We outline why pet business startups have become a popular business field in recent years.
In recent years, the pet industry has experienced rapid growth and expansion, leading to the emergence of numerous pet startups. According to recent statistics, the global pet care market size is expected to reach $358.62 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027. With the increasing pet ownership and demand for pet products and services, pet business companies have become a booming industry.
Why the pet business field is booming
Increasing Pet Ownership:
Pet ownership has grown significantly in recent years, more people have been having pets as companions, therapy, or service animals. The pet humanization trend has also led to a big necessity for pet products and services, resulting in the growth of startups. According to a recent survey, 67% of American households own at least one pet, making dogs and cats the most popular animals.
Pet parents now looking for high-quality pet supplies that can improve the health and well-being of their furry friends. This trend is not limited to the United States, as pet ownership is also growing in other countries around the world, making pet business startups a global phenomenon.
Technological Advancements:
The advancements in technology have revolutionized the pet business industry, creating opportunities for pet startups to provide innovative products and services that are making the life of pet parents much easier. With the development of new gadgets such as smart collars, GPS trackers, and interactive toys, people now have access to more tools to monitor and improve the health and safety of their four-legged friends.
Growing Awareness of Pet Health:
The growing awareness of animal health has led to the demand for high-quality merchandise and facilities. People are now more concerned about the health and happiness of their pets and are willing to invest in quality brands to ensure their pets’ safety. This affected the growth of companies that offer pet food, supplements, grooming products, and veterinary clinics.
Moreover, as pet parents become more health-conscious, they are also seeking goods that align with their own values, such as sustainable and eco-friendly products. This has created opportunities for pet business startups to provide environmentally friendly commodities and services that promote pet health and sustainability.
Why we need more women startups
Social Media Influence:
Social media has played an important role in the boom of the pet business industry and the emergence of such startups. The popularity of pet influencers on social media platforms such as Instagram and TikTok has led to an increased need for pet products and services.
Pet owners are often inspired by social media bloggers and are willing to spend money on goods that will make their furry friends happy and healthy. Startups are taking advantage of this trend by creating devices that cater to people who want to provide the best for their four-legged companions.
Increase in Pet Adoptions during COVID-19:
The COVID-19 pandemic made a huge impact on pet adoptions. People spent more time at home and were seeking companionship during quarantine. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), pet adoptions increased by 70% in 2020 compared to the previous year. This boost in pet ownership has led to the growth of pet business startups, as new pet parents are looking for different innovations to make the life of their new friends better.
COVID-19 also highlighted the importance of pets in our lives: the pandemic has changed the way we interact with our pets, as many people are seeking new ways to keep their pets entertained and engaged while they work from home.
Growing Popularity of E-commerce:
The popularity of e-commerce has made it easier for pet startups to reach a wider audience and offer their products and services online. With the ease of online shopping, pet owners can easily browse and purchase goods from the comfort of their homes. This also resulted in the development of online pet stores and marketplaces, where pet startups can highlight and sell their technologies.
Notable pet startups
Petcube
Petcube is a startup invented in 2012 by Yaroslav Azhnyuk, Alex Neskin, and Andrey Klen in Ukraine. The company is based in the United States now and specializes in developing smart pet cameras and alternatives to pet insurance.
Petcube’s products allow pet parents to monitor and interact with their dogs and cats remotely, promoting a deeper connection between animals and their owners. The cameras have a two-way audio system that enables humans to communicate with their furry friends.
Petcube has won several awards, including the CES Innovation Award and the Red Dot Design Award.
Loyal
Loyal is a New York-based pet business startup founded in 2020 by Alex Douzet, Laurent de Boisgisson, and James Bohan-Pitt. The business offers a range of pet health goods, including supplements, grooming products, and pet food.
Loyal’s foods are made with natural ingredients and are designed to promote pet health and safety. The company has received several awards, including the 2020 Pet Independent Innovation Award.
HelloBello
HelloBello is a Los Angeles-based pet business startup founded in 2019 by Kristen Bell and Dax Shepard. The company offers different pet products, including diapers, wipes, and grooming things. HelloBello’s merchandise is created from natural ingredients and is made to be affordable and eco-friendly.
HelloBello has received several awards, including the 2020 Eco-Excellence Award and the 2021 New York Baby Show Innovation Award.
To sum up
The pet industry is a rapidly growing industry that offers many opportunities for pet startups. With the increasing domestic animal ownership, technological advancements, and increasing awareness of pet health, companies are well-positioned to meet the needs of people. The success of Petcube, Loyal, and HelloBello is a testament to the potential of this industry, and we can expect to see more innovative pet startups emerge in the future. As the market continues to grow, young businesses need to focus on developing quality products and services that meet the needs of pet owners and promote pet health and well-being.