Pet Services FranchisesThe pet services industry, even in this economy, is growing at a rapid pace. In fact, in just the last ten years the pet industry has grown from $23 billion to over $40 billion. Moreover, projections from Forbes Magazine submit that annual spending on pets will hit $52 billion in the next two years.
Pet services franchise owners benefit from pet owners disregard for the economy when it comes to spending on their pets. DID YOU KNOW, the pet industry is the seventh largest retail industry in the U.S., exceeding the toy industry, jewelry, hardware and even the candy industry. Moreover, after consumer electronics, “pet care is the fastest growing category in retailing, expanding about 6% a year.
Specifically in terms of the pet services arena, dog training and pet care expenditures have increased from $5.2 billion to $6.9 billion within the past three years with major growth now predicted for the next five years.5 According to BusinessWeek, “Pet services is one of the fastest-growing [sectors] in the pet industry, jumping 8 to 12% per year.”
For one thing, our pets now have us outnumbered. There are over 380 million pets in the U.S., compared to a mere 300 million of us mere humans. This represents 63% of all U.S. households, and 40% own more than one pet. In terms of dogs, there are almost 75 million dogs living as treasured pets in the United States.7 These numbers continue to grow, in spite of economic hard times and setbacks in many other sectors. We love our dogs, and statistics have clearly demonstrated that pet owners would rather go without their own luxuries than skimp on their dog’s daily perks.
However, the most overwhelming trend, which will continue indefinitely, is the population’s emphasis on pets as members of the family.
The market for expanded pet services is increasing as the owner-pet dynamic continues to deepen. PetSmart, the leading wholesaler of pet products, characterizes a large number of pet owners as pet enthusiasts – people who are passionately committed to their pets and regard their pet as a family member. These pet owners have a strong emotional bond to their pets and are the largest consumers of pet services. The strong emotional commitment of these owners is acutely revealed in surveys by the American Animal Hospital Association: Survey of Pet Owners.
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