Pet Industry Growth Trends

We luv our pet invest in their well being. According to Marketresearch.com  By 2019,

the Pet Industry is expected to hit $91.72 billion in sales. During the recession of 2008 the pet industry growth slowed and lost market value, as did most other industries at that time. Market for pet products and services soon rebounded and in 2015 grew to new records $63 billion market valuation, as report by Bloomberg [1]. Analyst are forecasting higher sales in different market segments through 2016. and 2017. 

With an exception. The pet market segment for Live Animal Purchases continued to lack luster, reporting in a loss of 400 million in year to year sales in 2016. Other major segments expects a net growth. Pet Foods estimated at $ 24 Billion, Supplies and OTC Medicine $15 Billion, Veterinary Care $16 Billion, and Other Services like dog walking and grooming at $5.73 Billion. 

It is estimated that 60% of pet market spending will come from High Income Households. Industry banking on High-Income Households to drive this growth. High-income households are a considerable demographic for pet products and premium brands. The Market Research Institute [2] reveals “upper-income households as a dominant force in the industry”,

Petluvs, a leading enterprise in the Pet industry is a winning advocate in the conversation & recycling space. Please join Petluvs and our efforts to  encourage sustainable living. Visit Petluvs.com more more information. 

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2018-08-20T15:29:00+00:00