It’s no secret that pets play a huge role in our everyday lives. No matter what type of pet you own, there is no doubt that these loyal companions make us feel comforted and loved. Always making us laugh and bringing joy, there is a reason why pets take up a huge space in our hearts. However, if I was asked to name a business industry off the top of my head, the pet industry would likely not be the first to come to mind. In researching this article, I was amazed to discover the vast size of the pet industry – and that's coming from an owner of two dogs!
The pet industry comprises two main areas: vet services and animal care. The former includes animal hospitals and testing labs, with over 6,000 businesses in this industry across Canada. There is a shortage of vets as job vacancies were up by 18.8% in 2022, which provides room for those who want to work in the medical side of the pet industry.
The second component of the pet industry, animal care, consists of pet stores, grooming, pet sitting, walking services, and animal shelters. This market segment boasts over 3,000 businesses across Canada, and the global market size was valued at 150.6 billion in 2021. Further, the industry is expected to grow at an annual rate of 5.1% from 2022-2030. With approximately 85 million homes owning pets in the USA alone, there is a wealth of opportunity and potential in this industry.
Pets have been around for ages -- but why are pets so increasingly popular? With 60% of pets being owned by millennials and younger age groups, boomers make up the other 30% of animal lovers. No matter one's generation, everyone seems to adore pets. A big part of the reason why we love our furry friends comes down to the cultural impacts felt in today's world. The past few decades have seen an increase in health and fitness trends, and for many, owning a pet fits into this lifestyle. I can attest that even on days when I am feeling lazy, my dogs certainly get me active as they need their exercise, usually in the form of a walk. While pets of the past may have been restricted to the outdoors, current trends show that pets are now treated as members of the family. As a result, people spend hundreds, even thousands of dollars, to invest in the very best for their pets. The possibilities are endless: food, toys, and more recently, even designer pet gear such as beds and coats.
Despite the large industry, job opportunities in the pet care industry have declined by 26.5% in 2022 due to the oversaturated market. But wait! Business students interested in this industry needn’t be discouraged, as there is always room for innovation. According to Forbes, pet owners are very passionate about global issues, with 70% being particularly concerned about climate change. As a result, young entrepreneurs can expect to see innovation in areas such as sustainable pet products – whether it be food, cleaning supplies, supplements or even plastic- free toys. One option is natural rubber chew toys offered by the pet company Earth Rated. Both durable and fun for your dog, this product is also good for the earth since it reduces the use of single use plastics. As sustainability issues become more prevalent, this provides opportunities for new and improved business ventures.
If you have a pet yourself, or know someone with a pet, you will understand the importance they play in our lives. Undoubtedly, people will continue to want to provide their pets with the best lifestyle possible and shower them with love. However, it is not fair for this goal to come at the expense of the earth. Buying food and toys made from plastic does neither you nor your pet any favours. By thinking and buying sustainably, not only can I feel good about my choices, but my pups will be provided endless hours of play. Pets are here to stay – and it’s time for the industry to truly think about what goes into Lassie’s toys.