The e-book on pet industry trends highlighted the industry’s impressive growth, exceeding expectations from previous years. If you haven’t had a chance to review it, you can download that e-book here.
Many of the trends that were popular in 2023 will continue to have an impact on the pet industry in 2024.
Past, present, and future of the pet industry
Over the past 25 years, the pet industry has increased by 450%.
Today, pet products are very different from what they were 25 years ago. The industry and its trends changed drastically, and the market is expected to keep growing. During those 25 years, the pet industry growth was absent for only a few years.
The pet industry is amongst the ones with the most stable growth through time. The predictions are that the pet industry will be worth $358.62 billion by 2027. So, if you are still considering forming a pet business, now is the right time. Here is an article on how to start with it.
Technology is driving the growth of the pet industry. One of the possible reasons is the use of social media and IT services to sell and advertise products. Another reason is the use of technology research and development to make new offers helpful to pets and pet owners.
Trends from 2023 that stay in 2024
The offer of pet products and services is more diverse than ever. The needs and desires of pet owners are changing fast and are influenced by social media. That is why you should constantly follow customers’ wishes if you want your pet business to have another successful year.
As we mentioned at the beginning, some trends from 2023 remain on top in the following year. Moreover, some trends are predicted to be here with us until 2025. Let’s see what stays the same.
1. Pet ownership demographics and preferences – Millennials are going strong, but Gen Z’s are there too
As forecasted before, most pet parents in 2023 were Millennials – people in their 30s and 40s. In previous reports, we could see that Millennials overpassed Baby Boomers regarding pet ownership. In the following year, we will see the ‘fight for the throne’ of Gen Z pet owners and Millennials pet owners.
In 2023, Millennials were the largest pet-owning generation. In the United States, they make up 32% of all pet parents. As Millennials enter their 30s and 40s, they’re looking for more stability. Which usually for them means relying on an animal companion. Millennials are very close to reaching a critical mass in pet ownership today.
A survey indicated that approximately 22% of Millennials and an increasing percentage of Gen Z individuals prefer to delay starting a family in favor of having pets. The trend of forming closer bonds with pets is strong among these younger generations. Data shows that around 76% of individuals aged 20-38 own at least one pet, with over half being dog owners.
As of 2023, around 68% of American households had at least one pet, with about 25% owning cats and 48 million households owning dogs. This pattern is not just a U.S. phenomenon but a global trend. Heading into 2024, the steady increase in pet ownership, particularly among Gen Z, is expected to significantly influence pet industry trends.
2. Growth of global online pet supply market – sales boomed
In the last 10 years, the online pet industry market has quadrupled, and it keeps growing. One of the latest trends existing in the market is the online customization of pet food. But that is just one of the reasons why online pet shops are getting more and more popular. Increasing internet penetration across devices and vendors guarantees convenient availability through online channels. Isn’t that an obvious reason for shopping online?
Advantages of online shopping
The convenience of shopping from home became a habit. Online shopping became a trend that is expected to persist for many years.
Pet owners appreciate the ease of ordering food, treats, toys, and accessories online with just a few clicks. Features like automated re-orders and subscription services offer significant advantages to online retailers and are highly valued by customers.
Is there room for smaller e-commerce pet brands?
While Amazon, the world’s largest e-commerce marketplace, has a vast array of pet products with 59% of online pet shoppers using it, there is still potential for smaller e-commerce pet brands. To compete with giants like Amazon in 2024, these brands need to adopt an omnichannel strategy, involving active social media presence, an e-commerce website, and a mobile app. This approach enables them to be omnipresent in the digital space, meeting their customers where they are.
3. Pet mobile apps 🐶
E-commerce mobile apps are among the trends that stay on the list of pet industry trends in 2024. It’s because the businesses that have them will profit more than those not having the app. For example, Chewy mobile app has more than 10 million downloads on Google Play. From this, you can see that customers largely enjoy shopping for their pets through apps. Chewy’s app is among the 50 most popular shopping apps in the whole United States.
Interested in this topic? Let’s chat about it!
Pet parents love to feel connected to pet suppliers that care and follow what their pet needs. Offer them occasional discounts, and they will choose to always shop from your store. By making the loyalty program, you have the most convenient way to offer personalized discounts to your returning customers. Combining a loyalty program with game incentives that give users awards increases user engagement by 47%. That’s why many brands got e-commerce mobile app. OmniShop can help you get the perfect mobile app for your pet business. 🍀
Your online pet store is on WooCommerce? We can give you a 100% free app. ✨
Upcoming pet industry trends in 2024
We predicted upcoming pet industry trends for 2024, so let’s go through them together!
1. Pet nutrition and supplements
The largest portion of spending on pets goes to food. The usual average that pet owners spend on food is around $440 per year. New pet food brands keep emerging every year and pet food, treats, and supplements comprise 36% of all pet product spending in America.
Every pet owner would agree that food and treats are the most expensive thing on a budget. When it comes to health, owners are willing to get any vitamins or other food supplements that will help the longevity of their pet’s life. The category within pet food that is predicted to have a steep demand in 2024 is pet supplements. Analysis shows the pet supplement industry will reach $1 billion by 2027.
CBD-based pet supplements
The trending supplements are dog vitamins, probiotics, and fish oil-based supplements for cats. But the most popular pet supplements are going to be ones based on CBD.
