To pet owners, pets are more than animals – they are family members. As pets grow in importance in families, the pet industry is expected to have a steady growth. However, there are trends in the industry that drive growth.
For instance, there has been increased spending on veterinary care, pet food, supplements, and more. This article consists of the major trends that will help you understand the future of the pet industry.
Therefore, if you want to understand the major pet industry trends, read on.
Top Current Trends in the Pet Industry
You can get a better understanding of the top trends in the pet industry by studying the following points:
1. The Rise of Pet Supplements
Many experts believe that the pet industry will get past $1 billion by 2027. Here, some of the major trending pet supplements include cat fish oil, dog vitamins, pet probiotics, etc. In those options, the probiotics are facing a rapid increase. Basically, probiotics help in the treatment of pets with digestive issues and food allergies.
If you find your pet suffering from a sudden digestive issue, injury, or any other problem, visit an emergency pet hospital in Singapore with your pet.
The use of probiotics for pets is ensuring the “humanization of pets.” Here, people believe in feeding their pets similar foods like that of themselves. Apart from that, many pet owners are focusing a lot on gut health. Hence, they are including food that supports the gut health of pets.
2. Emergence of New Product Categories
Generally, the pet industry consists of products like food, toys, beds, grooming, hygiene, leashes, and more. However, in recent years, there have been major innovations in pet product categories. One such example is pet wipes. These are moist towelettes that owners/caretakers use on pets after the latter excrete.
On the other hand, oral hygiene products are on the rise. In this case, an example is cat toothpaste. Apart from that, new innovations are coming in the form of litterboxes for cats that automatically clean cat litter.
3. Luxury Products for Pets
Many owners try to make their pets wear luxury items or buy them things that make them happier. High-end products for pets also come in the form of food. For instance, there are litter boxes that change color based on the pH level of a cat’s urine. These help cat owners detect illnesses in their cats.
On the other hand, there are cat enclosures for outside areas. This keeps cats away from attempting to go far but still spend time outdoors. Hence, there is no risk of escape or danger.
4. Pet Food Niches
It goes without saying that pet food alone amounts to more than 75% of all the sales in the pet industry. However, many brands that produce pet food are gaining market share with the help of niche pet foods. In addition to that, many startups are even considering launching completely new food products for pets.
For instance, frozen dog food and freeze-dried dog food are some of the fastest-growing niche pet food categories. Generally, these dog food items contain raw food ingredients and veggies. Since these ingredients are difficult to pack and ship, they are freeze-dried for better shelf life.
Apart from that, since many owners feed their pets raw food, the market is rapidly gaining an upward trend.
5. Rise of Pet Insurance
Insurance for pets – although it might sound interesting, it has been one of the fastest-growing industries in recent years. Basically, pet insurance covers the cost of veterinary care for pets. This is quite similar to health insurance for humans.
Basically, pet insurance provides financial protection to the pet owner when there are unexpected medical expenses for the pet. Here, a pet owner needs to pay a monthly/annual premium. In return, the insurance company agrees to cover vet expenses.
The Way Forward
Although there are more pet industry trends, the above ones produce a major impact. Basically, in all these cases, pet health and wellness are the major aspects that tie all those trends together. Hence, as pet ownership increases, there shall be an increased focus on pet health maximization.
Have you observed certain notable trends in the pet industry? Please share your ideas and opinions in the comments section below.
Also Read: The Best Goodbye: What Should One Expect During Pet Euthanasia Done Inside-Home?
