From 2014 to 2019, the US pet care industry developed at a yearly rate of 6%, to come to $9 billion in income last year, as per an IBISWorld account published last June.
It comprises over 123,000 pet grooming, sitting, and grooming enterprises that hire roughly 218,000 employees, as per the review.
Before the epidemic striking, the industry was stagnation-proof, with pet possession staying firm even during financial depressions.
But as Americans stop moving around, buy Folding Dog Playpens for their pet dogs and settle in at home, pet care establishments, more so those offering boarding services, will receive the toughest, short-term blow, according to a March review by Maryland-based market study firm Packaged Facts.
How has the ongoing coronavirus pandemic affected the pet industry? We will get into this below:
Pet Industry Statistics for 2021
The pet industry comprises many vital branches. Some of them are:
- Pet food and treats
- Pet insurance companies
- Vet care and supplies sale
These industries gain millions of dollars per year. Here are some of the latest findings on the topic:
- 68% of millennials and 73% of Gen Zers are ready to spend more on maintainable pet items- younger generations not only care about their pets’ welfare, but they want to participate in conserving their surroundings as well.
- 41% of cat owners and 43% of dog owners purchase premium pet food- more pet owners are not only looking to keep their furry companions full but healthy as well.
- Over 50% of dog and cat owners give their pet a Christmas treat or gift- the pet humanization fashion proceeds with holiday gifts for cats and Christmas presents for dogs.
- 21% of pet owners have spent more cash on their pets during the epidemic than before it- 70% of pet owners spent more time with their pets at social distancing and lockdown time.
- 61% of pet owners in the US are ready to pay more for diets that meet their pets’ dietary requirements.
- Experts estimate that the US pet industry hit $99 billion in 2020.
- Vet care and item sales had a $30.2 billion income in 2020.
- 12% of adults with children below 18 years have adopted pets due to the COVID-19 pandemic.
- The pet food industry evaluation estimates dog and cat owners spend roughly $300 on pet treats and food annually.
- As per Packaged Facts on the pet industry, 69% of millennials choose their pet’s organic and natural items.
- According to the pet grooming industry figures, dog owners pay out $73 on grooming each year.
- New item classifications surface- before, the industry was made up of product categories such as pet grooming, food, toys, hygiene, leashes, and beds. There’s an emergence of pet care product categories such as pet toothpaste and pet wipes.
How Has COVID-19 Affected the Pet Industry?
For pet care products that have developed for years, coronavirus poses an unmatched provocation. The epidemic intimidates supply chains, affecting the presence of essential inserts and the workforce.
Here are some of the ways the pandemic has impacted production:
1. A Massive Contraction or Slowdown in Development
Regardless of sales spikes before because of stockpiling, the long-term COVID-19 indications will originate from the depressionary row. Pet humanization assisted the production weather in the 2009 depression with excellent outcomes.
In more serious downturn situations, the industry will be much less capable of getting by.
2. Supply Chain Hindrances
The epidemic poses massive provocations to pet care stock chains. Transportation and production need fit personnel, while the presence of vital inserts may be restricted too.
Exports and inputs also face hindrances as countries resort to nationalist trade plans or handle their labor problems.
3. More Pet Adoption
Before the pandemic, individuals were free to mingle with others in closed and public places freely. However, coronavirus has seen the introduction of safety measures such as social distancing, lockdowns, and curfews.
This has led to more people turning to pets for companionship as humans are naturally inclined to desire the company of other creatures. People prefer pets because:
- They don’t judge.
- They always show genuine joy when they see their owners, especially dogs.
- They lend a listening ear to their owners.
- Most of them always want to be around their owners.
- They’re so adorable and easy to support.
4. The intensity of Continuing Channel Transferences
Coronavirus is speeding up a transfer to electronic commerce that was previously reforming pet care.
Social withdrawal has given rise to a stream in online demands and resulted in the development of fresh models such as Third-Party Conveyance and Click & Connect.
5. Pet Abandonments
In some retails, home solitude and isolation are propelling development in momentary pet adoption programs that may interpret into extended pet inhabitant development.
In other retails, deception on the interaction between COVID-19 and animals and economic hurdles fuel pet abandonments.
COVID-19 is leaving noticeable scars on the pet industry. But that doesn’t mean that all hope is lost. Specialists are doing everything in their power to keep the production alive, and you can too- by staying optimistic and playing your part in ensuring pets are safe.
If we’ve overcome so many pandemics before, coronavirus too shall pass. In the meantime, cuddle your pet and give it all your love. It’s the best companion you’ll ever have during this pandemic. If you don’t have one yet, now is the time to own a pet. Stay safe!