The U.S. pet trade has been an investor favourite for years, however 2020 solely intensified its enchantment. Regardless of the financial setbacks related to the COVID-19 pandemic, the U.S. pet trade had a report 12 months and soared to $107 billion, based on the report U.S. Pet Market Outlook, 2021-2022 by Packaged Information, a number one supplier of shopper market analysis and a division of MarketResearch.com.
The pet trade’s development story extends throughout quite a lot of market segments, from pet meals to pet drugs. Whereas gross sales of pet services and products rose 9% in 2020, the tempo of change throughout the pet market will proceed to maneuver at breakneck velocity within the foreseeable future.
Right here’s a have a look at a number of key tendencies which might be reshaping the way forward for the pet trade in 2022 and past.
1. Pandemic Pet Adoption and Acquisition
Throughout the pandemic, pet possession soared as homebound customers sought companionship and labored to mitigate stress and tedium. Packaged Information estimates that the variety of pet canine rose to 96 million in 2020, up by over 10 million from 2019, and the variety of pet cats elevated to 32 million, up by practically 2 million from 2019.
Though not as dramatic as 2020, pet adoption and acquisition tendencies remained optimistic in 2021. Even after the pandemic recedes, “most households will proceed to cherish these pets, such that continued market development is projected within the coming years,” based on Packaged Information.
2. A Growth within the Marketplace for “Different” Pets
The pandemic not solely led to a surge in canine and cat possession, but additionally to an increase in fish, small mammals, and reptiles and amphibians. In keeping with latest Packaged Information analysis, 12.2% of all U.S. households personal one (or extra) sort of pet apart from canine and cats, up from 10.8% 5 years in the past.
Customers relied on these pets as a supply of consolation and delight whereas caught at dwelling, however the rise in “different” pets was additionally a boon for pet trade gamers. Gross sales within the retail marketplace for fish, small mammal, reptile/amphibian, and fowl merchandise shot up 18.5% in 2020. To capitalize on the rising marketplace for “different” pets, entrepreneurs ought to take into account increasing their product ranges and emphasize each enjoyable and performance.
3. A Reinvigorated Pet Meals Market
New knowledge from Packaged Information underscores the extent to which the pet meals market has flourished throughout the pandemic. U.S. retail gross sales of pet meals (for canine and cats) reached $37.1 billion in 2021, a 6.4% enhance in comparison with 2020. Over the approaching years, the pet meals market is projected to maneuver at full throttle, with gross sales hitting $47.9 billion in 2025, rising at a 6.6% compound annual development price.
Packaged Information Analysis Director David Sprinkle recognized a number of key pet meals tendencies together with the rise of superpremium pet meals resembling pure formulations and science-based meals, the rising recognition of pet meals with ethically sourced components and eco-friendly packaging, and pet meals in non-traditional varieties resembling contemporary and meatless. Sprinkle additionally cited the rising function of e-commerce, together with curbside pick-up and same-day supply.
4. A Rebound for Pet Providers
Discretionary pet providers—resembling pet grooming, pet boarding, pet sitting, pet strolling, and pet coaching—all took a success throughout the pandemic because of the influence of social distancing, a lower in journey, and the rise in distant work. Pet boarding plunged 45%, and pet sitting/strolling fell 35% in 2020, based on the report Pet Providers within the U.S..
Nevertheless, gross sales are anticipated to develop. A mixture of elements will drive momentum, together with:
- The pets-as-family shopper mindset
- An emphasis on providers inside brick-and-mortar retailers to raised compete with the Web
- Robust pet care spending by millennials and upper-income households
5. A Thriving Pet Medicines Market
With 13% gross sales development in 2020, the pet treatment market posted its largest single-year development price previously decade, based on a latest report by Packaged Information. The market is anticipated to proceed a development trajectory into the long run.
“The market is being spurred by the just lately expanded inhabitants of pet canine and cats, a deepening pet guardian deal with pet wellness, and rising brick-and-mortar and on-line choices for pet well being care providers and merchandise,” Sprinkle defined.
Packaged Information survey knowledge present that 41% of householders are paying nearer consideration to their pets well being and wellness due to COVID-19.
The place to Be taught Extra
This text highlights only a few of the highest pet trade tendencies for 2021 and 2022. For extra in-depth analysis—together with pet trade statistics, pet trade development projections, pet market measurement, pet proprietor demographics, trending pet merchandise, and pet market alternatives—discover the assortment of pet trade reviews by Packaged Information.
One other nice useful resource is the Pets Business Replace E mail from MarketResearch.com, which highlights quite a lot of new pet market analysis reviews on a month-to-month foundation to maintain you within the know. This standard e mail already has hundreds of subscribers. Use this hyperlink or the button beneath to join free.
Concerning the Creator: Sarah Schmidt is a Managing Editor at MarketResearch.com, a main supplier of worldwide market intelligence services and products.
