4 Pet Industry Trends to Watch in 2022
The pet industry in the U.S. has been on a steady uptick over the past decade, increasing pet spending from $50.96 billion in 2011 to an estimated $103.6 billion in 2020. Bottom line: people love their pets. And with more people working from home post-pandemic, having a pet companion is becoming the rule, not the exception.
When it comes to pets, there’s a lot of care and maintenance involved, with everything from pet toys, dog food, supplements, pet homes, pet medication, pet insurance, to other pet services. It’s no wonder the pet care industry continues to thrive. If the past 10 years have been any indication of where the pet industry is headed, it is a smart move to capitalize on this growth.
Here are a few of the pet industry trends of best sellers on Amazon and what to consider for this category when optimizing and growing your brand.
1. Pet Food & Treats
While pet food and treats aren’t exactly a pet industry trend, these are everyday items that pets need to survive, and there is an opportunity to find a niche as consumer behavior changes. According to the American Pet Products Association, pet food and treats lead the way in terms of spending in the pet industry, with $42 billion in U.S. spending in 2020.
It is important to keep in mind that with high demand comes increased competition, making it even more critical to carve out a specialized segment of the market. Pet care products like organic pet food or specialized treats can help you get in on the current pet industry trends and benefit from a built-in audience.
2. Pet Supplements
Pet supplements are on the rise as one of the biggest pet industry trends to watch. Items like dog probiotics, pet vitamins, and CBD supplements for pets or companion animals are all part of what people buy to take care of their animals. Interestingly, these general categories of probiotics, vitamins, and CBD are on the rise for humans as well. They want to pass on the benefits to their pets in the same way.
For example, searches for CBD for dogs have gone up 7400% over the past five years. Furthermore, 43 percent of pet owners say that they are open to giving their pets some type of CBD product, and there are no signs of stopping as pet parents continue to search for alternative types of health and wellness products for their pets. Options are available for pets now that weren’t available even a few years ago, making the latest pet industry trends exciting and highly sought after.
3. High-End Pet Supplies
Another niche opportunity for a large part of the pet retail market is high-end pet supplies. People are paying premium prices for unique pet brands and experiences for their pets; everything from frozen yogurt for pet dogs to luxury pet homes is part of the trend headed into the new year.
Though some areas are truly niche and can be difficult to build an audience from scratch, Amazon sellers have the advantage of a thriving marketplace to target interested buyers already on the hunt. Pet industry statistics show 67% of US households own a pet, according to a 2019-2020 survey, which is quite a large audience to market to when capitalizing on new trends.
4. Pet Subscriptions and Online Delivery
In 2020, most people relied on online shopping for everything from their groceries to household supplies. This buying behavior also extends to how they shop for their pets. According to the APPA National Pet Owners survey, 86% of respondents said their use of home delivery and online shopping for pet care products would either remain the same or increase in the coming year.
Pet brands and pet shops that bundle their products or set up customers on an automatic subscription to refill supplies are seeing traction as they provide convenience and cost-effectiveness for their loyal shoppers. Pet parents will always need food and supplies for their animals, which means more returning customers and fewer one-off purchases.
The Pet Care Industry Continues to Dominate
The pet care industry has always been a strong category with high demand. However, after a year and a half of being forced to stay at home, the desire to have a pet and the need to purchase everyday necessities have increased substantially.
Furthermore, online shopping behavior is also part of what this generation of consumers want. They look for convenience, cost-effectiveness, and premium quality from any brand they buy from. By offering products consumers love, you solidify your place in the market and position yourself for scalable growth and the potential to sell your business. Looking for other industries on the rise that you can benefit from? Read our resources on fitness industry trends and health and wellness industry trends for 2022.
At Forum, we offer fast and efficient payouts for Amazon businesses that sell products consumers love. If your goal is to eventually sell your business, we look for passionate entrepreneurs who generate the majority of product sales on Amazon and have a net profit of at least $200K in the last year. In addition to keeping up with trends, brand consistency of selling everyday products in enduring categories is what helps keep customers coming back for more.
Sources:
https://explodingtopics.com/blog/pet-industry-trends
https://www.americanpetproducts.org/press_industrytrends.asp
https://www.iii.org/fact-statistic/facts-statistics-pet-ownership-and-insurance
