Pet Industry Statistics & Expected Growth in 2021
The pet industry is booming — even amid the COVID-19 pandemic. Here are the latest pet industry trends and statistics which will fuel pet industry growth in 2021.
Pet Wellness By The Numbers
The pandemic and its subsequent stay-at-home orders triggered a surge in pet adoptions and sales, with the American Pet Products Association (APPA) reporting pet care as a $99 billion industry at the end of 2020. With so many new four-legged friends being added to families, that figure is likely to continue to climb moving forward. Especially because pets have now become even further humanized and considered as much part of the family has other human members.
According to a study from APPA, 70 percent of pet owners surveyed were spending more time with their pets than they had been pre-pandemic. Spending wise, 64 percent of owners were found to be spending the same amount of money on pets as they had been years prior, while 21 percent were actually splurging on pet care like never before. Furthermore, the largest population of dog owners now in the U.S. are millennials, who spend on average three times more on their dogs than baby boomer pet parents.
Pet Food
Representing the largest portion of the market, consumers spent $38.4 billion on pet food in 2020, which averages out to about $300 spent per customer over the year. Perhaps as a direct result of the COVID-19 pandemic, the industry is trending toward a heightened focus on sustainability and an increased interest in e-commerce capabilities.
One might assume that considering the financial strain many consumers have faced this past year, an emphasis on sustainability would be less of a priority, but the opposite actually seems to be the case. The desire to “go green” and support companies that promote environmental and social responsibility is on the rise. The pet food market stands to benefit greatly from meeting this evolving consumer demand.
A report from IRI found that pet food companies occupied three of the top five spaces among brands ranking highest for sales growth in e-commerce during 2020, and the trend is likely to continue on an upswing for years to come.
Pet Grooming
Revenue for the pet grooming industry had grown rapidly over the five years leading up to the start of the pandemic, owing much to consumers’ disposable income and unimpeded travel causing them to really want to pamper their pets.
While 2020 required adjustments to be made and new business practices put in place, pet grooming has proven to be pandemic and recession-proof, with the market size expected to reach $14.5 billion by 2025. With pet ownership on the rise, demand for grooming services has increased, presenting the perfect opportunity for burgeoning entrepreneurs and seasoned business owners alike.
Pet owners who are able to work from home have found themselves saving money on commuting, dry cleaning, dining out, and other work-related expenses, allowing them to redirect funds to pamper and provide extra care to their furry companions like never before. One way to pamper your pup is a trip to one of our Scenthound locations. J
Why Scenthound?
Scenthound occupies a unique corner of the pet care market by providing a boundary-breaking model unlike any other brand. Scenthound doesn’t adhere to just one category, instead, they are flipping the model of traditional pet grooming on its head by offering a wellness-focused, membership-based pet care program that is the first of its kind.
Scenthound is proud to have met the challenges of 2020 and looks forward to developing new territories in the new year with passionate entrepreneurs who are excited about offering a one-of-a-kind service in a booming industry. If you would like to learn more about franchising opportunities with Scenthound, please visit us.