How the pet industry is mobilising billions
As the pet industry continues to grow, veterinarians are facing new challenges in providing high-quality care to an increasingly diverse range of animals.
The Rise of Pet Ownership
The COVID-19 pandemic marked a significant turning point in the history of pet ownership. With many people forced to stay at home, they turned to their pets for companionship and emotional support. As a result, the number of pets in the US alone rose by at least 5 million between 2019 and 2022. This surge in pet ownership has had a profound impact on the veterinary healthcare market, presenting both opportunities and challenges for veterinarians.
Key Statistics
The growth is attributed to the increasing popularity of pet-friendly housing, pet insurance, and the rise of the pet industry as a whole.
The Rise of Pet Ownership: A Growing Trend
The pet industry has experienced significant growth in recent years, with the global market projected to reach $281 billion by 2023. This upward trend is expected to continue, with the bank forecasting a 14% increase in pet ownership by 2030 in the US alone. A similar pattern has been seen in Europe, where pet ownership is also on the rise.
Factors Contributing to the Growth
Several factors are contributing to the growth of the pet industry. Some of the key drivers include:
Pets are a steady source of comfort and companionship in uncertain times.
The Resilience of the Pet Industry
The pet industry has consistently demonstrated its ability to weather economic downturns, and this resilience is a testament to the enduring appeal of pets as companions and family members.
Pet owners in Europe are willing to spend big on their pets, driving a multi-billion dollar industry.
The growth is driven by an increasing demand for pet care services, including pet grooming, pet sitting, and pet daycare.
The Pet Industry in Europe: A Growing Market
The pet industry in Europe is experiencing significant growth, driven by an increasing number of pet owners who are willing to spend money on their pets. According to a 2022 study by Renub Research, the European pet market is expected to grow by 6.4% until 2027, reaching a value of around $40 billion (€38.5 billion).
Key Drivers of the Growth
Pet Grooming: A Lucrative Market
Pet grooming is a significant contributor to the growth of the European pet industry. The market for pet grooming is expected to grow by 7.5% annually until 2027, driven by an increasing demand for premium pet grooming services. Pet owners are willing to spend money on their pets, and pet grooming is seen as a way to improve their pets’ health and appearance.
Pet Sitting and Daycare: A Growing Niche
Pet sitting and daycare services are also experiencing significant growth in Europe.
“When you look at what percentage is owned by a group, that percentage is still really low,” said Sheehan. “And I think that’s where the opportunity for investors exists.” From pacemaker to hip replacement: What is new in the vet industry? The veterinary healthcare industry is likely to boom in the next decade, thanks to a combination of increased animal welfare knowledge, the growing prevalence of animal diseases, and the increase in preventative care driven by the vaccine sector. A report from The Business Research Company forecasts 7.1% annual growth for the global vet market in 2024, reaching a value of $148.77bn (€143.37bn).
The shortage is attributed to a combination of factors including a lack of training, inadequate staffing, and a lack of resources.
The Rise of Specialization in Veterinary Medicine
Veterinary medicine is undergoing a significant transformation, with veterinarians becoming increasingly specialized in various fields of healthcare. This trend is driven by the growing demand for high-quality care and the incorporation of advanced technologies in the industry.
Key Factors Contributing to Specialization
Several factors are contributing to the rise of specialization in veterinary medicine:
The Impact of Specialization on the Industry
The rise of specialization in veterinary medicine is having a significant impact on the industry, including:
Pet owners are increasingly turning to insurance to protect their pets and themselves from unexpected veterinary expenses.
The growth is driven by increasing awareness and adoption of pet insurance among pet owners, as well as the rise of digital platforms and online marketplaces.
The Pet Insurance Market: A Growing Industry
The pet insurance market is experiencing rapid growth, driven by increasing awareness and adoption among pet owners, as well as the rise of digital platforms and online marketplaces.
Key Drivers of Growth
The Benefits of Pet Insurance
Pet insurance provides numerous benefits to pet owners, including:
The Future of Pet Insurance
The pet insurance market is expected to continue growing in the coming years, driven by increasing demand for pet care services and the rise of digital platforms.
However, the process of obtaining insurance coverage for these procedures can be complex and time-consuming.
