Top Pet Industry Trends to Know in 2021
Key Pet Industry Statistics
The pet industry is constantly growing, pulling in millions of dollars each year in pet food, treats, vet care, supplies, pet insurance, and more. Here are some of the latest numbers uncovered as of 2021.
- The U.S. pet industry reached an estimated $99 billion in 2020
- 61% of U.S. pet owner will pay more for food specifically for their pet’s dietary needs
- Dog owners spend an average of $73/year on grooming alone
- 21% of pet owners spent more money on their pets during COVID-19
- Millennials take up 31% of the pet owner population
- 69% of Millennials choose natural and organic products over not for their pets
- More than 67% of American households own at least one pet
1. Pet food that targets specific dietary needs
61% of U.S. pet owners are willing to pay more for foods that target their pet’s specific dietary needs. Not only that, but 69% of Millennials prefer buying natural and organic foods and treats over not. And with Millennials being the next generation of pet owners, it’s safe to say this number is only going to increase each year.
Diving deeper into the pet food industry, pet food sales reveal that 73% of pet owners buy their food online versus in-store.
2. Pet insurance reached $3.21B globally
Pet owners are opting more and more towards pet insurance. The pet insurance industry just reached $3.21 billion globally, with consumer reports estimating that it will hit $5.89 by 2025.
3. Pet supplements are taking off
The pet supplement industry is set to hit $1B by 2027 according to Grand View Research’s analysis. The most popular pet supplements include dog vitamins, cat fish oil and dog probiotics.
However, the fastest-growing pet supplement category is CBD. Searches for “cbd for dogs” is up 7400% over the last five years.
4. Pet wipes has grown 67% over the last two years and is still growing
The pet product category “pet wipes” didn’t even exist a few years ago. But with all the recent innovation and consistent entrepreneurs in the pet space, pet wipes has grown exponentially. In fact, I personally was at my dog park last week and all of the dog owners were discussing how much they love pet wipes. They even got me to buy some just from that quick conversation!
For those who don’t know, pet wipes are moist towelettes made specifically for pet hair that can be used in replace of a bath or after your pet goes to the bathroom. And with the recent boom in pet wipes, Amazon sellers caught on fast. There are now over 400 brands of pet wipes for sale on Amazon alone.
5. Pretty Litter luxury product becomes mainstream
You may have heard of the brand Pretty Litter even if you don’t have a cat. I know I have simply by shopping at Target. Target stores have an entire section dedicated to this product, a product that was considered luxury a couple years ago. This just shows that consumers will buy most anything, regardless of price, if it benefits their four-legged friends.
Pretty Litter is a brand of kitty litter that changes color based on a cat’s urine pH levels. Sounds fancy, right? They used to be sold solely on their website via monthly subscription service but it has experienced explosive growth that they are now in big name retailers across the nation.