For over 10,000 years, pets have always been here for people. They have become a part of the family, making their owners’ everyday life memorable. Hence, there is no doubt that their existence has also become significant to the people who cherish them.
This pet humanization has also become a ground-breaker for the economy to rise in the pet care industry. With the growing number of pet owners, it also becomes an opportunity for the sector to market goods and services that can meet the needs and wants of their pets.
In this blog, discover what the pet care industry is all about. Learn the opportunities this sector can give, not just for the owners and pets, but also aspiring business owners with a passion for animals.
Get to Know the Pet Care Industry
The sector focuses on marketing pet ownership and providing the best services and goods for companion animals, usually dogs and cats. It is an established and growing industry valued at around $100 billion globally. The industry is already rich in constant production and consumption.
It is known for its stable and continuously increasing annual growth rate. During the pandemic, the sector survived and strived constantly to bring services and goods to pet owners.
Some of the industry’s businesses include animal healthcare, kindergartens, pet insurance, pet food, premium products, and more. The pet care industry’s growth has created different opportunities for pet owners, pets, startups, and even businesses.
10 Reasons to Join the Pet Care Industry
The pet care industry has many reasons to entice investors and businesspeople. It is a booming sector with numerous potential customers. So, if you want to know the sector, discover these 10 reasons to realize how worthwhile the industry is.
1. It’s a Growing Market Demand.
The global pet care industry’s size is continuously rising. The market insight remarked that its value will reach approximately USD 246.66 billion by 2023. It is also projected that by 2032, it will grow to over USD 427.75 billion with a compound annual growth rate (CAGR) of 6.45%.
This forecast growth rate alone shows the potential of the pet care industry. It is now one of the many industries that offer vast business opportunities for aspiring business owners and those with a special interest in pet care.
2. It helps Promote Healthy Animals.
Some people used to see pets as possessions. However, as the world changes, pet owners are also progressing in humanizing these animals. They are now considered part of the family. Modern pet owners ensure their pets are healthy, just as they do with their kids.
In the United States, house dogs and cats are now living longer. Researchers say dogs increased their life expectancy from 10 to 12 years between 2002 and 2016. The pet care industry analysis on humanizing pets has played a vital role in understanding pets’ health and needs. Thus, it helps pets’ health and prolongs their lives.
3. The industry is recession-resistant.
Did you know that the pet care industry is one of the few sectors that survived the pandemic? Yes, it did. Instead of downsizing, the pet food sector grew by over 5%. Despite the recession in other industries, pet care still has people under it. Pet owners still buy food and healthcare, like any human. That proves the security and stability of the pet business.
4. It can ensure repeat business and loyal customers.
Remember that taking care of animals is like aiding humans, too. It is not seasonal but a general need. Hence, the pet industry is known for loyal customers whenever they find a reliable and trusted service or product. These customers will return to the same place, which ensures quality returns. Ergo, loyalty can be converted to repeat business, allowing entrepreneurs a steady revenue base.
5. It offers emotional support to pet owners.
For over 10,000 years, humans have been making relationships with animals by keeping them as pets. Researchers say that most pet owners are less likely to get depressed, and around 30% fewer visit hospital checkups for the elderly aged 65 and above. Playing with pets is a commendable catalyst for boosting serotonin and dopamine. Hence, most pet owners are also calm and relaxed.
6. It creates an engaging community and pet culture.
Pet care industry trends are now a thing, with businesses creating a community for pet owners. Having a common ground through pets allows the owners to build connections and meet new people with whom they can share concerns and experiences as fur parents. This opportunity also allows pet owners to have strong relationships with animals and do animal missions for those unfortunate pets.
On the other hand, it is a community engagement for fur parents and a step for pet businesses to promote their brands and foster customer loyalty.
7. It opens employment opportunities for different professions.
The booming industry opens various work openings – not just one profession, but different types. The known professions under this include veterinarians, veterinary nurses, veterinary technicians, and zoologists. In addition, the industry consists of animal breeders, pet groomers, pet photographers, pet sitters, retail staff, and more.
These are some opportunities the pet care industry may offer. Let those individuals who want to make a pet-related career possible. Besides, vast employment also contributes to economic growth.
8. It unlocks pet business openings and startups.
The pet care industry is ideal for aspiring business owners to invest in. As pet owners are everywhere, they can provide different services and sell goods. Some opportunities they can take on are pet grooming, pet training, pet boarding, pet kindergarten, pet shop, veterinary clinic, and even Dog kennel Software.
These are just some of the few opportunities in the pet care industry. A diverse sector that can help entrepreneurs discover where they can invest their resources.
9. It unlocks technological advancement possibilities.
Modernizing and upgrading the pet care industry starts with technology. A technological solution plays a vital role. By following trends and pet owners’ ever-changing necessities, technology can help facilitate efficient marketing and service provision. It presents an opportunity for software and technology providers to design their products in line with the pet care sector.
As of today, some of the pet care industry software and innovations that advance the sector include pet tracking devices, intelligent feeders, kennel management systems, and more. These solutions enhance the client experience by making services accessible and convenient wherever they are.
10. It promotes pet wellness and trends.
The pet care industry trends highlight that owners give their pets the best service, from food to supplements to pet services. Pet culture is forming trends for pet product companies and pet health centers to offer the best goods and services.
Takeaway
The pet care industry is continuously thriving and growing. With its growth rate and market, it has also become an opportunity for business owners to see the industry’s potential. Pet ownership will undoubtedly continue to rise due to its emotional satisfaction and helpfulness to pets. The industry will also grow and can provide new opportunities for everyone.
