Pet ownership skyrocketed during the pandemic and studies show that numbers will steadily increase well into 2023. With this, the pet industry is projected to reach $358.62 billion by 2027, according to an Exploding Topics study. This growth has subsequently created new emerging trends within niche pet markets that businesses should know about:
Pet Ownership
First and foremost, pet sales skyrocketed by 51% in March 2020 alone due to the pandemic. However, pet ownership rates have stayed inflated and as a result, pet supply brands have experienced an increase in sales. For example, the pet e-commerce brand Chewy reported their revenue in 2021 reached $7.15 billion. With this, more and more pet suppliers are expected to pop-up in 2023 to satisfy the ongoing demand for pet products.
Pet Supplements
The popularity of pet supplements, including oils, vitamins, and probiotics, has been steadily increasing over the past couple of years. According to a Grand View Research study, the pet supplement industry will hit $1 billion by 2027.
Why? Because owners have exhibited such concern for their pets that they began giving them human-grade supplements to alleviate stress, pain, and other ailments. This created an opening in the pet industry which companies are fulfilling by creating pet-grade supplements.
New Product Categories
Traditionally, the pet industry was comprised of the following niches:
Food
Toys
Supplies
Hygiene/Grooming
However, there has been recent product research and development that has launched different variations, including:
Pet wipes
Oral hygiene products
Pet fashion
High-End Products
There is a segment within the pet industry that is willing to spend significant amounts of money to make their pet happy. This has led to the emergence of luxury pet products, from treats to advanced technology.
For example, the self-cleaning litter box eliminated the task of cleaning up after your cat with robot technology. The product automatically sifts through the litter and disposes waste to ensure the litter is fresh at all times. This product is priced at around $700 and avid-cat lovers are happy to buy it.
Food Niches
A Pet Biz Marketer study found that food accounts for 75% of all pet industry sales. Yet, this space is still growing as companies are creating new pet food niches. As of now, freeze dried dog food is becoming popular as it has an extended shelf life.
A study found that nearly 44% of pet owners focus on their pet’s healthy food over their own. This has led to many emerging companies that focus on healthy pet food and treats, such as Because Animals. Because Animals makes healthy treats composed of organic ingredients and omega-3’s. Other brands are testing different high-nutrient ingredients to extend their food product line.
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