The pet industry continues to grow. Check out some of the latest pet industry statistics and emerging trends for 2024 and beyond. Learn what current or potential pet business owners should be paying attention to in order to stay ahead of the curve.
The Steady Growth of the Pet Industry
According to the 2023-2024 American Pet Products Association (APPA) National Pet Owners Survey, pets are found in 66% of U.S. households, totaling approximately 86.9 million homes. This translates to a vast market of pet owners willing to spend on their furry, feathered, or scaled friends. In 2023, pet industry expenditures in the U.S. alone were estimated to exceed $100 billion, a clear indicator of the industry’s robust health and consumers’ increasing willingness to invest in pet care.
Current Pet Industry Trends at a Glance
Trends may come and go, by definition, but it’s essential for business owners to stay aware of what is appealing to customers at any given time.
- Members of the family: More than ever, pets are considered part of the family, leading to increased spending on premium products and services. This includes high-quality, organic pet food, luxury grooming services, and advanced health care options, such as options that cater to the holistic well-being of pets, from specialized diets and supplements to pet therapy and fitness programs.
- Technology integration: From wearable tech that monitors pet health to apps that facilitate pet care services, technology is playing a bigger role in the pet industry. This integration not only improves pet care but also opens new avenues for businesses to offer innovative services and products.
- Sustainable and eco-friendly products: With a growing emphasis on sustainability, eco-friendly pet products are becoming increasingly popular. This includes biodegradable waste bags, sustainably sourced foods, and eco-friendly toys and accessories. Pet owners are more conscious of their environmental impact and are looking for brands that align with their values.
- Mobile pet services: Mobile pet grooming franchises, veterinary services, and pet sitting are on the rise. Convenience is king for today’s busy pet owners, and mobile services that come to their doorstep are in high demand. This trend is particularly relevant for potential franchise investors looking for a business model with high growth potential.
Outlook for the Pet Market
Pet industry trends point in a positive direction moving forward. The trends mentioned are expected to not only continue but also evolve with new innovations and consumer demands. The pet industry’s resilience to economic fluctuations adds an extra layer of security for those looking to invest.
The market is projected to continue its growth trajectory, with an expanding range of products and services. The ongoing humanization of pets and the emphasis on their health and wellness are likely to keep driving expenditures up. Sustainability will continue to be a significant factor influencing consumer choices. Pet businesses that prioritize eco-friendly practices and products are likely to see increased loyalty and growth.
As technology advances, expect to see an even greater variety of services available to pet owners. This could include more sophisticated health monitoring, personalized pet care services, and an increase in luxury pet accommodations.
Why Now Is the Time to Get in On the Pet Business
Given the current trends and the positive outlook for the pet industry, there’s never been a better time to consider owning a pet business. The industry’s growth is supported by strong consumer demand and a wide range of opportunities to innovate and differentiate. For potential franchise investors, this is an opportune moment to enter a market that is not only profitable but also offers the satisfaction of enhancing the lives of pets and their owners.
Whether you’re passionate about pet care or looking for a resilient business opportunity that aligns with your values and goals, the pet industry offers a promising landscape. With the right approach, your pet business can thrive, tapping into the ongoing trends and meeting the needs of pet owners seeking the best for their beloved companions.
Aussie Pet Mobile continues to set the standard for mobile pet grooming in the U.S., embracing technological advancements, sustainable practices, and customized pet grooming services that all pet owners are looking for.
To learn more about how you can get your pet grooming business moving with Aussie Pet Mobile, inquire now.