According to a report by Grand View Research, the global pet care market is expected to reach USD 202.6 billion by 2025. The rise in the adoption of pets, changes in consumer trends, and the growing demand for premium care products are a few factors expected to drive that market growth.
American pet spending has continued to rise every single year since 1994 – even during the 2007-2009 recession – reaching an estimated $72.13 billion in 2018 and almost $100 billion by the end of 2019. China, Brazil, and India are also experiencing exponential industry growth and a rise in pet ownership.
Within all of the pet spending, the global pet grooming segment alone is expected to reach USD 14.5 billion by 2025
Why Such Steady Pet Industry Growth?
Shifts in Culture
Over the last 30 years, pet ownership has gone from 56% to 68% of all U.S. households. Socially, over the past century, the culture of being a pet-owner has greatly shifted. Dogs have always satisfied that need for companionship, but historically many of them were seen as tools or aids – meant to sleep outdoors, in dog-houses. As time progressed this need for a working dog has diminished and in many cases, they are now solely seen, as companions. As millennials and Generation Z consumers enter adulthood, they strengthen and embrace the pet-owning lifestyles and now dictate the market. While baby boomers account for 32% of pets owned, households headed by younger cohorts account for 62% of pet ownership.
Ease of Technology
Advances in technology are disrupting traditional views of the industry. With subscription-based retail taking over traditional pet supply stores and app-based companies bringing convenient alternatives to pet care. The innovation has been endless and pet owners are enjoying the conveniences. According to Wakefield Research, 69% of millennials are likely to use technology to keep track of their pets.
Tastes & Preferences
Traditional pet foods and treats are not up to snuff for modern and more conscious consumers. Today’s pet-owners demand healthy ingredients and they want to understand the brand’s ingredients and supply chain values. Although these products cost more, consumers have no hesitation and expect the same quality assurance they receive with their own human grade goods.
Increased Market Diversity
Pet service offerings are becoming as vast as the trends of human counterparts. Businesses with a close focus on niche segments of the industry including, daycare, grooming, pet care, pet transportation, end of life services, pet-friendly eateries, hotels, and walking services, are all establishing a unique place in the market and minds of pet-loving consumers.
3 Reasons to Consider Owning a Business in the Pet Service Industry
Achieving a true balance of work and life looks different to everyone. Whatever that vision is for you is certainly valuable and we want you to know it’s achievable. As an industry that is built on emotions and affection, we understand the love that exists outside the 9-5 hustle. Invest your time and energy into something that excites you, the rest will fall right into place.
Passion comes in many forms and faces. It is unique to the beholder and it is a powerful yet lesser considered business tool. We all know that skills, behaviors, and experience, weigh heavily in professional development but why don’t we place that same focus on emotion? At Splash and Dash Groomerie & Boutique, we do! Passion populates profits and we’ve proven that one true!
The world of business is complex and constantly evolving. With that said, starting a new one can feel awfully daunting – so we’ve taken the guesswork out of it. There is no need to re-invent any wheels. There are methods that are proven to work, proven to increase revenue, increase profits, and increase your happiness. Business is strategic and we’ve established a roadmap that could work for you and your community!
Find out more about what makes a good Splash and Dash Franchisee and let us know if we align well with your current values and future aspirations.