Industry trend
In the past few years, the pet industry has grown considerably to become one of the most dynamic industries in the market.
Driven by the increase in pet ownership and spending on pet care and products, the pet care industry has maintained a rapid
growth trend, and the development is becoming more humane.
More and more pet owners regard their pets as family members, and provide them with more humane, detailed and intimate care
and product services. This trend reflects the growing awareness of the importance of pets and the desire to provide pets with
a more comfortable, healthy and happy life
According to Packaged Facts, pet products are increasingly modeled on human preferences and lifestyles, a trend known
as "humanizing." Such as non-GMO, organic and natural ingredient pet foods that conform to human dietary trends.
According to the report, 70 percent of pet owners consider the quality of their pet's diet as important as their own.
High-end oriented
With the increasing attention of pet owners to the health and welfare of pets, they have higher and higher requirements
for the quality and safety of pet care and products, so pet consumption has begun to upgrade, and many products and
services have gradually developed in the direction of high-end.
According to Grand View Research, the global luxury pet market will be worth $5.7 billion by 2020. The compound
annual growth rate (CAGR) from 2021 to 2028 is expected to reach 8.6%. This trend highlights the growing demand
for high-end food, snacks, and complex health and wellness products for pets.
According to a new study of UK pet owners by MoneySuperMarket, the average UK pet owner spends almost £500
a year on luxury items for their pet, from designer clothes and luxury beds to toys and treats, with seven in 10 people
willing to spend more on luxuries for their pet than for themselves.
customization
Today, many pet owners seek to express their pet's unique personality, which has led to a growing demand for products
and services that focus on customization.Demand for personalized products, such as custom collars and custom chest
straps, is particularly growing.
In addition, some customized pet foods that provide personalized food formulas according to the pet's age, breed,
health status and other factors are becoming hot in the market.Services such as pet DNA testing are also growing
in popularity, providing insight into the characteristics and health tendencies of a particular breed.
Many pet brands said that they will launch customized care plans to provide personalized care plans according to
the specific conditions of pets.
subscription
The subscription model has broad prospects for the development of the pet industry, especially with the support of
advanced technology, the subscription model provides more convenient and personalized care and product services,
and brings new business opportunities and development space for the pet industry.
Dog food brand BarkBox, for example, reports subscriptions as low as $20 per month for 1 -, 6 - and 12-month plans.
The subscription service, which has more than 1 million subscribers, focuses on regular delivery of pet products ranging
from food to toys and snacks, greatly improving the quality and efficiency of its service.
specialization
Some pet professional services are becoming mainstream in the market, such as pet insuranceand the number
of people choosing to purchase pet insurance in order to save veterinary expenses has increased significantly,
and this upward trend is expected to continue.
The North American Pet Health Insurance Association (NAPHIA) reports that the pet insurance market in
the United States and Canada will exceed $3.5 billion in 2022, up 23.5 percent year over year.
In addition, the demand for professional services such as pet photography, training, and cleaning continues to grow.
According to Thumbtack, the demand for professional pet services increased by 40% from 2019 to 2021.
This shows that there is a growing market for unique pet-focused activities.
