It is enough to go to a pet store to notice the change: previously you could find very basic products such as concentrated foods, toys, custom pet socks, collars, and beds; Nowadays, it is possible to find a wide range of products for those who, previously were seen as pets, and, today, are considered as one more member of multispecies families.
How to travel by car with your pet?
Precisely, that is the reason why the market for animal products has grown so much in recent years: new families choose not to have children and prefer to have a dog or a cat at home to which they provide all the best conditions and It is more “economical” for them.
In the United States alone, last year, spending on this growing segment of companion animals was approximately $ 100 billion; that is to say, almost double that of a decade ago, where 48,400 million dollars a year were spent.
A globalized market
The people who invest the most in their pets are in the United States, a country that dominates this market. In our country, the pet segment has grown so much, and in such particular ways, that it is already common to find dating apps for dogs and cats, luxury items, highly specialized food, all kinds of clothing (and from different brands and designers) , and many other products.
Pet food, veterinary care, and drugs are the sections in which people in the United States invest the most, followed by drugs and other more specialized services. In Latin America, the first place is occupied by Brazil, closely followed by countries such as Mexico and Chile. In fourth place is Colombia, continuing with countries such as Argentina and Uruguay. In Europe, the UK and France are the two countries with the largest markets, followed by Germany and Spain.
The global market had been showing a positive balance until before the pandemic, which affected many other industries including activities related to companion animals. Schools, kindergartens, pet stores, veterinarians, and other services such as hairdressing and education were affected by the situation.
Many people, by spending more time at home and also being afraid to leave it, stopped using these facilities, learned to do it at home, or requested it through applications or home services, for which this type of activities had a discreet growth. After the strongest restrictions at the beginning of the pandemic, many sites focused on the pet market had more freedom to operate.
The first segment in which people invest more resources for their pets is that of food: here you can find traditional concentrates, natural foods, nutritional supplements, and also other enterprises such as sweets, ice cream, cookies, among others. After food, people invest more in professional veterinary services, pharmaceutical products of all kinds, and, finally, in specialized products such as toys, beds, among others.
At the end of the day, it’s an ever-expanding and dynamic market!