Pet industry: Booming beyond borders

The positive shift in attitude and behavior toward pet ownership is providing dynamic opportunities for both emerging and developed B2B pet markets.

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Humans have kept animals as companions since time immemorial. Their long, storied history together dates back to their hunter-gatherer days and the ancient practice of animal worship. Today, pet ownership goes beyond providing food, shelter and vaccines as more people consider their pets as part of their family.

Growth from Knowledge's global study on pet ownership showed that on the average, 33 percent of people across 22 countries own dogs, 23 percent own cats, 12 percent own fish and 6 percent own birds.

The pet industry is a huge business that is further broken down into market segments. One of its biggest markets, the pet care market, has been boosting the industry growth across the globe. In Mordor Intellience's summary report, it listed the Asia-Pacific market as the fastest growing pet care market while North America remains the largest.

Furthermore, in an article published by Globe Newswire, it disclosed Global Market Insights, Inc's study predicting the global pet care market to exceed $269.9 billion by 2025. In China alone, the market revenue is set to reach over 14 percent CAGR from 2019 to 2025, while the US market is predicted to grow at 3.5 percent. Apart from these countries, pet markets in India, Russia, Japan, Brazil and Vietnam are also growing at a dramatic rate with the increase in pet ownership and spending as reported by The Balance Careers.

The growing number of pet owners over the years, as well as the shift in their mindset and behavior, has led to a number of emerging market trends that are now driving the pet industry forward.

Smart Technology

Tech-savvy millennials, today's most powerful consumer group and also the largest pet-owning demographic, are steering the rapid evolution of technology across industries. Smart devices are no longer just for entertainment use.

Fifty-six percent of pet owners surveyed by the Bookly Team stated that they have a special tech dedicated for theirpets, and almost eight in 10 pet owners use tech devices such as GPS trackers and smart collars to track or monitor their pets. The respondents said that technology is giving them a sense of their pet's well-being and security.

Humanization & Premium Branding

Gone are the days when pets are just kept in the backyard and fed food scraps. Today, more and more owners are treating their pets as close family members, with some even foregoing marriage and parenthood and opting for pets instead. This has led to owners spoiling their pets, buying them extravagant things and pampering them luxuriously.

From pet food and treats and pet grooming supplies to pet clothing and accessories, pet owners are very meticulous with their buying decisions. Pet owners are becoming more concerned of their pets' health and well-being, thus the rise in the demand for organic and hypoallergenic food, sustainable and eco-friendly pet supplies and sanitation products, and other high-end veterinary equipment and products.

E-commerce

The steady growth of the entire pet industry has paved the way for the boom in the number of e-commerce businesses. Such growth is partly attributed to a growing number of pet owners doing activities online. Specialty stores, pet retail stores, delivery services, veterinary clinics and luxury pet service stations are widening their reach and using new market channel opportunities such as the internet.

According to a report by Packaged Facts, the internet's share of the pet products market is set to reach 23 percent in 2023. It added that the online sales of pet products in the US market alone were estimated at $11 billion in 2019.

The pet industry is proving to be a gold mine for business owners and retailers with pet ownership becoming more common and pet owners becoming more mindful of every aspect of pet owning. The future is not only bright but expanding, most especially for B2B e-commerce as the industry is set to continue with an average of three percent growth up to 2022 according to Euromonitor and more businesses are expected to be done online.

B2B buyers, both new and experienced, can easily source in-demand, innovative and trendy pet supplies and other pet-related products that provide great value and have features that today's pet owners are looking for by checking out below products from Global Sources Verified Suppliers:

LED pet collar pendant

Company: Shenzhen Better New Gift Design Dept.

The model BT-Y-0816-05pendant for pet collars is made of plastic and adopts red, yellow, blue, green or orange LED that flashes. It is powered by an AG13 battery.

Pet industry: Booming beyond borders

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