Recently, I was speaking to some strategy consultants who are working with a client in the pet grooming and pet care industry, and here are some of the latest insights in this fast-growing and ever-booming industry that might catch you by surprise!
Fact # 1: World pet industry continues its accelerated climb
Despite the global recession, worldwide sales of pet-related products and services continued to swell to $ 81 billion in 2010! According to market research firm Euromonitor, the exponential growth rate enjoyed by the global pet industry has been on track since 2000, and is set to continue.
Fact # 2: The United States and United Kingdom are global leaders
The United States and the United Kingdom are global leaders in the world pet market. In the United States alone, pet spending amounted to a massive $ 55.72 billion in 2013!
Fact # 3: China has one of the fastest-growing pet industry
China has one of the fastest-growing pet industries in the world. The industry began to take off over the past 10 years. Several reasons can be attributed to this growing trend.
First, China's rapidly growing economic environment and prosperity has led to a growing middle class who are more affluent than previous generations. Better economic performance means more disposable income for an average household to spend on pets and other non-necessities.
Second, because of China's one-child policy which has stood firm for decades, adding a pet to the family becomes the obvious choice for the emotional value it brings, especially when a typical middle-class child spends his time working or studying.
Third, owning a pet is becoming a symbol of prestige and wealth in the country. Pet-ownership is becoming a status symbol. China made international headlines in March 2011 thanks to Big Splash, the red Tibetan Mastiff whose unnamed coal baron owner paid a record-breaking $ 1.5 million for him!
Forth, China's pet legislation was updated and dog licensing fees were lowered from $ 285 (USD) per year to $ 42 (USD).
Finally, other cultural factors prevail. For example, fish and other aquatic animals have long been revered in the Chinese culture due to the perceived prosperity and good fortune fishes can bring.
Fact # 4: Incredible India as next growth opportunity
While India is often perceived by consultants as a newcomer to the world pet industry, Euromonitor reported that this market is expected to grow at a 10-15% annual rate in the coming years. While Indian consumers are slow to embrace commercial pet foods, opting to feed their pets homemade fare, consultants are still willing to bet their dollars on the slow but steady growth of this niche.
Due to affluence and economic growth, pets are increasingly seen as an essential family members within the middle class household. The growth of the pet industries in the markets above will bring in demands for specialist services such as pet healthcare, pet grooming services and even pet mortuaries!
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