The pet industry was one of the lucky ones to not only survive the COVID-19 pandemic but actually flourish. One of its segments, the durable product industry, has shown massive growth during the pandemic.
Between 2016 and 2021, the market’s annual growth was 8.8% (mainly due to the growth in the last two years). More precisely, in 2020, the yearly growth reached 18% and grew even further — to 20% in 2021.
In 2020, in retail only, the sales of durable pet products reached $6.5 billion. While only one year later — in 2021, they got to $7.9 billion.
This growth was mainly fueled by more affluent families, who weren’t as affected by the financial hardships during the pandemic and could spend more on their pets.
The second most important reason for this growth is the fact that more pet owners have felt connected to their pets since the pandemic started. When the lockdowns began, many people experienced anxiety. So, they’ve turned to their pets for comfort.
And the pets have delivered, since at least 38% of pet owners believe they were able to manage anxiety and stress more successfully because of their pets.
So, it’s not surprising that 92–96% of pet owners reported that their pets are their family. But not only are they a part of the family, but 90% of dog owners and 87% of cat owners say that their pets are essential parts of their home life.
And the manufacturers know this, so they’re expanding the offer and creating more innovative and aesthetically-pleasing products for pets. For example, today, you can easily find a fashionable and comfortable dog bed that will suit your house style.
Even though pet owners are more interested in buying durable products for their pets and the industry shows huge growth, the experts are not sure that such a huge growth can be expected in the following years.
So, starting with 2022, the expected annual growth should only be around 5%. The expectations are based on the fact that once you buy a durable product, you don’t have to replace it as often.