The U.S. pet market sales revenue is expected to increase more in 2022. The market revenue topped from $50.96 billion in 2011 to an estimated $123 billion in 2021. That’s precisely an increase of over 100% in total market size. Most households in the U.S. have at least one pet.
And there’s still room for more growth in the future. Now the question is: which pet industry trends will drive this growth?
This article will help you understand what’s coming around the corner in the pet space, from high-end products to pet services.
- Pet Food Niches
Pets require the highest-quality food to thrive. From homemade food to the commercial freeze-dried food often delivered right to your door, pet food niches are expected to soar in 2022 and 2023.
Raw pet food is also expected to continue trending in 2022. Therefore, pet food might be the niche you’re looking for if you’re planning to get in on a niche that’s going to soar.
- Pet Supplements
Pet supplements will certainly be an exciting trend to watch in 2022. According to an analysis by Grand View Research, the pet supplement industry is set to hit $1 billion by 2027. Examples of trending pet supplements include catfish oil, pet vitamins, and dog probiotics, to name a few.
- Pet Adoption and Purchase
With the Covid-19 virus and the subsequent lockdowns, there was a huge increase in pet adoption and purchase as people needed companionship and sought ways to combat boredom and alleviate depression. Since then, pet adoption rates have continued to rise. Even now that things are returning to normal, Americans are expected to continue cherishing and caring for their pets.
- High-End Pet Products
High-end pet products are one of the perfect niches for someone interested in supplying pet products. Based on the current analysis, high-end pet product supplies will continue to trend big in 2022 and 2023. From cat enclosures that will keep your cat safe in an enclosed area while they enjoy outdoors to kitty litter that changes color according to the pH levels of your cat’s urine, high-end pet supplies continue growing fast. We expect to see more success in 2022.
- Pet Services
Pet services, such as pet walking, pet sitting, pet grooming, pet training, and pet boarding, will continue to a massive upward trend in 2022, especially with the ongoing pet adoptions and purchases. We expect a huge boost in pet services like pet boarding and walking now that the lockdowns have been lifted in many places.
- Pet Insurance
The pet insurance industry is one of the most interesting pet industry trends in 2022. It reached $3.33 billion worldwide in 2018 and is expected to grow at a compound annual rate of 16.3% through 2028.
Now you know why AI-powered insurer Lemonade launched its own pet insurance coverage in 2020.
With the continued trend of adopting pets, it’s no wonder the pet insurance industry will see an upwards tick in 2022.
That’s our list of six important pet industry trends impacting the pet space. Pet health and wellness threads tie almost all of these trends together. It’s evident that pet owners are becoming more concerned about the health of their pets and are willing to do anything to maximize their furry friend’s health and wellness. We expect the pet industry to continue growing along with the increasing pet ownership.