Let’s be honest, the pet industry was growing and booming even before the pandemic hit us. The pandemic has undoubtedly accelerated the growth of the pet care market, but experts suggest it must happen sooner, if not later.
The COVID-19 pandemic has been a major contributor to the growth of the companion animal industry, but it is not the only factor responsible for the industry’s expansion and growing popularity.
In 2020, the global pet care market size was estimated at $ 207.90 billion. According to an analysis from Fortune Business Insights, the pet care market is expected to grow from $ 222.93 billion in 2021 to $ 325.74 billion in 2028 with a CAGR of 5.6%.
These promising figures have attracted a lot of investment in the pet industry. Pet care startups with a D2C (direct-to-consumer) model are well received by the new generations as they provide personalized services and care to pets that come in handy in their fast-paced and busy lifestyles. .
Let’s take a look at what are the determining factors for the growth of the pet trade.
COVID-19 and its effects
The pandemic has kept people indoors, caused isolation, and affected the mental health of people around the world. Having a pet is scientifically proven to improve the mental well-being of humans; it was only natural that people turned to adopting and returning more furry companions to their homes.
In India alone, the number of companion dogs was 19.3 million in 2018 and is expected to reach 31 million by the end of 2023, according to a Statista report. This further boosts the sales and services of pet care companies.
COVID-19 has also made pet parents wary of their pet’s health. Parents of pets have been increasingly curious about their pets contracting or spreading the COVID-19 virus.
This has increased incomes for vets and other pet health products like pet disinfectants, especially in 2020. When pet parents contracted the COVID-19 virus, boarding houses and kennels Pets saw a sudden influx of residents and inquiries because pet parents were unable to care for their pets.
During these times, D2C pet care companies have stepped up to take on as many pets as they can, provide in-home services, and deliver ready-to-eat foods to the convenience of parents’ homes. ‘animals. Services such as online veterinary consultations, behavioral counseling and training have also emerged to meet the needs of the moment.
It has undoubtedly created good income for pet care companies and also helped build good relationships with pet parents and spawn revolutionary products and services.
Awareness and awareness
New generations treat their pets like babies and family members. 76% of Millennials are pet parents, according to a YPulse report. Pet parents want to give the best to the most important member of the family. This has given pet care businesses the opportunity to grow rapidly over the past few years.
Apart from this, there is a growing awareness among pet parents to provide high quality, nutritious foods that meet the dietary needs of their pets. D2C services such as specialty diets have grown in popularity since a majority of pets in India are struggling with obesity, arthritis, and other health issues. The growing demand for premium food is likely to further stimulate the pet care business.
Grooming and training are also gaining popularity among pet parents as pet parents are now more aware of the benefits of these services.
Luxury services like spas, pet hotels, birthday parties, and pet photoshoots have grown in popularity as pet parents now want to pamper their pets the same way they do. they spoil their children.
With the festivities underway, noise pollution is likely to have serious and adverse effects on the hearing skills, senses and mental health of pets. One of these problems is anxiety caused by loud sounds.
During these times, D2C companies offer specialized training courses for pets and pet parents to address anxiety and behavioral issues that arise even due to environmental changes.
All of these services have given pet care businesses immense opportunities to grow and serve animals in every way they can.
Advanced Animal Care Products Support Market Growth
Technologically enabled pet care products have also seen increasing popularity. Global Market Insights suggests that the pet technology market size was over US $ 5.5 billion in 2020 and is expected to grow 22% CAGR from 20,221 to 2027.
As the demand for practical, next-generation solutions increases, so does the products to meet these demands. Companies are now turning to more efficient, faster and simpler solutions for pet care. Products such as food and water vending machines, smart laser cat toys, and tracking devices are driving the market growth.
User-friendly mobile apps also provide a seamless experience for pet parents, making it easier to care for pets in their busy lifestyles.
Higher disposable income, growing popularity of pets as companions, growing awareness of caring for street animals and empathy for animals are other reasons there is a increase in the pet population in India, ultimately making the pet trade more popular.
Do D2C companies have the upper hand?
Pets are now also treated like family. Providing the best in healthcare, food, grooming, training, treats, toys, accessories or any other product / service within the field of pet care has immense potential for growth.
The new generation of pet parents are looking for services that treat their pets with care and attention. This gives D2C companies an advantage as they are in direct contact with their customers and can provide personalized services for their pets.
Add to that, a one-stop-shop for pets and consumers are most likely to choose these services because they have everything under one roof.
With the increasing number of pets, the pet care market will only grow further. The demands will increase and pet care businesses will have even more opportunities to fly higher, invest more, and ultimately help Indian pet care businesses grow. internationally.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)