Since the whole pet industry is growing, it’s no surprise that the pet services market is also highly profitable and expected to grow even more. Experts predict that the market will grow 9.1% annually from 2022 to 2030 and reach $50.1 billion in 2030.
During the COVID-19 pandemic, the number of owners has grown significantly and is one of the main two factors responsible for the market’s growth.
So, as around 88 million European households and 84.9 million families in the US own a pet, and the numbers are constantly growing, there are increased necessities for pet services.
The other important factor is the growth in spending on pets, as more owners decide to splurge on their cats and dogs.
Unlike other pet industry segments, pet services suffered significantly because of the COVID-19 pandemic and had huge losses. In 2020, due to the lockdowns and social distancing rules, people couldn’t access the services they would typically use.
After the lockdowns passed, people were glad to be able to take their pets to their groomer, training classes, and similar. So, in 2020, they spent around $9.5 billion on pet services, 3.9% more than in 2019.
This is why in 2021, the market started to recover and grow. And in 2022, it’s stronger than ever and estimated to be worth around $24.9 billion.
The segments that have shown the largest potential are the following:
- Luxury grooming and accessories have proven to be one of the best-sellers among wealthier owners. And as they tend to be a lot more expensive than the regular products, the manufacturers and sellers earn more.
- Pet boarding has grown in demand, as more people return to work and are able to go on short holidays. And since pet kennels are really expensive and can cost you $78 for your cat and even more for your dog, they are quite profitable.