Attention Sellers! These are the industry trends you need to know in the pet economy! Sales revenue in the US pet market has increased year on year over the last decade, from $50.96 billion in 2011 to a valuation of $99.1 billion last year. (The total market size has increased by 51.4%) and there is still room for more growth. The question is: which trends will drive this growth? From dog food and cat food to supplements, this list will help you understand what’s coming up in the pet industry!
7 trends that you must know
1. Pet supplement sales soar
According to an analysis by Grand View Research, the pet supplements industry is set to reach $1 billion by 2027.
Examples of popular pet supplements include dog vitamins, catfish oil, and dog probiotics. But the fastest-growing category of pet supplements is CBD. In fact, searches for “CBD for Dog” have increased by 7400% in the last 5 years. The number of searches for “CBD for dogs” seems to have peaked.
Why is it a peak?
Firstly, there are now many CBD products designed specifically for dogs. Many dog owners are concerned about giving their furry friends the same CBD oil that humans use. Secondly, early research from Baylor College of Medicine suggests that CBD oil may help treat canine osteoarthritis, a condition that affects 20 percent of dogs over the age of one.
2. New product categories emerge
The pet industry has traditionally consisted of a handful of product categories: dog life jacket, pet food, dog & cat toys, dog beds, leashes, hygiene products, and pet grooming products. But we are starting to see a great deal of innovation in pet product development. Specifically, entrepreneurs are not just launching variations of existing products. They are creating entirely new categories of pet care products. For example pet wipes. In the last two years, searches for “pet wipes” have increased by 67%. Pet wipes are essentially wet tissues that are used on pets after they have gone to the toilet. Although it is a relatively new category, Amazon already has nearly 300 brands of pet wipes for sale.
Another relatively new pet product is pet toothpaste. Oral hygiene products for pets are nothing new. But new products (such as cat & dog toothpaste) are being introduced for owners who want to ensure their pets’ teeth and gums are in tip-top condition.
3. High-end products for pets go mainstream
It doesn’t matter what the product is: if it makes their pet happier, there will be a group of pet owners who will buy it. This includes relatively expensive luxury items.
Pretty Litter is probably the best example of the remarkable growth of high-end pet products. It is a brand of cat litter that changes color according to the pH level of the cat’s urine. The company’s brand is aimed at millennial and Generation Z consumers and claims that the product can help cat owners detect diseases in their cats such as worms, metabolic acidosis, or UTI.
Pretty Litter is also noteworthy because unlike basically every other cat litter on the market, their products are not available in pet shops or supermarkets.
4.Increasing the number of pet food segments
According to Pet Biz Marketer, pet food accounts for approximately 3/4 of all pet industry sales. We have noticed that pet food brands are gaining market share through niche pet foods. Start-ups are aiming to attract growth in the sector by introducing new types of pet food. One of the fastest-growing niche pet food categories today is freeze-dried dog food.
Freeze-dried dog food is exactly what it sounds like: it is dog food that is freeze-dried to extend its shelf life. Many freeze-dried dog foods contain raw food ingredients such as organ meats and vegetables. These ingredients are difficult to package and transport in pet food form. As a result, freeze-dried pet food is on the rise.
PetFoodIndustry.com reports that sales of “non-traditional pet food formats” such as freeze-dried are growing faster than traditional pet food.
The raw dog food market is another growing niche market for pet food. According to a survey conducted by the Ontario Veterinary College at the University of Guelph, 66% of dog owners and 53% of cat owners feed their pets raw food. This trend is reflected in search trend data. Since 2015, searches for “raw dog food” have increased by 169%.
5. Pet owners are increasingly choosing DTC
Thanks largely to the pandemic, sales of pet products grew by 51% in March 2020 alone. By the end of the year, the DTC pet market is estimated at $13.5B. As with e-commerce in general, pet owners are turning to online retailers for more choice, convenience, and lower prices. Searches for “chewy” have increased by 371% since 2016. Especially chewy dog food.
6. The pet insurance industry continues to grow
The emerge of pet insurance is one of the most interesting trends of the pet industry for 2021. Globally, the pet insurance industry reached US$3.33 billion in 2018 and is expected to grow at a CAGR of 16.3% through 2028. Pet-specific competitors in this market include Healthy Paws, GoPetPlan, and the not-for-profit ASPCA.
7. Pet owners prefer natural food brands
A survey of 2,181 pet owners found that 43.6% of people prioritized the health of their pet’s food. As a result, sales of health-focused pet snacks are on the rise. Human owners tend to look for healthy elements in their own food, such as organic ingredients and omega-3.
PET HEALTH MATTERS
Above is our list of important trends affecting the pet industry. The one thread that ties almost all of these trends together is pet health. It’s clear that ‘pet parents’ are increasingly concerned about the health of their pets. And they are willing to spend money just for the health of their furry friends. As pet ownership continues to increase, we can expect the industry to grow with it.
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