According to the State of the Industry Report of the American Pet Products Association (APPA), the pet industry has reached a milestone in 2020, with sales reaching 103.6 billion U.S. dollars, a record high. This is an increase of 6.7% from the 2019 retail sales of 97.1 billion U.S. dollars. In addition, the pet industry will see explosive growth again in 2021. The fastest growing pet companies are taking advantage of these trends.
1. Technology-We have seen the development of pet products and services and the way to serve people. Like people, smart phones are also contributing to this change.
2. Usability: Mass retailers, grocery stores, and even dollar stores are adding high-quality pet clothing, pet toys, and other products to make them available in more stores than ever before.
3.Innovation: We are beginning to see many innovations in pet product development. Specifically, entrepreneurs are more than just introducing existing product variants. They are creating a new category of pet care products. Examples include pet wipes and pet toothpaste, as well as cat litter robots.
4.E-commerce: The competition between online retail and independent stores is not new, but the new crown pneumonia epidemic has undoubtedly accelerated the trend of online shopping and local pet stores. Some independent retailers have found ways to compete.
5. The Shift: Millennials have just surpassed the aging baby boomers to become the generation with the most pets. 35% of millennials own pets, compared with 32% of global baby boomers. They are often city dwellers, often rent a house, and need smaller pets. Coupled with the desire for more free time and less investment, it can also explain their tendency to have more affordable small, low-maintenance pets, such as cats.
Post time: Oct-22-2021