Pet Industry Analysis

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Pet Trends into 2014 and Beyond
Going forward, growth in the pet industry is projected to be 4 percent annually through 2018. In the next five years, pet operations are projected to maintain strong growth. The number of households owning pets is expected to continue to increase along with an increase in discretionary income as the economic recovery takes hold. These two factors combined will continue to bolster the demand for premium products, foods and pet services.
Pet ownership is the key to increased growth in the industry. Ownership has been on the rise in the United States for the last two decades. The demand for pets, especially cats and dogs, is expected to continue to rise through 2018 and probably beyond. For the next five years, …show more content…
For 2013, IBIS World tags the live-animal segment at about 5.6 percent of total industry revenue. The large retailers generally only sell fish and some small animals, and then partner with local pet adoption programs to provide dogs and cats. The independent, small retailers often sell all types of animals. These can include fish, birds, rabbits, a variety of small animals, a variety of reptiles and invertebrates, and cats and dogs.
Two other factors besides an increase in pet ownership are expected to influence an increase in business for independent retailers.
1. The recovering economy. This will provide consumers with more discretionary income.
2. The ongoing trend of pet humanization. This will spur demand for premium foods, upscale products, and more specialty services.
Competition will continue from supermarkets and grocery stores that offer one-stop convenience. But consumers will also be seeking pet supply options based on factors other than low prices and return to smaller …show more content…
But today a number of other countries are emerging as global pet industry forces.
The majority of the pet operations in the United States are small businesses that operate within a local or regional scope. The IBIS World Industry Report states that globalization will not have an impact on the retail segment. However, at the manufacturing level, pet supplies are increasingly being imported and exported, and then sold in the domestic market.
A London-based market research firm, Euromonitor International, reports that the trend in world pet markets has increased exponentially within the last five years. According to the article, The World Pet Market Booms, Countries that are Experiencing Unprecedented Growth by Alissa Wolf, the industry insiders attribute this growth to global humanization of pets. Other cultures are also increasingly regarding companion animals as family members.
Wolf indicates that a boom in the world pet markets can be seen in a number of emerging countries. Not only have they experienced growth in their pet industries, some have also begun to schedule their first "Pet Expo"-type conventions. Some of these up and coming countries
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