By 2019, the pet industry is expected to hit $91.72 billion in sales. In order to increase revenue, more and more retailers are taking advantage of specific trends to maximize potential opportunities in the market.
A few major trends that developed in 2015 are expected to carry over into the New Year:
- Premiumization of products and services continues, but all is not well.
- The human and pet bond remains a major marketing theme.
- Overweight pets are a major health concern for owners.
New trends that have begun to emerge and will drive the market in 2016 include:
- Aging pets require more care.
- Pet industry attracts entrepreneurs.
- Pet industry banks on high-income households.
All six of these trends will be seen in 2016 as major drivers behind retail stores for pet supplies and veterinary and grooming services.