How Big Is The Market For Pet Products?

People love their pets, and the market growth for pet products has shown exactly that. It is estimated that more than 80 million households have at least one pet, and that number has increased significantly in recent years. The fact is, more people are choosing to have a pet instead of children, and if they do have kids, chances are they probably have a pet or two as well. Pets have become another family member, and that means treating them as such by purchasing various pet products for them.

Pet-Loving Lifestyles and Technology

In general, the market growth for pet products is on the rise due to changes in culture. Younger generations are becoming adults and fully embracing the pet-loving lifestyle that they see their friends and family participating in, more so than their elders. Additionally, it’s just so easy to hop online and buy your pet food, toys, bedding, clothing, and anything else they need. Access to technology and online purchasing plays a major factor in the revenue that many pet product companies are experiencing.

Fastest Growing Pet Business Trends

If you are someone in the industry of pet products, it is important to keep up with trends so you can maintain or increase your profits. Cultural changes are influencing what consumers are buying. For instance, ten years ago the market for pet clothing was much lower than what it is today, as many people love buying clothes for their children with fur! Whether you are a pet product business owner, analyst, or simply just curious, here are some of the fastest-growing pet product trends to know about:

  • Pet Food: consumers who own pets tend to favor pet foods that aren’t traditional, as they want to see healthy ingredients on the packing and understand what they are buying. They are opting for fresh and more health-conscious choices for themselves and their furry friends.
  • Pet Treats: it is estimated that pet owners give their fur babies around 8-10 treats every day. Also, pet owners are following the same trends with their treats as with food, they are willing to buy the healthier (and sometimes more expensive) pet treat options.

  • Pet Clothing: if you browse social media, chances are you are going to stumble upon a photo or video of pets dressed in clothes. Along with sweaters, jackets, and other articles of clothing, pet owners want items like harnesses, collars, and tags.

    A good example of pet product companies keeping up with “outdoor and travel cat” clothing trends is by providing more cat harness options to consumers when in previous years this item was much less needed.

  • Pet Toys: in general, pet owners not only want their fur babies to have the best food, but they also want them to mentally healthy and stimulated. Pet owners with pets who need mental enrichment are more inclined to buy fancy or techy toys that will prevent boredom and stress.

  • Pet Technology: technology for animals, such as pet cameras, are a current trend in pet product markets. Owners like knowing what their pet is up to when they have to be at work or travel.

If you have questions about how Market Research can help you and your business contact us today. 

There are companies, like Market Research, that are well versed in compiling this kind of data.