The future is bright for the pet industry, not just this year but also in the coming years. In 2018, the estimated global growth of the pet industry was around $190.1 billion. By 2025, it is foreseen that it would reach a staggering $269.9 billion! Yup, no one can stop pet owners from spoiling their precious fur babies.
The 5% CAGR (Compound Annual Growth Rate) to 2025 might be an impossible feat, but this could happen in the mere future with the thriving online pet market. The convenience and comfort that the online pet market offers is welcoming, unlike the brick-and-mortar model. Pet owners can compare prices and read reviews online before buying necessities for their pets. Customers can make informed choices without leaving their homes and purchase items with a click of a button.
Moreover, it seems the pet industry never wanes when it comes to new gimmicks and inventions to keep patrons hooked for years to come. Here are the hottest trends in the pet industry that made noise this year:
It adds new meaning to "pets are family." As defined by Small Business Labs, pet humanization (or anthropomorphism) is a trend "whereby pet owners treat their pets like children and are highly receptive to products similar to the ones they use for themselves."
And based on the report of Household and Pet Care CPG, the Asia-Pacific market currently dominates this area. It is expected to increase to $384 billion by 2023, which beats the projection we've mentioned above. Moreover, it might surpass the fashion & apparel and health & beauty categories by 2023. That is how popular this trend is.
Examples of pet humanization practices are advanced veterinary procedures like chemotherapy and MRIs. Using omega 3s in pet supplements. And allowing pets to stay in hotel rooms and purchasing designer pet supplies.
Sometimes the medical needs of a pet are more costly than their owners. Hence, the proliferation of the pet insurance industry. According to a 2017 report, more than 2 million pet owners invested in insurance for their pets. It works the same way as health insurance for humans.
The typical pet health policies don't cover routine care medications such as vaccinations, spaying or neutering, annual exams, and pre-existing conditions. Instead, it covers incidents, injuries, allergies, digestive issues, infections, and cancer.
Pet insurance has an age limit between 6 and 10 weeks to be able to get a plan. Unfortunately, if your pet has breed-specific conditions, it may increase your pet insurance cost. In the US, the monthly average premium for a dog is $15.84 to $44.67. On the other hand, cats' premium may cost $12.72 to $27.93. But take note that this is a 2017 estimate. Better consult a pet insurance advisor to know the latest monthly premium.
Organic and High-grade Pet Foods
Pet owners don't want to settle with less when it comes to pet foods. Traditional pet foods are out; organic pet foods are in. Based on a Forbes report, consumers are "opting for more fresh, frozen, and made-to-order diets for their pets." They only want to purchase pet foods with high-grade and healthy ingredients.
Why do pet owners prefer such an expensive dish? As reported by Kerry Group, a public food company, their survey revealed that pet owners believed that "high-quality pet foods are effective in preventive health care...and could prevent specific health issues."
"Lickable" treats and wet pet foods also gained popularity this year. In the recent Global Pet Expo, pet food concessionaires showcased their products, such as frozen treats, mousse textured supplements, and bone broths.
Gizmos for your pets? Why not? Today, it isn't only pet microchips getting the rave reviews. There are also other types of pet technology worth exploring. One of which is pet monitoring systems that function as baby monitors where you can watch when you are outside your home for work or errands. It also lets you talk to your pet to calm them down if they are agitated or bored.
Besides microchip, you can put a GPS tracker on your pet's collar if you are wary of inserting a tiny device in your pet's body. When you are away from home, you can still feed your pet using a smart feeding bowl or clean a cat's litter box with an automatic, self-cleaning cat litter box.
Do you have a pet dog with boundless energy? Interactive pet toys might help them keep themselves entertained and mentally active. An example of this is an automatic ball dispenser or a treat dispenser.
If you aren't ready for a real pet animal, try adopting lifelike pets such as Perfect Petzzz. It can be a starter animal for kids or a lovely companion for older people. Lifelike pets feel and breathe like a living pet. It can purr and vibrate while asleep. Perfect Petzzz has very soft fur that you can touch or pet.
Lifelike pets such as this can also offer the same comfort and companionship as family pets. It can provide a real pet ownership experience without the hassles and expenses like vet bills. More importantly, you will never have to deal with the expensive pet trends we've mentioned above.
It is safe because it is made from 100% synthetic fur, complete with a pet brush, collar with pet tag, new plush pet bed, and an adoption certificate.
Perfect Petzzz is available for purchase through our Amazon site. For any other inquiries, contact us here.