From clean eating to technology enabled, the Petcare industry is seeing both significant growth and change.
It is well documented that ownership of pets saw an unexpected and extreme growth rate over the 2 years of Covid lockdown in the UK, with more than a quarter of Brits getting a new pet during lockdown.
But what’s the impact of this growth in ownership on the Petcare industries? And are we ready to embrace and support the knock on demand this creates?
With over 12 million dogs alone in the UK now, dog lovers amongst us will recognise the shortage of groomers and doggy day care facilities. ONS recognises 79,200 people in the UK working in animal care, and yet groomers are turning down new business across the UK as they struggle to keep up with demand.
Globally, the pet care market has grown from $216 billion in 2020 to $232 billion in 2021. An estimated 6.1% compounded annual growth rate (CAGR), will catapult that figure to $350 billion by 2027. (source: Common Thread Co)
Pet care covers a wide variety of products and services for taking care of pet animals, and the emergence of pets as family members is driving consumer spending on pet care to an all-time high. Premium products are increasingly in demand, with a shift towards more gourmet foods, natural and organic ingredients and a cleaner ingredient deck as millennials take as much interest in their pet’s diet as their own.
Simon Brown, CEO of Sniffers Petcare, a supplier of natural dog treats has recently taken investment from Private Equity House Traditum to expand his product range and team to cope with this demand.
“The pet treat market is evolving; owners are becoming increasingly focussed on healthy – not indulgent – choices for their pets. Owners want to reward and treat their dogs as much as they can whilst maintaining a healthy balance for their much-loved pets,” explains Simon.
And as the nation returns to the office after two years of homeworking, pet owners are increasingly reliant on technology to monitor and keep track of pets. Petcams, wearables, smart beds and wi-fi enabled accessories are also seeing a huge surge in growth.
Crowd funding sites are crammed with entrepreneurs vying to launch the latest pet care technology products into the market, many trying to emulate the success of Petcube – a wifi pet camera that allowed two way interactions and treat distribution, securing over $500k on Kickstarter as well as $14m in seed funding from a single prototype.
Virtual vet clinics and pet health tracking apps are also finding growth in today’s market, with statistical data in the USA showing 56% of pet owners use tech solutions for their pets, and 24% using healthcare and nutrition apps.
With guilt ridden pet owners searching out solutions, whatever the cost, to keep their pets entertained, healthy and happy, the Pet care market may well even exceed the high growth expectations already set, with technology snapping at the heels.