Most households in the US have at least one pet, and in 2022, the U.S. pet market revenue topped out at $136.8 billion!1 With the COVID-19 virus and the subsequent lockdowns, people have been forced to stay at home more, prompting them to adopt a pet or even more pets if they already had one.
This caused the pet industry to have a record year, pushing numbers to an estimated $143.6 billion for 2023. As a pet owner, you’re probably wondering what trends will drive the growth to do even better this year.
You can find out below as we delve into the seven pet industry trends as we see them this year.
The 7 Top Pet Industry Trends This Year
1. Pet Subscriptions/Online Delivery
Due to COVID-19 in 2020, more people than ever relied on online shopping and subscription services to get what they needed. They could order everything from the comfort of their couch without needing to be around anyone and have it delivered straight to their door.
This trend also extended to the products they needed for their pets. According to a survey done by the APPA (American Pet Products Association), over 86% of pet owners responded that they would be continuing to buy their pet products online and through subscription services in the future.
Pet parents will always need food to feed their pets, medication to give them, and toys for them to play with. As a result, pet brands, pet shops, and subscription services that decide to bundle their merchandise and use reoccurring services will continue to see growth into 2024 and beyond.
2. Pet Supplements
Pet supplements show an upward trend and are certainly a trend worth watching. In fact, it’s estimated that the pet supplement industry will reach over $1 billion by the year 2027. Some pet supplements to watch out for include dog probiotics, CBD supplements, pet vitamins, and catfish oil, to name a few. In addition, there are many options for pet supplements that weren’t available even a few years ago, so it’s going to be an exciting trend to watch.
3. High-End Pet Products
High-end pet supplies are going to be trending big. It’s the perfect niche for someone interested in supplying products to pets and pet parents. From kitty litter that changes color according to the pH levels of your cat’s urine to cat enclosures that will keep your cat safe in an enclosed area while they enjoy the outside world, high-end pet products are moving on up.
Luxury pet homes, robot litter boxes, and cat toothpaste are other trends we’re following, and we expect to see great success.
4. Pet Services
Of course, with adoptions of pets picking up, pet services are going to have a massive upward trend as well. However, services such as pet sitting, pet walking, pet grooming, pet boarding, and even pet training took a hit in 2020, probably due to the lockdowns and COVID concerns.
In fact, boarding had decreased by 45%, and sitting and walking decreased by 35%. However, now that the lockdowns are lifted in many places, people are getting out more and need these services for their pets, so they are expected to see a huge boost this year.
The reasons behind this expected boost are simple. First, people see their pets as family members. Second, there’s a huge emphasis on brick-and-mortar locations cutting their prices to compete with online stores. Third, upper-level households and millennials are spending quite a bit on taking care of their beloved pets.
5. Pet Insurance
Pet insurance has been a big thing for quite a while now, reaching $3.2 billion in 2022, with an expected growth of at least 16.2% by 2028. More and more pet insurance companies are popping up now that so many people are adopting or purchasing pets and need to take them to the vet regularly. With the continued trend of having pets, it’s no wonder this is going to see an upward tick.
6. Pet Adoption and Purchase
There was a huge uptick in pet adoption and purchase during the pandemic, as people needed companionship and a way to alleviate depression and combat boredom. However, pet adoptions didn’t drop in 2021 but instead remained quite positive, if not as high.
Even now that things are getting back to a new normal, Americans are expected to continue cherishing and caring for the pets they have. There’s also an upward swing in pet parents bringing more pets into the fold.
7. Pet Food Niches
When you have pets, you have to feed them, and pet parents want only the highest-quality food for their canine friends. From freeze-dried cat food to pet food subscriptions that will deliver fresh food for your pets right to your door, pet food niches are expected to soar.
Raw food is also a pet food niche that started gaining traction and is expected to continue to trend. So if you’re looking to get in on a niche that’s going to soar, then pet food might be the niche you’re looking for.
These are our picks for the pet industry trends you might want to follow in 2024. It is no secret that pet parents have to feed and take care of the health of their beloved pets. Most pet parents are willing to spend quite a bit of money to make sure their pets are taken care of and healthy. We truly expect these trends to grow, not only in 2024 but also for years to come.
Featured Image Credit: Africa Studio, Shutterstock