Do you own a pet? The number of pet lovers, owners, and investors rose in 2020 due to the lockdown initiated to reduce the spread of the coronavirus. Even with the economic setbacks that the pandemic caused, the pet industry in the US and the world soared.
In fact, according to Packaged Facts’ report, the US Pet Market Outlook, 2021-2022, the US pet industry rose by $107 billion. This growth was experienced in different market segments, including pet food, pet medications, pet training, etc.
So then the following key trends in the pet industry are expected to reshape its future in 2022 and beyond.
1. Increased Pet Adoption
Pet ownership rose during the pandemic because isolation and lockdown enticed people to seek companionship to mitigate boredom and stress. Before the pandemic, there were 10 million pets, but the figure rose to 96 million in 2020. The number of pet cats was 2 million in 2019, but the figure hit 32 million in 2020.
The same trend was recorded in 2021, even if it was not of the same extent as in 2020 because the pandemic had started to recede. However, many households will continue to adopt, acquire and cherish pets in the coming years.
2. Growth of Ownership of Other Pets
As mentioned above, the number of cats and dogs rose in 2020; however, people also acquired other pets, including small mammals, birds, fish, amphibians, and reptiles. That means, aside from dogs and cats, some US households have another pet.
These pets were their source of comfort and enjoyment when they were stuck behind the walls. The rise of the other pets meant increased income for pet industry players. The retail market sold a lot of products for birds, reptiles, amphibians, fish, and small mammals.
Other pet marketers are expected to increase going forward or even capitalize on the growing market by expanding the range of products they’re offering as well as emphasizing both function and fun.
3. Growth of Pet Medications Market
The increase in pet adoption and acquisition translate to increased sales in the pet medication market. Indeed the expanded pet dogs and cats population, a deeper focus on pet wellness, and increased online options for pet products and health care services are expected to stimulate the market.
Many households worked extra hard to protect their pets from coronavirus, and the trend has expanded to pets health and wellness post the Covid-19 pandemic.
4. Revival of the Pet Food Market
Indeed the US and global pet food market flourished during the health crises. The sale of dog and cat food rose by 6.4% to $37.1 billion in 2021. It’s forecasted that the pet food market will have a 6.6% compound annual growth rate to hit $47.9 billion by the end of 2025.
Aside from increased sales in the pet food market, other trends include the increase of superpremium foods like science-based and natural formulation foods. Pet owners are interested in ethically sourced ingredients, foods in non-traditional forms like meatless and fresh foods, and eco-friendly packaging.
Ecommerce and online stores have contributed immensely to the reinvigorating of the pet food market. These stores have introduced same-day delivery and curbside pick-ups.
5. Recovery of Pet Services
Pet services like pet walking, pet sitting, pet training, pet boarding, pet grooming, and other discretionary pet services dropped during the pandemic because of decreased travel, increased social distancing, and remote work.
However, this is expected to change going forward because pets-as-family perception has changed, millennials and upper-income households’ spending on pet care has increased, and much more.
So then, do you have a pet? Is your pet a dog, cat, bird, or a small mammal? Share your story in the comment section of this article.
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