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The pet industry is a thriving and constantly evolving market, with pet owners constantly looking for new ways to provide their furry friends with the best care and products. As the pet industry continues to move towards omnichannel and omni-market approaches, and with mergers and acquisitions as well as investments still thriving, Packaged Facts predicts that there will be progress in all sectors of the industry until 2027, with sales projected to reach over $190 billion. During the forecast period, there will be a gradual return to normalcy, marked by the revitalization of trends such as premiumization, health and wellness, sustainability, and the digital landscape, including e-commerce. However, the most positive short-term factor is likely to be the expected gradual reduction in inflation.
Looking ahead to 2023 and beyond, it’s essential that pet industry professionals and enthusiasts stay ahead of the curve by keeping abreast of the latest trends and innovations. Pet ownership has evolved from mere companionship to a holistic approach to pet care, driven by advancements in technology, changing consumer preferences, and a greater focus on pet health and well-being. In this blog article, we will explore the top pet industry trends shaping the landscape in 2023 and set to persist well into the future.
Top 8 Trends Shaping the Pet Care Industry in 2023
Below, we outline eight emerging trends in the pet industry to know in 2023 and beyond.
1. Pet Ownership and Buying Behaviors
Pet ownership has seen a significant surge in recent years, with more households welcoming furry companions into their lives. Millennials and Gen Z, in particular, are driving this trend as they prioritize experiences and emotional connections with their pets. Pet owners are now more invested in their pets’ well-being, leading to increased spending on premium products, grooming services, and healthcare. Understanding the changing demographics and buying behaviors of pet owners is crucial for businesses to tailor their offerings to meet the diverse needs of this expanding market.
2. Leverage an Omnichannel Retail Solution
With the rising popularity of online shopping and the convenience it offers, the pet industry has fully embraced omnichannel retail solutions. Customers now expect a seamless shopping experience, whether they purchase pet products in physical stores, on websites, or through mobile apps. Pet retailers are adopting integrated systems that allow customers to access products, services, and information across various channels, fostering brand loyalty and customer satisfaction.
3. The Rise of eCommerce in the Pet Market
The e-commerce boom has significantly impacted the pet industry, offering a wide array of pet products and services at the fingertips of pet owners. E-commerce platforms have expanded product accessibility, allowing consumers to explore niche and specialty pet items that might not be readily available in local stores. The convenience of online shopping, coupled with doorstep delivery, has fueled the growth of the e-commerce pet market, making it one of the industry’s most dynamic and competitive segments.
4. The Rise of Sustainable Pet Products
In recent years, the demand for eco-friendly and sustainable pet products has gained substantial momentum. Pet owners are now more conscious of the environmental impact of their choices and seek products made from recyclable, biodegradable, or renewable materials. Pet brands are creating sustainable, plant-based food that is high in protein and nutritional value. From sustainable pet food packaging to organic pet treats and eco-friendly grooming supplies, pet companies are investing in creating products that align with the values of environmentally conscious consumers.
5. Personalized Nutrition and Wellness
Personalized Nutrition: Pet owners are increasingly interested in tailored nutrition for their pets, enabled by genetic testing and data analytics. Customized meal plans and specialized supplements cater to individual pet needs, promoting overall health and longevity.
Freeze-Dried Foods: The trend of freeze-dried foods is on the rise, offering enriching mealtime experiences with convenient formats like fruits, mousses, and broths.
Alternative Proteins – The rise of (Pre, Post, and Pro) biotics: Alternative proteins gain popularity, meeting specific dietary preferences, while probiotics and prebiotics support gut health, enhancing the digestive process.
Pet Supplements: The market for pet supplements is booming, with sales up by 50% in recent years. Probiotics and behavioral supplements are leading the way, with a focus on nutritional benefits from ingredients like turmeric, pumpkin, and collagen.
CBD and Hemp-Based Pet Products: CBD and hemp-based pet products have made a significant impact on the pet industry, offering natural remedies for various ailments such as anxiety, inflammation, and joint pain. As research continues to uncover the potential benefits of these compounds for pets, the market for CBD-infused treats, oils, and supplements is projected to expand further in the coming years.
6. Telehealth and Remote Veterinary Services
The COVID-19 pandemic catalyzed the adoption of telehealth and remote veterinary services, and these trends will continue to thrive in 2023 and beyond. Virtual consultations with veterinarians offer convenience and reduce stress for both pets and their owners. Pet healthcare apps and online platforms now provide remote monitoring, early diagnosis, and home-based treatment options, further improving access to quality pet care. Regardless of the distribution channel, pet care industry brands that offer premium services could see further gains.
7. Advanced Pet Technology: The Future of Pet Care
The pet industry has embraced technological advancements with open arms. Smart pet gadgets and wearables are now ubiquitous, helping pet owners track their pets’ activities, health metrics, and location in real time. Enrichment Toys – Pet toy manufacturers showcased several unique interactive toys, treat dispensers and chew toys designed to stimulate and challenge our pets. One of the key drivers of this sector will be the wide range of fashionable, multifunctional pet accessories.
Automated feeding systems, interactive toys, and pet training apps have enhanced pet engagement and allowed owners to remain connected with their pets even when they are away.
8. Pet-Friendly Workplaces and Cities
As work-life balance and pet-centric living gain traction, more companies are introducing pet-friendly policies. In progressive workplaces, employees are encouraged to bring their pets to the office, boosting employee morale and nurturing a sense of community among pet owners. Additionally, pet-friendly urban planning is becoming a focus, with more cities developing pet parks, walking trails, and facilities to accommodate pet owners and their four-legged companions.
The pet industry is undergoing a transformative phase, marked by innovative products, advanced healthcare solutions, and a heightened awareness of pet well-being. In 2023 and beyond, sustainable practices, personalized nutrition, and technology-driven pet care will shape the industry’s trajectory. As pet ownership continues to evolve, it is essential for pet businesses and professionals to stay agile, responsive, and committed to meeting the evolving needs of pets and their owners.
As we move into the future, the bond between humans and their beloved pets is expected to grow even stronger, fueled by the shared goal of providing the best possible care and companionship for our four-legged friends. Embracing these top pet industry trends will not only benefit businesses but, more importantly, contribute to the happiness and well-being of our furry family members.
Revolutionize Your Pet Store Operations with ChainDrive ERP and POS Software
ChainDrive Retail Management software and tools offer seamless integration and intelligent functionality, enabling pet store owners to monitor inventory, implement pricing strategies, track revenue by location and category, and enhance customer loyalty programs, all from a single platform.
With comprehensive end-to-end functionality designed for specific vertical businesses, the ChainDrive pet store point of sale (POS) system provides everything pet retailers need. To learn more about how ChainDrive can help you scale up, contact us at 1.800.820.1412 or book a free demo at https://chaindrive.com/free-live-demo/.