Market Trends of Pet Service Industry
This section covers the major market trends shaping the Pet Service Market according to our research experts:
Increasing Number of Pet Owners and Increased Spending on Pets
- According to National Pet Owner's Survey (2021-2022) conducted by the American Pet Products Association (APPA), in the United States, almost 90.5 million households have a pet. Over the last 30 years, pet ownership has gone from 56.0% to 68.0% of all households. The boom in pet care spending has resulted in a huge increase in products and services aimed toward affluent pet owners.
- The rising aging population in developed countries is driving the growth of the global pet daycare and lodging market, as they are considered good companions for the elderly. Customization holds more appeal to the customers, as it adds a personal touch to the pet, and this factor is expected to play a large role in the growth of the pet service market.
- Manufacturers are using organic or natural materials for manufacturing grooming products, such as shampoos. The introduction of advanced, cost-effective, and customized services, rising concerns toward pet care, and an increase in health expenditure for animals are leading to the growth in the demand for pet services worldwide.
- With the growing ownership of pets, pet owners are increasingly spending on service packages with more options, including food and grooming options. The desire for improved pet care products and accessories, such as pet furniture, has increased owing to the growing importance of pets and services.
Understand The Key Trends Shaping This Market
Download Sample
North America Dominates the Pet Services Market
- Pet parents in North America are spending more on their pet's well-being, appeal, and safety. According to the American Pet Productions Association (APPA), in 2021 alone, US pet care industry expenditures hit USD 123.6 billion, a 19.3% increase from the previous year.
- The United States and the United Kingdom have long been the leaders of the world pet market. The United States witnessed dramatic growth in the pet industry in recent years. For instance, as per the report published by the North American Pet Health Insurance Association (NAPHIA), approximately 4.41 million pets were insured in North America at the end of 2021. The pet health insurance marketplace grew by 27.7% over the past year.
- In addition, as per NAPHIA, total premium volume in the United States amounted to USD 2.6 billion, a 30.4% annual increase over 2020. In Canada, the total premium volume totaled CAD 313.4 million, an increase of 28.1% over the previous year. The boom in pet care spending has resulted in a huge increase in products and services aimed toward affluent pet owners.
- Some pet owners are extremely particular about representing their lifestyles by spending on comfortable and luxurious products for their pets. This encourages market competitors to launch numerous new products and customized products in the North American market.
Get Analysis on Important Geographic Markets
Download Sample
