The Booming Pet Industry and Why It’s Time to Take a Bite

The pet industry is rapidly changing and has piqued the interest of pet-loving and pet-neutral investors.

By Christopher Canzano

Pet Care = Self-Care

In April of this year, Lady Gaga offered a whopping $500,000 for the return of her two brazenly abducted French bulldogs. Although most Americans do not reside in the Lady Gaga stratosphere, many can relate to the emotional and financial dedication to their beloved pets. The depths of pandemic, shelter-in-place loneliness have only heightened this pet passion. According to a Rover.com poll, 93% of pet owners noted improved mental and physical health with the adoption of their pandemic pet. Furthermore, half of these pet owners state that providing for their pets brought them happiness. In today’s vernacular, pet care, therefore, equates to self-care. For investors, this evolving view on the inherent value of pets and their pampering offers new avenues for economic gain and improvement of qualities of life for consumers.

The pet industry is rapidly changing and has piqued the interest of pet-loving and pet-neutral investors. What has changed in pet care, and how does this impact future ventures in this industry? The answer lies in the rising number of pet owners during the COVID-19 pandemic, the growing number of millennial pet owners whose values may differ from other generational owners, and technological advancements in pet care.

Millennials Lead the Charge

Another survey by YPulse revealed that 76% of millennials between the ages of 20–38 y/o own a pet. And as millennials currently outnumber baby boomers, this generation of pet owners makes them the target demographic for pet care businesses. Of the millennials polled in this survey, over 40% of pet owners regard their pets as their children and are willing to spend the money and time to treat their pets as such. This drive towards pet humanization has busted the doors wide open to potential products and services that may have been previously considered ridiculous or excessive.

What Pets Need That We Didn’t Know They Need

• CBD treats
• Frozen yogurt
• Freeze-dried dog food
• Wi-Fi Connected cat litter boxes
• DNA testing
• Pacer Treadmill
• Paw Spa Cream
• Puppy Nail Polish
• Cat Wine
• Cat Scratching DJ Deck

Although this is only a glimpse of new products in the pet care industry, potential investors can only marvel at the endless possibilities for the fur baby market. Technological advancements span the realm of products from pet tracking devices on Kippy’s mobile application platform to Petcube’s interactive laser games that allow owners to play games with their pets remotely. The area of veterinary care has also seen remarkable growth that includes, but is not limited to, Scratchpay’s dating-like app that matches pets and pet owners with veterinarians with aligned views and agreeable pay structures. Technology in pet care has also extended to the growing market of pet nutrition. DNA testing kits with embedded health screening allow concerned pet owners to gather information on their dog’s breed(s) and potential health ailments. Pet owners are increasingly investing money and time into feeding their pets breed-specific diets. For example, Petabolix is a subscription-based company that employs technology to develop a personalized nutrition program for pets based on their specific needs. Clearly, avenues for investing in the pet care industry continue to broaden, buoyed by the millennial generation who’ve demonstrated a robust interest and dedication to their fur babies.