That should not be a surprise, as searches for “CBD for dogs” tripled in the last 10 years. According to the American Kennel Club, around one-third of pet owners have bought CBD products. There are a few potential reasons why CBD-based supplements are on the list of pet industry trends in 2024.
CBD pet brands promise their products will either relieve your pet from anxiety or help older pets with inflammation and joint pain. Some studies show that CBD oil can effectively treat canine osteoarthritis, which affects 20% of dogs older than 12 months. Not only CBD supplements but CBD oil itself and CBD-based shampoos are on the rise in the pet product market.
Customized pet nutrition
This trend takes pet food beyond one-size-fits-all solutions. Veterinarians and pet nutritionists are using information about a pet’s breed, age, activity level, and health issues to create personalized diet plans. Advances in technology might also allow pet owners to scan a pet’s information and receive customized food recommendations. This approach aims to optimize pets’ health and wellbeing through nutrition that caters to their individual needs.
2. Innovation is everything – investing in new technologies for pet care
As you have seen in recent years, businesses are becoming more competitive. With that, entirely new pet care product categories are arriving at pet homes.
One thing that was popping out everywhere, from paid ads to TikTok videos, was litter robots. This relatively new invention woke customers’ curiosity. Testing videos are already available on YouTube. Let’s face it, every cat owner dreams of having a self-cleaning litter box. No wonder they are among the pet industry trends in 2024.
There is also a rise in demand for new pet technology, such as microchips and at-home DNA tests. Pet treadmills and cameras are more and more often found in pet owners’ homes. Wearable pet technology, such as radio frequency identification devices, GPS trackers, and motion sensors are forecast to generate $4.6 billion in revenue by 2027.
3. Interactive pet entertainment
In 2024, the market for pet toys and entertainment is shifting towards products that actively engage pets’ minds and bodies. This includes puzzle toys that challenge pets to solve problems for treats, interactive feeders that make mealtime a mental exercise, and tech-enabled toys that react to pets’ movements. These products aim to reduce pets’ boredom and anxiety, especially for pets left alone for long periods, and promote physical activity, which is crucial for their health.
Digital accessories will also be part of pet industry trends in 2024. More pet owners want to have collars with trackers for their pets. And who wouldn’t want to have automatic food and water pet bowls? There is a space for you to enter this market. Make better automatic pet feeders than those with malfunctions that see all the time in videos on social media.
4. Pet grooming is getting on popularity
Demand for pet grooming started rising in 2021 and got even more popular during last few years. The pet grooming market is on a good path to become one of the most important pet industry trends in 2024. Predictions show that the pet grooming industry will increase to $14.5 billion by 2025. Half of that revenue will be made in the United States. Pet shampoos and conditioners are predicted to be in high demand, generating a 52% revenue share.
5. Expansion of pet insurance options
Almost one-third of pet spending goes on healthcare. Preventive medicine is becoming more accessible, plus unplanned vet bills can be expensive. That is why many pet owners are deciding to buy pet insurance. Also, the rising number of pets is another reason why the demand for pet insurance is increasing.
Pet insurance is evolving to offer more varied and flexible plans. This includes coverage for a wider range of medical treatments, from routine check-ups and vaccinations to emergency surgeries and chronic illness management. Some new plans may even offer wellness packages that include preventive care, dental cleanings, and alternative therapies. This trend reflects a growing recognition of pets as family members, deserving of comprehensive healthcare.
6. Pet-friendly travel and accommodation
The travel industry is increasingly accommodating pet owners. This includes hotels with special pet amenities like beds, food bowls, and welcome treats, as well as airlines offering more pet-friendly travel options. Additionally, an increase in pet-centric vacation packages and destinations is anticipated, where pets can enjoy activities alongside their owners. This pet industry trend is fueled by the growing desire of pet owners to include their furry friends in their travel plans.
7. Community and social networking for pet lovers
Online and offline communities for pet owners are gaining popularity. Online, this includes forums, social media groups, and apps where pet owners can share advice, find pet-sitting services, or even arrange pet playdates. Offline, expect to see more pet-focused events and meetups. These communities provide emotional support, practical advice, and a sense of belonging to pet owners, enriching the experience of pet ownership which is why this became a part of pet industry trends.
Pet industry trends in 2024 – summary
As you can see, there are plenty of opportunities for growth in the pet industry in the upcoming months.
If you want to invest in the production of specific pet products or add them to your collection in 2024, here’s what is best to do:
- Invest in pet nutrition and supplements or pet accessories. Focus on the growing market for customized pet foods and supplements. Consider offering products tailored to specific dietary needs and health conditions.
- Consider offering pet-friendly rooms, amenities, and services. For businesses in the travel and hospitality sectors, increasing pet-friendly options can attract more customers.
- Capitalize on the rising demand for pet grooming services and products. Consider offering high-quality pet shampoos, conditioners, and grooming tools.
- Develop or stock interactive toys and entertainment products. Focus on items that mentally and physically stimulate pets. These products help reduce pet boredom and anxiety.
- Be present in all the virtual places where your customers are: social media, Google, and on their mobile devices. Relying on an omnichannel approach to increase sales.
- Get the pet shop mobile app. This trend brings you more loyal customers – get an app for your WooCommerce store for free. 🍀
- Engage with online and offline pet communities. For businesses, this could mean creating or participating in social media groups, forums, and organizing or sponsoring pet-focused events.