Over the five years to 2022, the Pet Stores industry is projected to maintain strong growth. Expenditures on pets in the US are rising annually and are projected to reach almost $100 billion by the end of the decade.
With pet ownership growing, the market for pet products of all kinds has expanded with it. US citizens are spending on pets reached an estimated $62.75 billion in 2016, and it is estimated that spending on pets averaged more than $500 per household in 2015. With an industry growing at 4.6% a year, it is projected that total sales will be nearly $100 billion by 2020.
Online shopping has shown the most growth of any sector in pet industry in the past five years; 8.2% of pet owners bought pet products online in 2015, and the amount is expected to increase to 20% in the next few years.
TO ENTER THIS NICHE MARKET
- The emerging trend of pet parents has bolstered demand for premium pet products and services.
- A rise in pet ownership will lead to higher demand for discretionary and nondiscretionary products.
- A vast product selection, convenience and competitive prices in online pet stores lured customers away from specialty stores.
- Potential online customers include busy parents, Millennials and aging pet owners who cannot drive any more or carry heavy bags of pet food.