There are some businesses that have gone through drastic changes, not just in terms of sales figures but also in mindset, and nowhere is that truer than in the pet business. Where it used to be that the family pet’s health was almost an afterthought, today their health and happiness have taken center stage. Here in the U.S., pet industry spending hit a brand new high in 2017 and it is expected to reach $69.36 billion by year’s end.
With that said, there are some trends that are helping to push spending to record highs.
The Rise of Hypoallergenic Dogs
One of the biggest trends to happen in the industry in recent times is the rise of hypoallergenic dogs. According to statistics, 10% of Americans are in fact allergic to dogs, which means they are unable to get one as a pet. Cue the hypoallergenic dog, which has opened the door to dog ownership for people all across the country.
Granted, there is no such thing as a 100% hypoallergenic dog, but certain breeds are much easier on allergies and are therefore much less likely to cause an allergic reaction. Breeds such as the Bedlington Terrier, Afghan Hound, Bichon Frise, American Hairless Terrier, Schnauzers, Poodles, and others have emerged as great options for those with allergies.
Emerging Pet Technology
Another area that has been on the rise is pet technology. When you think about how technology has evolved in our everyday lives, it only makes sense that it should also affect the pet industry. Technology such as automatic feeders, pet monitors that allow owners to see and talk to their dogs when they not at home, interactive toys, wearable activity monitors, and so much more has suddenly pushed pet ownership into the high-tech era.
Pet Insurance – A Divisive Topic
Pet insurance has also changed pet ownership. Many pet owners swear by it and feel it’s made it possible to afford to own a dog and to pay for medical costs, whereas others are on the fence still. Whether you’re a fan of pet insurance or not, it’s clear it has made its mark on the industry.
The Pet Food Industry – Incredible Advances in Research, Development, and Sales
The pet food industry is a great example of advances made in research, development, and sales. Today’s pet owners are more aware of what is in their dog’s food more than ever before. They are demanding better quality ingredients, more variety, and food meant to target specific health concerns such as obesity, allergies, a sensitive stomach, inactive dogs, age, and much more. By the year 2022, the U.S. pet food market is expected to rake in $30 million a year thanks to the many offerings now available.
There has never been a better time to be a pet owner, as you are given so many options in terms of available breeds, the type of food you want to feed your animal, a variety of cool techs and gadgets meant for pets, and a vast amount of knowledge.
