Where is the Pet Store Industry Headed?
Amid Expansive Growth: Pet Store Industry Trends for 2021 and Beyond
While the pandemic has made a mark on every industry, the pet industry has been especially resilient – recognizing significant growth during the pandemic. By just about every metric, the pet industry in 2021 represents one of the most lucrative business options, with franchise business opportunities leading the way. Now is a great time to own a pet grooming franchise – perhaps one of the best franchises to own in 2021.
Following the positive trend already established by Millennials, pet adoptions have continued to skyrocket in the United States. Three out of every four American Millennials own a dog or cat. But, it’s not just the growing number of pet owners that has positively influenced the market, there has also been a significant shift in how pet owners relate to their pets. A growing number of pet owners think of their pet as a vital member of their family. With this mind shift has also come a drastic increase in spending on pets, with pet owners increasingly seeking out luxury items and specialty services for their pets. If it’s good enough for them, it’s good enough for their pet.
The Success of 2020 has Primed 2021 for Continued Growth
According to the latest statistics from the American Pet Products Association (APPA), the United States’ pet industry is currently worth $99.0 billion, up from $95.7 billion in 2020. With 85 million families in the United States owning a pet, it’s expected this industry growth will only continue.
With so much growth, changing pet owner attitudes, and increasing consumer demand, the pet industry is ripe for pet store franchises, especially a pet franchise business that delivers a recurring revenue model. In response to consumer demand and a booming market, the pet industry has developed some significant trends.
Top Trends for 2021
Here are the top industry trends that will continue to make a difference to pet owners in 2021 and beyond.
There are a Growing Number of Pet Products & Supplies
The largest pet store industry sales are in the food and pet care categories. There are a growing number of products such as pet clothing, collars, carriers, and food bowls that pet owners are eager to purchase for their pets. This business segment continues to see positive sales growth.
Pet Grooming & Other Services are in High Demand
Just because a pet owner works or some other reason has them away from home doesn’t mean they can’t still pamper their pet. More and more pet owners are dropping off their pets to be pampered at the groomers. The convenience of local pet groomers has seen the pet services category continue to surge in popularity, making it the fastest-growing product segment over the past five years.
New Pet Technologies Enhance Pet Care
New pet technology gadgets are hitting the market and becoming increasingly popular. With everything from automated feeders and pet cams to pet “fitbits,” new pet technology solutions are revolutionizing the way pet owners interact with their pets while they are at home and also while they are away from their pet. Unimaginable just a few years ago, today fitness apps enable pet owners to track their pet’s health, locate nearby dog parks, find a veterinarian, or monitor their pet’s activity remotely.
Organic and Sustainable Aren’t Just for Humans Anymore
With the growing trend of pets as family, it’s no surprise pet owners are looking for products for their pets that are in line with products they buy for themselves. This move includes such items as organic pet food, gluten-free and grain-free food options, natural fiber toys, all-natural cat litter, and pet groomers that use cruelty-free and environmentally-friendly products.
CBD Products Are Growing in Popularity
CBD products have gained massive appeal in the human market, so it was only a matter of time before it crossed over to the pet market. Thanks to the federal government, CBD products are now legal, provided the extract contains no more than 0.3 percent THC. Pet owners are flocking to buy CBD extracts, treats, and shampoos and topical oils for their pets to help ease anxiety and stress for their furry family members
Pet-friendly Travel is Taking Off
Pet owners are planning vacations that include taking along their pet. This opens up a big opportunity for pet travel-related products and services in the pet, hotel, and travel industries.
Online Shopping Continues Its Uptick
E-commerce options continue to grow, accelerated by COVID-19. However, boutiques that offer one-stop shopping along with specialty items are still in hot demand.
Pet Luxury Items and Customization Are Making a Name for Themselves
Designer labels such as Chanel, Gucci, and even Swarovski crystal are taking a trip down the pet runway, offering high-end fashion for our four-legged friends. Pet owners are willing to pay the high price tags to set their pet apart. Along these same lines, pet product customization in 2021 is lightyears away from what it used to be. Pet owners want more personalization – way beyond an engraved name tag. Today, pet owners are seeking customized pet food, using doggie DNA tests to determine the best food options for their pet.
Consumers Are Seeking More Social Experiences
Today’s consumers are digital-first, so a brand’s online presence is of paramount importance. Consumers want to see a website and social media that inspire trust and make a connection, and they want the information to be up-to-date and easy to use. Pet owners want to be able to easily schedule appointments and handle payments. Subscription boxes that deliver a monthly assortment of pet goodies to pet owners are also very popular. It’s all about creating a good experience for pet owners.
Looking Ahead: The Future for the Pet Industry
The pet industry is growing year-on-year. There is certainly space and plenty of opportunity and demand for the development of new products and services that cater to the needs and wants of pet owners.
At Splash and Dash Groomerie and Boutique, we know the pet service industry is going strong. Our franchisees are taking full advantage of the phenomenal industry growth. We are looking for passionate people who are looking for a rewarding business opportunity to join our franchise family.
If you are interested in learning more about how we can help you achieve your dream of owning your own business and get in on the booming pet industry, please download a copy of our free Franchise Report. Inside this report you will learn more about what Splash and Dash has to offer and what makes us a great franchise business opportunity.