Pet Industry Trends for 2024
Trends Highlighted at the Global Pet Expo
What trends will define the pet care industry in 2024?
There are a number of compelling trends pet businesses should be tracking going into 2024, including CBD supplements, personalized nutrition, pet tracking technology, sustainable toys, and pet probiotics. These were all major trends seen at the 2023 Global Pet Expo, a trade show that took place in Orlando, Florida earlier this year. More than 16,000 attendees from over 86 countries flocked to Florida to sample the newest innovations in pet care. We’re going to highlight the latest and greatest categories, so you can offer cutting-edge care to your clients.
CBD Supplements for Pets
Just as people have discovered CBD to be helpful for joint pain, insomnia, and other ailments, they’ve been giving CBD to their pets as well. In fact, one of the first Cornell studies on CBD was performed on dogs. In that study, over 80% of the dogs with osteoarthritis saw some pain relief. There are ongoing studies that suggest CBD might be helpful with allergies, epilepsy, anxiety, and even chemotherapy treatments. There were multiple booths at the 2023 Global Pet Expo with CBD products. The brand Fidobiotics created dietary supplement products for dogs and cats that contain probiotics and CBD, to reduce stress naturally. And the brand PAWSE made chews with fish oil, lean protein, and CBD, to “promote brain function, calmness, healthy skin and immune system, mobility and overall wellness.” What’s more, CBD has been studied to be safe in dogs. If you sell pet products, it may be worth it to take advantage of this trend and stock some CBD products.
Every animal is unique, and so are their health concerns. Pet product makers are increasingly interested in delivering nutrition that is tailored to each pet by breed, weight, or other individuating factors. Brands like Just Food For Dogs give owners detailed surveys about their pets’ breed, activity level, weight, and health goals to provide custom nutrition plans for dogs, giving the owners confidence that their meals will optimize their pets’ health. If you sell dog food, you might consider partnering with a company that offers a high level of personalization to capitalize on this trend.
Sustainability & Green Products
How many times have you looked at a used poop bag, shredded pee pad, or chewed up toy, and thought about how those products were going to end up in a landfill? Pet owners and pet product companies are looking for more ways to reduce their carbon pawprints, and the Global Pet Expo featured some fun innovations in the sustainable and green product spaces. Companies like Arch Pet Food, Instinct Pet Food, and We Are Ndependent are creating food and treats with newer, more ecofriendly proteins, such as crickets and sustainably caught fish. Other companies like Boxiecat and Dofucat are making more sustainable cat litter that is either biodegradable or upcycled. In the toys and treats space, Augie Bones makes compostable chew toys, and KTR Group makes collagen donut treats that promise to remove plastic from the environment for each purchase. And Curli AG uses upcycled vegan leather made from the apple juicing process for their dog harnesses. If you sell pet products, see what cool new sustainable products you could stock!
Your doctor may have told you to start eating more yogurt, kimchi, pickles, or other fermented foods because they’re rich in probiotics, microorganisms that make up your gut’s microbiome. Probiotics can improve pets’ (and humans’) immune and gastrointestinal health, and they can be useful if a dog is suffering from diahrrea or other symtoms of an upset stomach. There are now many pet probiotic products on the market – almost 1,000 are available on Chewy alone – in the form of chews, kibble, powders, and liquids. It’s safe to say the market will continue to grow next year and beyond, and if you own a pet retail business, you might want to stock some pet probiotic products.
Pet Grooming Industry Trends
Millennial Pet Ownership
Remember the pet craze of the early pandemic? It seemed like everyone was trying to adopt a new puppy or kitten to train and spend time with while in lockdown. According to Morgan Stanley, Millennials and members of Gen-Z who are in the 18-34 age bracket drove much of the increase in pet ownership in recent years. Since it’s become harder financially for millennials to own property and start family, they’re also more likely than their older counterparts to seek more premium care for their pets, treating them like a member of their family. Pet spending increased over the past few years and is considered “inelastic”, meaning that people are more likely to cut other areas of spending when money becomes tight than spend less on their furry friends.
Mobile Grooming Services
As people have gotten back to in-person work, school, afterschool activities, and nightlife, they have less time to take their pets to the groomers. This has created demand for mobile grooming services, usually a van or truck that will drive to an owner’s house to groom their pets. They often come equipped with their own electricity, water, and heating, and can arrive around the owner’s schedule, rather than them traveling out of their way. The groomers can also provide individualized attention to pets. If you own a stationery dog groomers location, you might be able to increase your business by offering a mobile unit in addition.
Dog Daycare Industry Trends
Pet Business Management Software
Have you been seeing a similar boom in business in recent months? Now more than ever, it’s essential to find a great pet business management software to help you deliver your best service to your clients. Whether it’s booking reservations at your dog daycare facility, managing employee timecards, counting pet supply inventory, or performing financial reporting, PetExec is a great choice to have by your side as your business grows and grows. Suitable for businesses of all sizes, from groomers to dog daycares, PetExec automates many time-consuming tasks so you can get back to doing what you do best: caring for adorable pets. Book a free PetExec demo today to learn more!
Post-Covid Return to the Office
After a couple years of staying inside and giving pets tons of attention, many workers have found themselves returning to the office for at least one to three days a week. But no matter if a workplace is designated as “flexible”, “hybrid”, or fully back to in person, owners are searching for a safe and welcoming place to leave their pets for the day. As such, doggy daycares are seeing an increase in demand. As a business owner, this might make you want to open another location, extend your hours, or begin to offer daycare services if you do not as of yet. And dog daycare software like PetExec can help your business grow sustainably.
Commonly Asked Questions
What is the outlook for the petcare industry?
The outlook for the petcare industry is strong with sales for pet care rising over 11% in the past year according to the APPA National Pet Owner’s Survey, despite the rise in inflation which dampened some people’s disposable income. Morgan Stanley even predicts that the market will increase by 8% each year until 2030.
How big is the petcare industry?
According to the APPA National Pet Owner’s Survey, over 87 million American households have at least one pet, for a market of over $137 billion.
How much will people spend on their pets annually?
By 2025, owners are expected to spend around $1320 per pet, per year, and might even reach $1897 by 2030. That’s a lot of kibble!