Pets have been a man’s best friend for a long time. Most pet owners find it offensive if you regard their pets as just animals. They are their babies, companions, cuddle partners, and a shoulder to lean on.
It was only a matter of time that the pet industry crossed the $100 billion mark. Unsurprisingly, it is still rapidly growing.
But what are the latest pet industry trends, and where are pet owners spending all this money? We have gone through up-to-date research and analyzed market trends. This has enabled us to identify the latest pet trends for 2021.
Pet supplies, food items, supplements, and veterinarians have witnessed massive increases in revenues. Let’s dive right in and check it out.
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Natural and Organic Pet food
The pet food market is projected to reach around $44 billion in 2021. It is the highest-selling category in the pet market. That is a 4% increase compared to 2020.
Pet owners are looking for food products that promise a fit lifestyle. Organic pet food, frozen dry pet food, even frozen raw pet food have seen a considerable increase in demand.
Most Americans prefer having pet dogs, followed by cats and fish. Therefore, the dog food market is soaring higher than the other two.
As consumers make healthy choices for themselves, they want the same for their pets too. Pet parents want to give them access to better health.
They choose healthy, nutritious options for their pets to increase their happiness, lifespan, and health. Most buyers pay particular attention to ingredients.
Healthier, organic pet food products are one of the biggest pet trends in 2021.
Over-the-counter (OTC) pet medicines and supplements amounted to 23 billion dollars and are among the most profitable pet product categories.
Around 31% of dog owners and 29% of cat owners claim to use OTC supplements for their pets suffering from joint pain. More than 20% of pet owners reported using various supplements for skin issues, heart, oral and digestive health.
Similarly, there is increased interest in consumer spending for supplements that target anxiety, chronic pain, and improve immunity.
Pet CBD products have been in the spotlight and have gained considerable interest as they are natural and have delivered promising results. Pet CBD oils and treats have a promising future.
Almost 80% of pet owners look out for supplements with natural ingredients, while 68% favor those made out of organic ingredients.
Consumers are looking for transparency and third-party testing to make informed decisions while buying supplements. . This is similar to how they make vital decisions about their own health.
Pet parents are now getting health insurance for their pets to provide them with better services if they fall sick. It is also to save themselves from lengthy bills on their trips to the vet.
Pet insurance covers the costs incurred if a pet has an accident, falls sick, prescription medications, and sometimes dental too. The pet insurance industry has surpassed $1.6 billion way back in 2018 and is now rapidly growing.
Presently, a dozen pet insurance companies are operating in North America. Almost 2.43 million pets got insurance in 2018, and nearly 90 percent of them were dogs.
Therefore, the pet insurance industry is expected to grow in the future too.
Roughly 20% of pet owners made online purchases for all their pet-related items in the year 2020. This figure is estimated to reach 30% by the year 2025.
There are still many people who love to shop for pets in shops and crave personal experience. However, millennials are driving up e-commerce sales as it allows them ease of shopping, delivery, and unlimited choice.
According to a recent survey, 49 percent of people said they opted for online shopping amid Covid-19 restrictions.
Pet parents want the best looks for their four-legged friends and are ready to pay for their happiness. Around 40% of dog owners claimed to buy clothing for their dogs in 2020.
Considering the increase in pets amongst U.S households, this pet industry trend will skyrocket.
The pet clothing market is projected to reach $5.7 billion by 2021 to around $7 billion in 2028. Pet owners are looking for luxurious and customized outfits for their furry friends, like blingy collars, shirts, and even hoodies.
Traveling with Pets
Many pet owners are now looking for pet-friendly travel options. They are planning their holidays and lodgings to places that are happy to accommodate their pets.
Not only are families traveling with their pets, but they also want the best pet photography and grooming options too.
Similarly, numerous hotels and resorts not only allow pets but have options to entertain them as well.
Technology has found its way into the pet world. With the advent of smartphones, pet owners are looking for applications to find pet sitters, grooming services, dog parks, or to arrange dog walkers.
Researchers have designed many unique products for pets. For instance, pet monitors (video surveillance), self-cleaning litter boxes, speakers to soothe pets, automatic feeders, and tech toys are a few examples.
You can even find dog collars with GPS-installed chips to keep a tab on your fuzzy babies.
Technology is fun and always trending as people look for intelligent ways to manage their pets and keep them entertained.
The pet industry is forecasted to reach $110 billion by the end of the year as pet parents become more concerned about their pet’s wellbeing.
From organic foods, CBD supplements, toys, and even pet insurance, most pet owners are shelling out a more significant portion of their annual income for their pets.
The pet industry is likely to see an unprecedented increase in clothes, unique diet plans, grooming services, professional sitters, dog walkers, and vet visits in 2021.
Enthusiastic pet owners identify themselves as pet parents now, leading to the trending pet humanization. They make more informed choices, trusting reviewers rather than advertisements. It’s time service providers step up their game to gain consumer loyalty.