In an industry as substantial as the global multi-billion-dollar pet industry, trends help tell a story of where things are heading, the latest innovations, and a glimpse of the evolving needs of pet parents. These trends often appear within the specific markets that make up the pet industry (i.e., pet care, food, health, etc.), and are fueled by the growing number of pet parents seeking pet-related products and services.
Currently, 66% of U.S. households own at least one pet, so it is no surprise that the $144 billion dollar pet industry continues to advance with year-over-year growth, projected to be worth $500 billion by 2030. Coinciding with this yearly growth are yearly trends that grow in popularity as more and more pet parents seek out new, innovative ways to care for their pets.
Below are some of the trends the pet industry has set out for 2024 and what you can expect to see more of as the year progresses.
CUSTOMIZED PET NUTRITION
The pet food market currently sits at USD $58.42 billion in the U.S. and is expected to grow 5.77% in the next four years, indicating no slowdown in sight. Of course, the more pet parents acquire dogs, the greater the need for food. However, in recent years, there has been a greater emphasis on the quality of food pet parents provide their pups. The trend emerging in 2024 is customized nutrition, as many pet parents are zoning in on the types of food that will best suit their dogs’ individual needs.
While dog food based on size has been common in the past (i.e., for small or big dogs), brands are moving forward with nutrition that can be more specific to dogs based on age, weight, and other factors. Once exclusive to only humans, dogs are starting nutrition plans that can boost their overall diet and wellbeing with the necessary nutrients specific to their needs and requirements, such as their breed and activity level.
A recent report found that 86% of dog owners and 82% of cat owners are committed to offering the highest quality of food to their pets, while 43.6% of pet parents report that purchasing healthy food is more important for their pets than the food they purchase for themselves. This helps demonstrate the growing trend of pet parents prioritizing their pup’s nutrition.
For example, many of our Dogtopia daycare locations across North America offer nutritious treats to pups during their days of play and during their boarding stay. This additional benefit is just one of the ways we are leaning into the increased focus on quality nutrition and helping meet the needs of our pet parents and their dogs.
DAYCARE AND GROOMING SERVICES
The changing workplace has played a significant role in the rise of pet daycare services. Many went from working in-office to remote and are now back to in-office or a hybrid model, which has increased the need for daycare as a secure “second home” for pets when pet parents can’t be by their side. Daycare has also been a popular option for pet parents who work remotely and can’t devote as much time to their pets as they typically would, and for dog parents who recognize the benefits of socializing their pup by letting them interact with other dogs in a safe space. This trend is reflected in the global pet daycare market, which is expected to reach approximately USD $8.84 billion by 2033, with a compound annual growth rate (CAGR) of 8.1% between 2023 and 2033.
One of the driving factors for this growth is the humanization of pets—a trend that has existed for several years and continues into 2024. 54% of U.S. pet parents between the ages of 18 and 34 say they treat their pet like a child, and 35% would prioritize their pet’s needs before their own. Seeing as how this age group is the leading generation in pet ownership in the U.S., humanizing pets is a trend that’s likely here to stay. Many pet parents choose quality, high-end care services for their pets—something the dog daycare category can fit into. In fact, the global pet care industry is expected to reach USD $368.88 billion by 2030, demonstrating growth in the years to come.
The need for grooming services (i.e., nail trims, baths, brushing, etc.) has also been growing over the years, with the latest reports highlighting that this USD $5.3 billion dollar global market is expected to reach USD $10.1 billion by 2032. With the average annual household spending on pets expected to be $1,292 by 2025 and $1,909 by 2030, pet parents are spending more on their pets. Plus, there is a growing emphasis on pet health and wellbeing, which is evident in the growing pet grooming products market that’s expected to reach USD $161.9 billion in revenue by 2031.
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INTERACTIVE AND ENRICHING PET TOYS
Many pet parents often have an overflowing stash of pet toys that likely look similar. However, interactive and tech-based toys that stimulate dogs’ minds are becoming more popular. Not only do these types of toys provide enrichment, they can help reduce boredom and anxiety, which have become more prevalent in pets over the years.
From interactive treat puzzles to snuffle mats, 10-15% of the pet toy industry, which has a projected value of $5.90 billion by 2033, is comprised of interactive toys. With a greater emphasis on pet wellness, mind-stimulating games and toys are helping fuel this market. At Dogtopia, for example, our Canine Coaches routinely lead our daycare dogs in brain games, as we understand the importance of strengthening dogs’ bodies and minds.
WEARABLE PET TECH
Technology is advancing in seemingly all areas of our lives, and the pet industry is no exception. We have seen tech trends emerging throughout the years, but for 2024, there’s a rise in wearable pet tech for tracking purposes (i.e., GPS monitoring) and pet wellness.
For pet parents, assessing their pets’ physical and mental health can be incredibly important, and wearable pet tech can offer that. Fitness trackers, for example, can measure dogs’ health metrics in similar ways you might commonly see for humans, such as heart rate, body temperature and more. Access to the results can help provide a clearer picture of a dogs’ wellbeing, which can translate into providing necessary preventative care.
The global pet wearable market is projected to reach USD $6.83 billion by 2030, with an incredible CAGR of 18.6% from 2022-2030, helping demonstrate how this market is continuously growing.
AUTOMATED PET PRODUCTS
We’re seeing automated solutions pop up increasingly more thanks to the innovation within the artificial intelligence and machine learning industries, and it has made its way to pet care. Automated feeders have been popular for some time, but new pet solutions are also appearing, such as automatic litter boxes, ball launchers, and more.
Automated solutions are often used to lessen lengthy or difficult tasks. For example, automated pet feeders simplify routines, as timed and proportioned meals are provided as set by the pet parent. With busy, unpredictable schedules, it can be a huge time-saver, and recent reports indicate a rise in the automatic pet feeder market, which is valued at USD $540.8 million and expected to grow to USD $1.36 billion by the end of 2032.
The pet insurance market was recently valued at USD $9.4 billion with a 14.9% CAGR between 2023-2030, helping demonstrate the immense growth of this market in the following years. A driving force behind this growth can be the rise in pet ownership, but there is also a growing importance placed on preventative care and the fact that 97% of U.S. pet parents consider their pet a member of the family. Just as most humans would have insurance, pet parents are also opting for their pets to have it, which is causing pet insurance companies to offer greater options and care plans that can better meet pet parents’ needs. The interest in this segment in the pet industry is one of the reasons we have teamed with trusted pet health providers to offer Dogtopia Care Plans.
ENTER THE BOOMING PET INDUSTRY WITH DOGTOPIA
If you are a prospective franchisee looking to invest in the pet industry, our About the Pet Industry page offers more information. You can also find out more about the services we offer at Dogtopia that are helping meet the needs of pet parents across North America.