The humanization of pets continues to influence the pet industry. Pet owners are eager to invest in products and services that meet their heightened expectations for pet care and ensure their pets’ wellbeing. Nevertheless, rising prices still impact purchase decisions, leading to a focus on essentials.
While the strong bond between pets and their owners is beneficial, treating pets as humans can lead to neglecting pets’ natural needs. Brands should maintain a pet-centric approach in their product development and marketing strategies, ensuring their offerings truly meet pets’ needs, rather than only cater to owners’ desires.
Driven by a focus on wellness and awareness about eating habits, there has been a slight rise in gut health-related medical conditions among pets. Which can lead owners to seek food and treats with functional health claims, personalized meal plans, and supplements. Additionally, other physical and emotional issues like joint health, anxiety and depression present further opportunities for the industry. By tracking trends influencing the population, brands can stay ahead of what the future holds for pets.
This report looks at the following areas:
- Pet ownership and acquisition
- Motivations and barriers to getting pets
- Pet services used
- Perceptions toward pet insurance
- Integration of technology in pet care
- Pets’ medical conditions
- Impact of inflation on shopping behaviors
- Pets as a vehicle for connection and health
Caring for and appreciating animals is an intrinsic part of human nature. Despite financial challenges, Americans consistently prioritize their pets’ wellbeing.
Marisa Ortega, Analyst – Retail & eCommerce
Market Definitions
The market segments include the following:
- Pet food: food and treats for household pets, including cats, dogs, small animals (eg hamsters, rabbits), fish, reptiles and birds. Food for dogs and cats may be dry, wet/canned, semi-moist or in the form of treats.
- Pet supplies: supplies for household pets; horse care items, are not included. Supplies include litter/deodorant, rawhide dog chews, dog/cat supplies (eg grooming, collars, leashes, toys, bedding, feeding equipment and over-the-counter flea and tick treatments) and non-dog/cat supplies (ie indoor aquariums and aquarium accessories and bird feeders).
- Veterinary services: routine exams, surgical and nonsurgical treatments, lab services, prescription foods sold through veterinary services providers etc. Includes only products and services provided by veterinarians who predominantly or exclusively treat companion animals.
- Pet services: grooming, boarding, training etc. Includes pet service revenues at veterinary offices and pet stores, in addition to businesses primarily offering pet services. Service estimates are based on retail sales only and do not include private transactions, such as freelance dog walkers or pet sitters.
Market size figures do not include the sale of live pets, either through pet stores, breeders or other channels.
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Executive Summary
- What you need to know
- Market size and forecast
- What consumers want and why
- Opportunities
- Opportunities in the pet industry
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MARKET DYNAMICS
- Market context
- Market drivers
- Annual inflation is within range of the Federal Reserve’s 2% target rate
- Graph 1: headline CPI and core CPI, 2021-24
- Meet pet owners sustainable expectations and create a greener future
- CSR in the pet industry
- Households with kids are on decline, creating the need for an evolved targeting approach
- Graph 2: households, by presence of own children, 2011-21
- The humanization of pets is impacting the industry
- Market size and forecast
- Retail sales and forecast of pet care products and services
- Market segmentation
- Essentials drive the market
- Graph 3: segment share of pet care products and services, 2024 (est)
- Retail sales of pet care products and services, by segment
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CONSUMER INSIGHTS
- Pet owners fast facts
- Pet owners fast facts (cont.)
- Pet ownership
- Pet ownership remains steady
- Graph 4: pet ownership, 2020-24
- Parents are a key target for the pet industry
- Pet acquisition source and timeframe
- There’s a sense of pride that comes with helping animals in need
- Graph 5: pet acquisition source, 2024
- Subaru creates “Make A Dog’s Day”
- Guide new pet owners to navigate the journey
- Graph 6: pet acquisition timeframe, 2024
- Pet experience
- The love for pets is for life
- Graph 7: pet experience, 2024
- Agria celebrates the bond between people and their pets
- Pet owner motivations
- Companionship is a key driver for pet ownership
- Graph 8: pet owner motivations, 2024
- Young men and single people seek companionship in pets
- Barriers to pet ownership
- People don’t want to change their lifestyles for pets
- Graph 9: barriers to pet ownership – select responses, 2024
- Barriers to pet ownership vary across age groups
- Graph 10: barriers to pet ownership – select responses, by age, 2024
- Convenient pet hotel for travelers
- Pet services and attitudes toward pet health insurance
- Owners prioritize their pets’ wellbeing
- Graph 11: pet services used in the last 12 months – select responses, 2024
- Walmart makes pet care affordable and convenient
- The use of pet insurance is on the rise
- Graph 12: pet services used in past 12 months – pet health insurance, 2022-24
- Pet insurance companies are active on social media to drive awareness
- Expand pet insurance to address the needs of diverse types of pets
- Petplan offers comprehensive coverage for a wide range of pets
- Pet health insurance represents a safety net; more education on coverage and seamless claims processes are needed
- Graph 13: attitudes toward pet health insurance – select responses, 2024
- Medical conditions
- Pet medical conditions can be an extension of their owners
- Graph 14: pets’ medical conditions, 2024
- Uptick in medical conditions related to gut health
- Graph 15: pets’ medical conditions – select responses, 2022-24
- The Farmer’s Dog takes an educational approach with its social content
- Technology in pet care
- Integrate tech into pet care offerings
- Graph 16: integration of tech in pet care, 2024
- Chewy provides “Chewtorials” to engage pet owners
- Technology helps support pet parents – especially younger ones
- Graph 17: integration of tech in pet care – select responses, by age, 2024
- Pet owners attitudes and behaviors
- Owners’ approach to their health expands to pets
- Younger pet owners struggle to maintain their pet’s care regimen
- Graph 18: pet owners attitudes and behaviors – NET – any agree, by age, 2024
- Vacations are not the same when a family member is left behind
- Graph 19: pet owners’ attitudes and behaviors – NET – any agree, 2024
- Engage owners by incorporating pets into traditionally “human-only” experiences
- Pets spark joy
- Foster a sense of community among pet owners
- Graph 20: pet owners’ attitudes and behaviors – NET – agree, 2024
- Extend eco-friendly practices to pets
- Graph 21: pet owners’ attitudes and behaviors – NET – any agree, by race or ethnicity, 2024
- The pet industry is resilient, to a degree
- Graph 22: pet owners’ attitudes and behaviors – NET – agree, 2024
- Future outlook for non-pet owners
- Nearly one third of adults without pets are interested in the adoption process
- Graph 23: future pet expectations – interest in pet adoption process, by age, 2024
- Pedigree leverages the metaverse to drive awareness about fostering and adoption
- People’s living situation can be a limitation for pet ownership
- Graph 24: future pet expectations – living situation, by race and hispanic origin, 2024
- Pets make people happier and healthier
- Graph 25: future pet expectations – physical health, by age, 2024
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INNOVATION AND MARKETING STRATEGIES
- Brand examples
- There’s a new airline for dogs
- Sleepypod launches a calming harness for cats and dogs
- Petco unveils a health and wellness destination for pets
- PetSmart commits to a better world
- The Farmer’s Dog makes weight management easy
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Appendix
- Market definition
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations and terms
- Forecast methodology
- Forecast fan chart methodology
- Retail sales and forecast of pet care products and services at inflation-adjusted prices
- Dog owners use various services to better care for their furry companions
- Graph 26: pet services used in the last 12 months, by type of pet owned, 2024
- Similar to recent years, dogs are the most common type of pet
- There’s a sense of pride in helping animals in need
- Companionship is a key driver for pet ownership
- Pets are integral parts of their humans’ lives
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