Tuesday, May 24, 2016

Top Pet Supply Industry Trends for 2016

The pet supply industry is booming, and projected growth for 2016 supports this. According to the American Pet Products Association, spending is projected to be up by $2.42 billion on total pet expenditures in the United States.

The breakdown shows that the majority of pet owner expenditures were on food and veterinary care, with these categories expected to increase by $96 million and $5 million this year respectively. The remainder of these expenses are spent on pet supplies/over the counter medicine, live animal purchases, and other supplies. All three of these categories are expected to grow, with pet supplies and over the counter medicine up by $7 million, live animal purchases up by $1 million and other supplies up by $32 million.

Numbers like these can be attributed to one simple fact: Americans love their pets, and won’t skimp on taking care of them. Approximately 65% of U.S. households include a pet, which equates to roughly 79.7 million homes. Among these, 54.4% of households own dogs, while 42.9% own cats. Because most people consider their pets to be a part of the family, they’re often very likely to shell out big bucks for their comfort and care.

Concerns about our pets’ care and quality of living have a lot to do with their health. Healthcare costs can be quite high even for routine visits, and procedures requiring anesthesia or x-rays are comparable in cost to those performed on humans, especially if the client does not have pet insurance. Among the primary concerns of pet owners are obesity and aging pets who require special care. For aging pets, more veterinary visits are normally required to ensure better health, in addition to special dietary products and other services. An increase in the number of obese pets means greater numbers of veterinary visits and medications as well. With more time spent at the vet and more pet owners engaging in special services to manage pets’ health, Americans are spending more money on their four-legged friends.

In addition to revenue growth, the pet supply trends indicate that several new businesses will open, expanding the market. The desire for various services like grooming, boarding, day care and pet sitting have resulted in a wave of entrepreneurs joining the ranks of business owners in the pet industry.

For those in the pet supply business, this is yet another indication of an almost recession-proof industry. Pet supply trends have shown that average spending has been growing by about 2-3 billion per year since 1994. With no signs of stopping anytime soon, the pet industry will be on the rise in 2016.

How will your pet shop take advantage of these trends? Offering new and innovative product lines is a great way to attract new customers and retain those who have been loyal to you for years—quality products build trust and encourage repeat visits. At 4 Paws Tech, we’ve recently launched a retail program offering brick and mortar store owners a dealer-focused program with co-op hometown advertising, low minimums and quick ship order fulfillment. Visit our dealer sign-up page today to become an official 4 Paws Tech retailer!

No comments:

Post a Comment