Americans spent over $95.7 billion on their pets in 2019, according to a survey by the American Pet Products Association (APPA), and it is anticipated that this figure will rise in the years to come. The $8.2 billion in revenue generated by the grooming and boarding sector of the pet care industry in 2019 is evidence of the great demand for these services.
The pet sector also includes pet products like food, toys, and accessories in addition to grooming and boarding. With pet owners prepared to spend more on premium, organic products for their furry pals, the demand for pet products is also rising. According to the APPA, $36.9 billion was spent on pet food and treats in 2019, which made up the majority of pet product sales.
The pet care sector presents many prospects for business owners looking to launch an animal enterprise. Other animal-related companies include pet stores, dog daycare facilities, and training services in addition to grooming and boarding, which are both popular choices. There are approximately 10,000 pet boarding and daycare facilities in the United States, which, according to the National Association of Professional Pet Sitters, demonstrates the tremendous demand for these services.
Overall, the pet market is a strong and expanding sector that presents both entrepreneurs and animal enthusiasts with a wide range of prospects. The demand for pet care services and goods will only grow as pet ownership rates keep rising and pet owners’ willingness to spend money on their furry friends grows. Grand View Research estimates that the size of the global pet care market would reach $202.6 billion by 2025, demonstrating the industry’s potential for exponential expansion.
The pet industry in Australia is estimated to be worth $13 billion yearly by the Pet Industry Association of Australia, and it is anticipated to keep expanding over the coming years.