Looking for a great business idea, with a huge potential for growth? Here’s one.
Pet owners are increasingly treating their pets as members of the family. People are readily investing in high-end pet care. This is opening new avenues to the already massive pet industry. The future could witness trends as bizarre as cat beer, high end pet clothes, pet marriage ceremonies, etc. While hobbyists continue to make the most out of their passion, it’s time for entrepreneurs to come up with creative ideas to keep this industry flourishing.
1.The Pet-care industry trends in 2016:
Food, medicine, vet care, live animal purchases and pet grooming services combined, the Pet-care industry was worth over 61 Billion dollars, in 2016.
A predicted growth of 7% annually, is expected from 2017 through 2021.
65% of the households in the U.S. have at least one pet- that’s nearly 80 million homes.
I think the figures talk for themselves and there’s no need for me to elaborate more. These trends do not seem to slow down any time soon, making this a highly profitable business idea.
People with pets usually od treat them as a member of the family.
In the past few years, pet owners have quite literally started treating pets as family members- high quality nutrition, trendy grooming, pricey pet clothes and the best possible medical care.
This humanization of pets, has enabled pet care business to raise product quality and prices, keep higher margins and come up with more hum like products and services for pets.
Millennials in the developed world are taught to treat animals with care and compassion and this is quite evident in the way they treat pets.
Despite earning for themselves, most single, working millennials have a pet and pamper it with premium products.
Good for the pet care industry, they will remain loyal customers for years to come.
Unfortunately, you aren’t the first one to notice this trend and the number of pet care businesses out there is huge.
Fierce competition is not without huge demand. So, as long as you market it right, your products should be able to do well.
5. The best niche:
As recommended by a few other online sources, and in my own opinion, the best pet care niche has to be pet food, made with premium ingredients. Like us, animals need to eat on a daily basis, and thanks to increasing health awareness among people, pet foods can be manufactured with premium ingredients and sold at higher prices.
Try exploring organic pet food/ low carb pet food/ high protein pet food/ non-GMO pet food/ ready to make pet food. Get creative.
6.Current scope for pet-care services:
Some of the things that are already on high demand, are pet products like dog kennels, cat kennels and hamster homes, and services like dog walking, vet services, etc. Like I’ve said before, a lot more is expected to be seen.
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