Global Pet Industry: Recently, I was talking to strategy consultants who work with a client in the grooming and animal care industry, and here is some of the latest information in this fast-growing and growing industry that may surprise you!
Fact # 1: The global pet industry continues to accelerate
Despite the global recession, global sales of pet-related products and services continued to climb to $ 81 billion in 2010! According to market research company Euromonitor, the exponential growth rate enjoyed by the global pet industry has been on track since 2000 and is expected to continue.
Fact 2: The United States and the United Kingdom are world leaders
The United States and the United Kingdom are world leaders in the global pet market. In the United States alone, spending on pets amounted to $ 55.72 billion in 2013!
Fact # 3: China has one of the fastest-growing pet industries
China has one of the fastest-growing pet industries in the world. The industry has started to take off in the past 10 years. Several reasons can be attributed to this growing trend.
First, China’s rapidly growing economic environment and prosperity have led to the growth of the middle class, which is better off than previous generations. Better economic performance means higher disposable income for an average household to spend on pets and other basic necessities.
Second, due to China’s one-child policy which has remained steadfast for decades, adding a pet to the family becomes the obvious choice for the emotional value it brings, particularly when a middle-class child spends his time working or studying.
Third, owning a pet becomes a symbol of prestige and wealth in the country. The possession of pets becomes a status symbol. China made international headlines in March 2011 thanks to Big Splash, the red Tibetan Mastiff whose anonymous owner of the coal baron paid him a record $ 1.5 million!
Fourth, Chinese pet laws have been updated and license fees for dogs have been reduced from $ 285 (USD) per year to $ 42 (USD).
Finally, other cultural factors prevail. For example, fish and other aquatic animals have long been revered in Chinese culture because of the perceived prosperity and the luck that fish can bring.
Fact # 4: Incredible India as the Next Growth Opportunity
While India is often seen by consultants as a newcomer to the global pet industry, Euromonitor has indicated that this market is expected to grow at an annual rate of 10-15% in the coming years. As Indian consumers delay adopting commercial pet food, choosing to feed their pets, the consultants are still willing to bet their money on the slow but steady growth of this niche.
Because of wealth and economic growth, pets are increasingly seen as essential family members in the middle-class household. The growth of the pet industries in the above markets will cause demand for specialized services such as pet health care, pet grooming services, and even pet morgues!