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Pet Industry Economics: What You Need to Know

Photo by RK Jajoria from Pexels

The pet industry is booming like never before. According to the American Pet Products Association, Americans spent nearly $73 billion on their pets in 2018.

Americans buy their pets clothes and spend a fortune on “better” pet foods. They buy their pets toys and pay trainers to teach them how to communicate with pets as family members. They purchase dog insurance to protect their pets in case of health emergencies. In fact, they treat pets like royalty. Some even go so far as to rearrange the furniture so the cat can peek out the window as she snoozes.

The Pet Industry Saw a Big Boom in 2015

The pet industry truly began booming in 2015. That year, there was a big upsurge in spending on pets that. And this trend has shown no signs of stopping. In fact, a dog or cat will cost the average pet owner more than $1,000 per year. And this is just for basic care items. Of course, the cost is greater the larger the animal.

Recessions Don’t Slow the Pet Industry Down

During recessions, Americans cut down on their spending. However, their spending on pets remains roughly the same. This helps to make the pet industry relatively recession-proof. Therefore, if you are looking for an industry to start a business in, the pet industry is a great one. You can also look into affordable pet franchises if you don’t have the time or resources to start a business in the pet industry from scratch

In fact, developing or marketing products aimed at pet owners is a nearly fool-proof way to earn money. That’s because regardless of their economic situation, people take care of their pets.


“Who’s a Good Boy?”

Not all pet costs are related to basics like veterinary care and food. There are other expenses, like the cost of pet insurance and other non-essential items like toys, etc. Americans also spend on tech products for their pets. Some of these include video cameras that allow an owner to interact with their dog while they are away from home.

There are machines that can drop treats for pets, too. Owners can even video chat with Roscoe as the treats drop and tell him he’s a good boy.

High-tech toys allow cat owners to control a mouse that the cat can chase. Other gadgets release food at specific times of the day. There are also automated litter boxes and more.

While these products can be pricey, owners love the convenience. Besides, they keep pets happy.

Health Supplements Play a Big Role in the Pet Industry

Americans purchase health supplements for pets now, too. There is CBD oil for treating pain in dogs. There is also glucosamine for pets to prevent aching joints in the first place.

In fact, Americans appear to be willing buy whatever they believe their animals need in order to be comfortable as they age or to mend after an accident.

Visiting websites like Innovet Pet is convenient for Americans who work long hours but who still want to have convenience and good care for their pets.

Are Americans Overcompensating?

It might even be that Americans spend a lot of money on their pets because they feel bad about not being home with them more. It’s pretty common to hear someone talking about the guilt they feel when leaving their cat, dog, or even hamster at home all day. And so, people spoil their pets with expensive gifts to make up for not being at home.

Surveys even report that roughly half of all dog owners buy their pets gifts when the holidays roll around. If nothing else, these figures illustrate the stable nature of the pet industry.

The Pet Industry Includes Groomers and Trainers

The pet industry also includes dog groomers, trainers, and boarding facilities. In fact, people pay dog trainers as much as $250 per hour to come to their homes and work with them privately.

Often this is because they need help with resolving behavioral issues. Or they need to learn how to teach their pet basic obedience.

Doggy Daycare and Pet Spas Provide Relief for Owners and Pets

A pet owner can now drop Princess off at doggy day care and head to work with a clear conscience. They know that at the end of the day, both they and their dog can relax. That’s because the dog will be exhausted from playing all day and will likely just want to eat and go to sleep. This leaves the pet owner free to enjoy a relaxing evening after work.

When a pet owner goes out of town, it’s entirely possible that neither Princess nor Roscoe will miss them at all, thanks to one of the new dog spas. Some of these spas even have private pools. Plus, they feature day care groups with other dogs to play with, fountains to splash in, and agility courses to race on.

Finally, the spas are run by staff members who love animals and are eager to play fetch and tug with their doggy guests.

Is the Pet Industry the Perfect Industry for You?

Regardless of which way the economy turns, the pet industry in the United States appears to be on a continuing upswing. So if you’re looking for an industry in which to start a new venture and you love dogs and cats to begin with, the pet industry could be just the ticket for you.