2023 has been a year of change for every industry, and the pet industry is no exception. Pet brands and businesses must keep a pulse on the state of the industry in order to manage these changes and continue to evolve and grow with the market.
Top Pet Industry Statistics to Know in 2023
1. Value of the pet industry. Did you know the global pet market is worth $261 billion (according to Global Industry Analysts)? The COVID-19 pandemic led to an increase in pet ownership, which in turn, resulted in an increased spend on food, veterinary care, toys and pet grooming.
2. Increase in pet ownership. Pet ownership is on the rise. At the end of 2022, there were more than 110 million households buying pet products, a 10.7 percent increase over the previous year (according to NielsenIQ). Millennials currently lead the pack, with one in three millennials owning a pet. Nearly one-third of veterinarians serving today’s pet market are also millennials.
3. Pet grooming industry is booming. Again, due to the COVID-19 pet ownership boom, the pet grooming industry has seen a rapid increase, and is projected to reach $14.5 billion by 2025 (according to Grand View Research).
Pet Industry Trends to Follow
In addition to the statistics above, we’re seeing new and evolving trends in the pet industry. These trends are essential for any pet business to keep in mind.
The Humanization of Pets More pet owners treat their pets like other members of the family, according to NielsenIQ). This means a demand for higher quality, more natural pet products, like food, toys and treats. Today’s pet owners are also more likely to spend on grooming (an estimated $70-$80 per grooming session) and hygiene care for their pets.
The Rise of Smart Pet Tech The last few years have seen a notable increase in tech pet products, which allow for pet owners to monitor and interact with their animals remotely. Some of these products include
smart collars, treat-dispensing cameras and feeding systems. Pet owners can use technology to track their pets’ activity levels, monitor their behavior and even dispense food and treats from their smartphones. Evolution Dog Wash provides an opportunity for pet businesses and multifamily housing developers to capitalize on the growing pet industry. The installation of a self-serve dog wash allows today’s pet owners to keep their four-legged family members clean with a safe, comfortable automated dog wash.
For more information on how to get an Evolution Dog Wash machine for your pet business or apartment complex, contact us today.
