In the past thirty years, more and more people have welcomed pets into their homes, treating them like cherished members of the family.
Whether it's finding the right food or a place to live where pets are welcome, caring for our furry, feathered, or scaly friends has become a big part of our lives.
Experts predict that by the end of the decade, the global market for pet food alone could be worth over $135 billion.
And by 2030, the pet industry as a whole could reach a staggering $500 billion worldwide. It's not just about food and toys anymore.
This growth is driven by our growing love for our pets. We're treating them more like family members than ever before, splurging on high-quality food and services for their wellbeing. And the number of pets worldwide is skyrocketing.
In the US, the pet food industry is especially huge, bringing in the most money out of all pet-related businesses globally.
1. Tech services for Veterinary Treatment & Pet Care
Welcome to the future of pet care business! Technology is changing the way we take care of our furry friends. Nowadays, pet owners have all sorts of gadgets and apps to help keep their pets healthy and happy.
From smart feeding bowls to GPS trackers, there's no shortage of tools to make pet care easier.
But it's not just pet owners who are benefiting from technology. Veterinarians are also getting in on the action.
Nowadays, vet clinics are using all sorts of high-tech tools, like AI support and online appointment booking. These fancy clinics are setting new standards for pet care, thanks to all the cool tech they're using.
And the best part? This trend is only going to keep growing. More and more vet offices will start using these amazing technologies, making pet care even better than before.
So get ready for a future where your pet's health is in good hands, thanks to the power of technology!
2. Eco-Friendly and Natural Products
The pet industry is seeing a big rise in demand for eco-friendly and sustainable products. People all around the world are becoming more aware of environmental issues, and they want products for their pets that are good for the planet.
That means things like pet food made with sustainable ingredients, toys that are eco-friendly, and trash bags that break down naturally.
This trend really started picking up when millennials, who care a lot about sustainability, became the biggest group of pet owners in 2016.
But making sure the pet industry keeps up with this demand is an ongoing job. Caitlyn Dudas, who runs the Pet Sustainability Coalition (PSC), says it's something that the industry needs to keep working on to make sure we're taking care of our planet.
3. Health and Happiness of your pets.
The focus on keeping pets healthy and happy is increasing, moving beyond just basic medical care to include mental and emotional support.
This shift has led to a surge in products and services aimed at enhancing the lives of pets. These can range from calming products for anxiety to various supplements and even professional therapy services for pets.
In particular, there's been a noticeable boom in the global CBD pet industry. Grand View Research predicts that this market will grow at a rate of 31.8% annually, reaching a value of around USD 195.98 million in 2023.
4. Personalized Pet diets
More and more pet owners are getting into the idea of personalized pet food. They're choosing diets tailored specifically for their pets' needs, like ones designed for their age, breed, or any health issues they might have.
A big survey in 2022 found that a whopping 88% of pet owners think it's super important to keep their pets healthy. And in another survey in 2023, 40% of pet owners around the world said they rely on special pet products to make sure their furry friends are happy and healthy.
5. Pet Insurance continues grow
More and more pet owners are realizing the importance of pet insurance as vet bills keep going up. To keep up with these rising costs, the pet insurance industry is offering better coverage plans.
There are a few reasons why pet insurance is getting more popular. Vet care is getting more expensive, and people are treating their pets more like family.
Plus, there are more pets around, and places that didn't use pet insurance much before are starting to catch on.
Most pet insurance plans cover accidents and illnesses. This includes everything from small problems to big ones, like ongoing health issues and the tests and treatments needed to sort them out.
6. Mobile Pet services
Mobile pet services are making life easier for busy pet owners. Imagine having a pet sitter, vet, or groomer come right to your door!
Dogs are leading the way in the pet sitting industry, making up over half of the revenue share. And guess what?
More and more owners are subscribing to dog toy services, driving the demand for fun toys.
With so many people needing help with their pets, there's a growing number of options out there. From dog sitters to grooming services, these mobile pet services are here to make life simpler for all kinds of pet owners.
7. Different Pet Food
There's a big change happening in the world of pet food! People are starting to look for different options that are healthier and more sustainable for their furry friends.
One big trend is the rise of alternative diets. This means pet foods made from things like lab-grown meats, plants, and even insects!
Why? Because more and more people are worried about the environment and their pets' health.
Well, lots of people are becoming vegan, and they see their pets as part of the family. Plus, there are more vegan pet owners than ever before who want to give their animals plant-based meals.
These new diets are packed with all the good stuff pets need to stay healthy, like proteins, healthy fats, vitamins, minerals, and fiber.
Also read: How a Local Pet Store Achieved Nationwide Sales Growth with Shopify & Tameta
Conclusion
These trends show that the pet industry is changing a lot. It shows how important pets are to us and how much they're part of our lives.
We can expect that these changes will keep shaping the future of pet care and things we buy for pets as more people get pets.
At Tameta Tech, we understand how important it is to keep up with these trends. We want to offer the best solutions for businesses that take care of pets. Whether it's using technology to help vets, selling products that are good for the planet, or making sure pets get the right food, we're here to help pet businesses do well.
