There’s a burgeoning market for everything to do with pets. There are more and more opportunities for all segments of the pet industry–insurance, food, treats, sitting, and care, among others. The Covid-19 pandemic and the lockdowns have affected everyone in different ways. Interestingly, 45% of pet owners were less impacted because they were spending more time with their pets, and their pets were giving them emotional support. Moreover, 38% managed stress and anxiety better thanks to their pets’ affection. Now, companies are even inviting employees to bring their pets to work to mitigate their hesitancy to leave their beloved companions at home. Owners who feel their pets provide incredible emotional support include:
47% of Millennials
43% of Gen Zers
43% of Gen Xers
According to Petpedia, here are some useful market facts:
Some 84.9M families in the US own at least one pet. According to APPA's survey, this estimate makes up ~67% of all households.
Pet owners in the US spent $95.7M on their pets in 2019. (APPA)
The first year of pet ownership can cost over $1,000 (Money Under 30, ASPCA)
The average yearly cost of pet food and treats alone is ~ $300 (APPA).
It's estimated that the global pet toy market will exceed $17.9Bi by 2025. (F.M.I., Markets Insider)
The average yearly pet insurance for dogs is $585.36. (ValuePenguin)
In the US, 31% of pet owners are Millennials.
Up to 85% of pet owners see their pets as a source of unconditional love.
60% of pet owners are concerned about the quality of their pet's nutrition. (Spins)
Dog owners spend on average 5 hours a week walking their pets.
Some "Petfluencers" have even made a career out of sharing their knowledge on Instagram.
As you can see, there is huge market potential among pet owners for any product that will make their pets happier and healthier. Source:https://petpedia.co/pet-ownership-statistics/
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