7 Pet Industry Trends to Know (2024-2027)

· 7 Pet Industry Trends to Know (2024-2027)

Here are 7 important trends in the pet industry for 2024 and beyond.

US pet market sales revenue has increased every year in the last decade, growing from $50.96 billion in 2011 to an estimated $123 billion in 2021.
That's an increase of well over 100% in total market size.

And there's still room for more growth. The question is: which trends will drive this growth?

From pet food to supplements, this list will help you see what's coming around the corner in the pet space.

1. Pet Supplements Take Off

The pet supplement industry is set to hit $1.05 billion by 2027, according to an analysis by Grand View Research.

Examples of trending pet supplements include dog vitamins, cat fish oil, and dog probiotics.

But perhaps the fastest-growing pet supplement category is CBD.

2. New Product Categories Emerge

The pet industry has traditionally been made up of handful of product categories:

Food
Toys
Beds
Leashes
Hygiene
Pet grooming

3. High-End Products For Pets Go Mainstream

No matter the product: if it will make their pets happier, there’s a group of owners who will buy it.

And that includes relatively expensive luxury products.

For example, The Bear & The Rat, a startup that makes frozen yogurt for dogs is sold in Whole Foods stores nationwide. It competes with Nestlé’s Purina Frosty Paws.

4. Increasing Number Of Pet Food Niches

According to Pet Biz Marketer, pet food makes up about 3/4s of all pet industry sales.

We're noticing pet food brands gaining market share via niche pet foods.

And startups aiming to get traction in the space by launching completely new types of pet food.

5. Pet Owners Increasingly Opt For DTC

Thanks largely to the pandemic, sales of pet products increased by 51% in March 2020 alone.

6. The Pet Insurance Space Continues To Grow

Pet insurance is one of the most interesting pet industry trends in 2024.

Globally, the pet insurance industry reached $9.4 billion in 2022 and is expected to grow at a compound annual growth rate of 17.04% through 2030

7. Pet Owners Prefer Natural Food Brands

A survey of 2,181 pet owners discovered that 43.6% prioritize the health of their pet's foods over their own.

Conclusion

That's it for our list of important trends impacting the pet space.

The one thread tying almost all of these trends together is: pet health and wellness.

It's clear that "pet parents" are increasingly concerned about the health of their pets. And that they're willing to spend money to maximize the health of their furry friends.

As pet ownership continues to increase, we can expect the industry to grow with it.