and talk through the microphone from anywhere around the world. You can also get a dog or cat activity and sleep monitor. It uses technology such as health tracking, sleep activity, and physical activity. All this data will get recorded in the cloud and notify you about any irregular patterns.
Health and Wellness Trends
About 76% of millennials are choosing to have pets for emotional support. So, it makes sense that they will want the best for their furry family members. It comes as no surprise that pet parents will scour the pet care market to find products that improve the health and life span of their pets. As a result, this has led to an increase in focus on health and wellness, ranging from dietary supplements to organic human-grade food.
Growing Focus on Pet Health and Wellness
Pet parents who are passionately caring for their pets are on the hunt for various health and wellness solutions. One pet industry trend is preventive wellness measures. People are educating themselves using expert advice and studies such as anti-cancer food for dogs or the role of nutrition in a cat’s lifespan.
All this information gives pet parents a push to make an informed choice. They will look for pet wellness brands. The demand for such products has given rise to companies taking a holistic approach to formulating certain supplements and treats. Even the grooming products they choose are specially formulated for their furry companion in order to avoid chemicals.
Another preventative item on pet health and wellness trends is limiting their exposure to toxins. It’s proven that some cleaning compounds, such as alcohol and bleach, are bad for pets. So, it makes sense that some people entirely change their house cleaning products to enzymatic ones in order to safeguard their pets. This gives rise to several businesses that cater to pet parents’ needs. There is a huge potential in the pet industry with innovative products.
Another way to make your home pet-friendly is to use stain-resistant furniture covers for easy cleaning. Remove cords from the floor and wall-to-wall rugs to ensure pet convenience. Make sure any valuable, fragile items are out of their reach.
Rise of Organic and Natural Pet Food
Many people debate the effectiveness of dry food and fresh, wet food for their pets. The clear winner is fresh-cooked meals that have adequate nutrients for the furry companion to have a healthy life. However, not all can manage to cook meals at home. This is where the organic and natural pet food industry comes in.
New brands have come up with freeze-dried organic food that locks all the nutrition and is easy to give to your pets. It has the convenience of dry food with the right nutrition profile. When quality and nutrition are of concern, pet owners are ready to spend a significant amount of money on such premium food.
There is still a gap in the market that caters to different pet breeds for cats, dogs, and bunnies. Hence, successful startup ideas can emerge from here in order to deliver the best organic meal. If you have such business ideas, your best bet is to validate your product idea on Prelaunch.com. This will help you understand customer buying intent and make changes to the product accordingly.
If you have a pet business concept, Prelaunch will determine its success before you dive into production mode. This will help you avoid losses from launching products that may not have been a hit in the market. Along with concept and price validation, Prelaunch can assist in finding the unique selling point of your product for marketing.
Eco-Friendly and Sustainable Practices
There is an environmental impact on pet products that is responsible for releasing 33.56 kg CO2eq/1,000 kcal for wet food and 4.25 kg CO2eq/1,000 kcal greenhouse gas for dry pet food. The rise in the pet food and care market is only going to add up to these numbers.
Demand for Sustainable Pet Products
The Gen Z and millennial generations of pet parents are concerned about their pets and the environment. Via online reviews and their current choices, most of them have successfully communicated their demands for healthy and sustainable products.
Due to this, the brands are making changes to manufacturing processes and packaging to reduce their carbon footprint.
For instance, there has been a rise in biodegradable pet wipes and pet waste bags. As they generate a lot of waste, it makes sense to invest in sustainable products.
The brand Nature’s Logic Kibble has reduced the use of plastic and works on 100% renewable energy. More brands can get behind the same idea.
Green Pet Care Initiatives
The Green revolution in pet care has seen a rise as more pet owners are looking for holistic wellness. These can include food, supplements, clothes, and grooming supplies. The dietary changes from a fully animal-based diet to a vegan or vegetarian diet can also help reduce the impact of the food processing and manufacturing industry on the environment.
