The pet industry is evolving, and so are the trends around this sector. From growing numbers of pet owners to increased market revenue, here are some trends you need to look out for in 2024.
Increasing Numbers of Pet Ownership
Pets are widely considered as part of the family. This perspective and other key factors like physical companionship and better mental health have contributed to the increase in pet ownership worldwide. Statistics show that 66% of U.S. households have a pet.
This percentage translates to approximately 86.9 million U.S. households that are giving homes to different pets, including dogs and cats. Even with the already big numbers, pet ownership is expected to stretch further by 2024, with millennial and Generation X pet owners accounting for more than half of the statistics.
Dogs Earn the Most Popular Pet Award
It comes as no surprise that dogs are the most popular household pets, and the reasons are endless. Dogs entertain you with crazy antics even on gloomy days. They are great company day and night and make your life better.
These amazing benefits are made visible by the percentage of dog owners in the U.S. Around 65.1% of households own a dog, followed by cats at 46.5% and freshwater fish at 11.1%. For this reason, there’s also an increase in supply and demand for dog resources and accessories.
Flourishing Numbers in the Pet Industry
The biggest factor behind the tremendous numbers is none other than technology. Many people see the importance of keeping their pets happy, safe and healthy. They invest in relevant products like pet treadmills and superior cameras for a better pet-owning experience. In most pet shelters, microchipping has also become essential to create secure and reliable identification for pets.
By 2027, the pet industry is expected to reach $360 billion and might even hit $500 billion by 2030.
North America Tops the Spot in Revenue Share
With almost two-quarters of revenue share in the pet industry at 43%, North America has become one of the best locations to start a pet business. Increased pet owner numbers and high disposable incomes contribute to this significant amount.
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