As several businesses around the world face their doom, the figures stand a little different for the pet industry.
The onset of COVID-19 has changed the world pattern, significantly affecting the way we live. While we can argue about the positives and negatives of the virus, the pandemic for the pet industry wasn’t so bad at all.
How the pandemic affected the pet industry? According to reports of 2020, the pet industry expenditure of the U.S. rose to around $100 billion in annual sales. The sum is only expected to increase in the future with a variety of pet products becoming available in the market.
Wondering how? Let us offer you some insight.
4 Reasons the Pandemic Is a Boon for the Pet Industry
If you’re a pet owner, you may already be aware of how the pet industry has thrived during the pandemic. From the rise in online orders to pets being family members, we offer you 4 reasons the pandemic worked wonders for the pet industry.
- Pets Are Great Companions
The covid-19 brought anxiety, stress, and loneliness for everyone. In such times, most people found pets as the best source of comfort.
Animals have an innate ability to love, especially dogs. The U.S. Pet Market research predicted that cats and dogs ownership would likely increase further as households look for physical and emotional support during the stay-at-home era.
Pets Show Loyalty
They don’t hide anything from you. They cuddle you whenever you want them to. And they will always be loyal to you.
Why would you not want to adopt a pet? As the coronavirus socially and physically distanced humans, many began looking for other options to fulfill their emotional and physical touch needs.
Research suggests that interacting with a dog or cat decreases blood pressure while increasing chemicals that help us relax.
Thus, the number of pet owners began growing. Amidst the loneliness, many found a comforting partner with whom they could exercise, talk, and even binge-watch TV.
Pets Teach Responsibility
When you adopt an animal, you become responsible for all its needs. You keep your pets well-fed and try your best to create a home for them.
You train your pet to carry out particular tasks and understand their mood swings as well with time. As you take care of your pet, it prepares you to take responsibility for yourself and how to help nurture other humans too.
Pets as a Substitute for Children
Be it due to financial constraints or to maintain their freedom, young people are increasingly opting to adopt a pet rather than raising a tiny human of their own.
Many couples believe they get the same affection from their pets as they would from a child. They keep pets as family members and spend lavishly on their care.
- The Pet Industry Is Recession Resilient
Just like internet services, healthcare, toilet rolls, and retail industries, the pet industry is a recession resilient industry as well.
The industry has survived great recessions in history and is expected to maintain the same despite the pandemic. According to a market research firm Edge by Ascential, the pet industry is predicted to rise to $281 billion by 2023.
Whether people have enough to spend on themselves or not, they want to buy something for their pets first. In 2020, The American Pet Products Association (APPA) released a report on pet ownership during the pandemic, which showed that pet ownership hadn’t been much affected due to the virus.
Many pet owners stated that the economic recession hadn’t made any significant difference in their spending.
The current recession didn’t come due to inflation or a depleting economic condition, but more so due to lockdowns and social limitations. As people began working from home, they realized that pets might make a great company.
- Online Shopping for Pets
Confined in your home, you’re bound to get bored at one point or the other. That’s when you are likely to turn towards online shopping.
It’s not like you didn’t have the internet before. However, the pandemic has digitized the world more due to the pandemic. From grocery to medicine to even pet products, everything is available online.
As social distancing became the norm, many people opted for getting their pet products delivered directly to their doorsteps.
The pandemic for the pet industry gave rise to several online brands selling various types of pet products. It also gave rise to online counseling and telehealth services for pets. The pet industry e-commerce boomed during the pandemic.
Some of the services being offered online for pets are:
- Food Service
- Wearable Trackers
- Online Healthcare and Consultation
- Toys & Accessories
- The Pet Industry Is a Good Investment!
If you’ve something great to offer to pet owners, now is the right time.
The pet industry is thriving, and people are on the lookout for innovative ideas to keep their pets entertained and well-kept. Consumer demands are constantly changing. You can become the new hit-brand by offering the consumers what they want.
Before you begin, though, we hope you’ll remember to offer quality over quantity.
To sum it up, the pandemic for the pet industry worked wonders. Could it not be the same for everyone? Honestly speaking, the Covid-19 lockdown has wreaked havoc on our lives.
But as we move forward, let’s try to remember more positives than negatives. You can take this opportunity to bond with your pet and even start a business of pet products. Don’t ignore the much-needed lesson from this pandemic, which is to be as loving and caring as pets.