The U.S. pet business continues to defy gravity and surge to new heights. Lengthy seen as a sensible funding, the pet market is attracting funding, fostering innovation, and quickly evolving regardless of the challenges of the pandemic and provide chain points.
Here is a have a look at the highest traits driving pet business development and the most recent pet business statistics revealed in U.S. Pet Market Outlook, 2022-2023 by Packaged Info, a number one market analysis agency and division of MarketResearch.com.
Key Pet Business Traits and Statistics for 2022
1. The U.S. pet business continues to increase. After a powerful yr in 2020, the U.S. pet business continued its sturdy development streak in 2021, surging 14% total to $123 billion. In Packaged Info’ January 2022 Survey of Pet House owners, 38% of canine homeowners, 40% of cat homeowners, and 41% of different pet homeowners reported spending extra on pet care in 2021 in contrast with 2020.
2. Pet customers more and more store on-line. Brick-and-mortar pet retail carried out comparatively nicely in 2021, rising 9%, however e-commerce continued to rise sharply. Amazon and Chewy lead the pack on the subject of capturing web gross sales. Nevertheless, brick-and-mortar shops equivalent to Walmart, Goal, PetSmart, and Petco are additionally contributing to the shift to e-commerce as they transfer an rising proportion of gross sales on-line.
3. Inflation and provide chain points stay a problem. Ongoing inflation—exacerbated by excessive gasoline costs and the warfare in Ukraine—may power customers to go with out sure pet merchandise, or commerce down for more cost effective choices. Inflation poses a selected problem for customers who’re already on the edge. Though financial elements may change, most analysts anticipate inflation to stay a consider 2022 and 2023.
4. Shoppers sharpen their deal with well being and wellness. A big majority of US pet homeowners consider that their pets have a useful impression on their bodily and emotional well being, and this sentiment has solely strengthened throughout the pandemic period. Pets are prized for being affectionate, non-judgmental, and current all through life’s highs and lows, and they’re seen as a key supply of companionship and assist throughout traumatic instances.
5. The pandemic created a “new regular,” with many pet homeowners spending extra time at residence. Many pet homeowners have postponed returning to the office, which has allowed them to bathe their pets with extra time and a spotlight whereas working remotely.
6. Pet acquisition was counterbalanced by attrition within the pandemic period. The sample of pet acquisition amongst higher earnings households was offset by pet possession attrition amongst lower-income and extra budget-conscious households, as Packaged Info Analysis Director David Sprinkle defined.
- By way of households incomes $100,000 or extra, a nationwide achieve of 1.3 million pet homeowners between 2017 and 2019 was tripled by a achieve of three.9 million pet homeowners within the COVID years of 2019 to 2021. These uncommon good points in pet possession amongst prosperous customers triggered the spending increase within the pet business.
- By way of households incomes underneath $30,000, a modest nationwide achieve of 264,000 pet homeowners between 2017 and 2019 was adopted by a lack of 3.4 million pet homeowners between 2019 and 2021.
7. The pet business noticed a file variety of M&A transactions in 2021 and early 2022. The pet business has lengthy been thought of a superb funding, however now much more so as a result of its outstanding development throughout the pandemic. Whereas exterior traders explored the pet business for alternatives, established pet corporations additionally sought to carve out extra “omnimarket” and worldwide territory.
The place to Be taught Extra
For extra data on the pet business, you’ll want to learn Pet Market Outlook, 2022-2023. With 345 pages of rigorous knowledge and skilled insights, this complete report solutions a slew of questions, together with these and plenty of extra:
- How a lot is the pet business value?
- What’s trending within the pet business?
- What pet merchandise are in excessive demand?
- What’s missing within the pet business?
- How has pet canine and cat possession modified throughout the pandemic?
- What pet market alternatives can be found?
- How is the rise of e-commerce impacting the pet market?
Go to the report web page to learn the complete summary and obtain a pattern.
About Packaged Info
Packaged Info, a division of MarketResearch.com, publishes market intelligence on a variety of client market subjects, together with client demographics and shopper insights, the meals and beverage market, client monetary services, client items and retailing, and pet services. Packaged Info additionally presents a full vary of customized analysis providers. Reviews might be bought at our firm web site and are additionally accessible via MarketResearch.com.