Businesses “earn money” thanks to the pet accessories market

The global pet accessories market size has reached 20 billion USD by 2022 and is expected to exceed 40.1 billion USD by 2031, achieving a compound growth rate (CAGR) of 7.9% during the period. forecast…

The pet accessories market is considered a rising sector of the economy, driven by an increase in the number of pet owners willing to spend money to provide comfort and a good life. more for the four-legged friends of the family.

The three-year period of the Covid-19 pandemic also contributed to an increase in the number of pet owners globally as many individuals sought pets to dispel loneliness; thereby boosting demand for pet accessories and services to a sudden increase, especially on e-commerce platforms.

PET HUMANISATION

“Pet humanization” is a phrase that reflects the mindset of owners in treating pets as family members, always trying to give pets the same living standards as humans.

In addition to the above trend, changes in modern lifestyles combined with increasing income levels have made the pet service market increasingly vibrant.

In fact, even though consumers may feel financial difficulties, when it comes to pets, they are always willing to open their wallets. This is evidenced through exciting developments in the luxury pet goods market.

Data from MoneySuperMarket shows that UK pet owners spend almost $620 a year on luxury items for their pets, from designer clothes and luxury bedding to toys and organic treats. international standard. Even a large portion of pet owners in British urban areas are willing to spend more on pets than their own needs.

According to UK Pet Food, formerly the Association of Pet Food Manufacturers, the Covid-19 pandemic has created opportunities for businesses to enter this “lucrative” market. A total of 3.2 million more households in the UK have now kept a pet since the pandemic year.

Typically, Katja Schell, who opened a pet store three years ago, said: “People like to pamper their pets because it makes them feel happy. A young customer once went to Eric & Dolly’s to spend all his birthday money on beautiful pet items. For many people, just buying a small gift for their dog brings them a lot of joy.”

Another factor that continues to bring immense benefits to the pet market is the influence of famous individuals on social networks. As shared by Jenny Tsai, founder and CEO of WeArisma, the UK pet market in particular is valued at £5.9 billion and 37% of Brits revealed that they buy products for your pets based on recommendations on social networking platforms TikTok or Instagram. The trend is continuing to encourage the rise of “pet-fluencers”.

This has also become an important promotion channel for brands, especially luxury brands such as Gucci, Celine or Moncler. Citing WeArisma’s analysis, since the beginning of 2022, the three brands mentioned above have generated a media value of 4.8 million USD with more than 3.1 million interactions on relevant prominent social media channels. to their luxury pet collection.

MARKET POTENTIAL

Recently, the biggest threat to retailers is the cost of living crisis but it seems that its impact on the pet accessories industry is not too big.

Kate Jaffe, trends expert at Rover, said: “Persistent inflationary pressures are already weighing on many pet-owning households in 2024, but the connection between owners and their pets has not yet changed. ever change. Raising dogs and cats can take up a significant portion of disposable income, largely because pet parents view them as an invaluable part of life, especially in young, single-family households. Spending on pets is now considered essential and that is an extremely encouraging factor for the pet industry as a whole.”

According to Technavio, the global pet accessories market size is estimated to increase by 13.24 billion USD from 2022 to 2027. North America is the region with the largest market share in the global market in 2020. 2022 and is predicted to witness a steady growth of 43% between now and 2030.

The growing number of pet owners coupled with rising spending is also driving industry-wide expansion. However, penetrating this specific market also requires careful research as more and more businesses are targeting high-end targets in the pet care field.

Culture analyst at market research agency Kimberley Howard, explains: “Being a pet owner presents its own challenges, so brands need to understand and find ways to solve these problems. This issue is for consumers.

According to Ms. Howard, learning and researching the journey of raising a pet, with both its joys and pains, can open up opportunities for innovation. Take for example CocoPup, a high-end pet bag brand that recognized the need for dog walkers to perform multiple tasks, carrying food bags, water bottles, leads… on a journey; The brand cleverly creates stylish bags with smart compartments so customers can easily use them.

“Pets today occupy an important position in people’s lives; Indeed, more and more people treat their pets like children or even choose to keep pets instead of giving birth. I personally think that businesses can monitor trends in the children’s accessories sector to predict the direction for pets. From natural and organic foods to talking machines, researching and comparing these parallel spaces can help inspire innovation for the market,” said Ms. Kimberley Howard.

 

Category: Pet