Some pets may have food allergies. In these cases, food options free from certain ingredients may be a lifesaver. The custom-made diet plan for pets may also fill the nutritional gap that can be seen in a vegan pet diet. Pet owners also look for the food labels and ingredients. They choose the ones that are free from artificial flavors or have been cooked at high heat.
If your pet has gastrointestinal issues, skin infections and constant ear infections, their food may be impacting them. You can get in touch with a vet to confirm the cause. Switching to eco-friendly organic products may alleviate the symptoms. For continuous gastrointestinal problems, you may switch to a light protein diet and span meals throughout the day.
Pet Services and Experiences
Pet services such as boarding, daycare, training, and healthcare are connected to improving pet owners’ experience. The drive to ensure pet longevity and well-being can be seen in current trends in these services.
Navigating FDA regulations for pet food can be challenging for pet parents. To make informed choices, they can actively seek organic options with transparent ingredient lists and minimal chemical extraction processes. FDA also keeps the labels on food in check.
For instance, the brands that are good for urinary tract health or are low in magnesium must have scientific claims to advertise. Labels for hairball control will only be given to a brand that has proven ingredients and track records.
Looking at the expected growth of the pet food industry, it is crucial to consider changes in regulations. As per the demands of new pet owners, companies are being more transparent about how they produce a product and how they package it.
Opportunities for Innovation and Entrepreneurship
Doorstep pet grooming, online food delivery, and online vet services may benefit pet parents while turning into great business opportunities. Combining all these services under one application or collaborating with different brands may mean double business to many. They may offer educational content to the pet owners and also advertise their services to them.
Such an omnichannel approach can prove to be an innovative way to reach maximum leads. Pet sitters teaming up with vets may get more opportunities to work. In addition, creating multipurpose products or travel accessories can fill another gap in the pet market.
Global Trends and Market Expansion
Brands and services that do well among small customer groups may choose to expand globally. For instance, online pet insurance and telehealth for pets are limited to large cities and suburban areas.
However, these services still have a good market in smaller areas with a substantial number of pets. If you are expanding to a new region, Prelaunch.com will help with surveys for product validation and audience insights. It’s an excellent way to test the market and target audience regarding the product. Their real feedback will add more confidence in launching the product.
This way, you can easily study the market for organic food or pet services in a specific region before expansion. One huge global trend is personalized pet items such as harnesses, clothes, leashes, bowls, and carriers. So, if you are interested in expanding your business in this area, Prelaunch will help you get reliable feedback from your actual audience related to their specific needs.
Future Outlook for the Pet Industry
Here are some future trends for the pet industry:
- PetBnBs: Similar to pet hostels, PetBnBs can be an upgraded, luxurious version.
- Special beds and mattresses: Many animals have orthopedic and muscular issues. Catering to these special needs with beds and mattresses can improve their quality of life.
- AI toys: These toys can interact with pets by mimicking the owners and making them feel less lonely.
- Calming wellness products: CBD supplements or Bach flower therapy can be great for anxious pets and be a hit in the market.
- Personalized services: Pet owners love personalized products with their pet’s names and needs.
- GPS fitness trackers: Learning more about the pet’s activity level and health can offer crucial insight to pet owners. Currently, these products may be out of reach for some. So, making them affordable with updates, an app or software that tracks and adjusts in real-time will work.
We know how big the pet industry is and how much it can grow in the coming decade. The current pet tech market trend is predicted to grow to USD 20 billion by 2028. The organic food market is expected to grow up to USD 39.40 Billion by 2029. These trends predict the future of the pet industry. It is the best opportunity for anyone who wishes to get into the pet market, catering to different pet owners.
The new generation of pet owners does not compromise when it comes to buying their furry family members everything their paws desire. Some things are not even for pets but for their parents, like cute little outfits and pet furniture. It’s safe to say the pet industry holds immense potential in the market with pet care gadgets and organic food. Prelauch.com will be an incredible tool in product validation if you have an innovative product idea – all you have to do is simply start testing.