Pet care market grew 11.8% in the U.S.

Redacción Opportimes 21 abril, 2023

Mercado de cuidado de animales de compañía creció 11.8% en Estados Unidos. Companion animal care market grew 11.8% in the United States. Le marché des soins aux animaux de compagnie a augmenté de 11,8 % aux États-Unis. O mercado de cuidados com animais de companhia cresceu 11,8% nos Estados Unidos. — Photo: Petco.

The pet care market grew at a year-over-year rate of 11.8% in the United States, to $133 billion, according to Petco Health and Wellness Company, Inc.

So this market is large and growing.

Since 2008, the sector has experienced steady growth driven by an increase in the underlying pet population, along with tailwinds associated with pet humanization trends and a shift toward the premium segment.

Due to the essential and repetitive nature of pet care, the industry has demonstrated resilience and continued growth through economic cycles, as evidenced by the industry’s strong performance during the Great Recession from 2008 to 2010.

In addition, according to Petco, as a result of the Covid-19 pandemic, the pet care industry experienced a significant increase in domestic pets and, therefore, demand.

Beginning in fiscal year 2020, U.S. households will welcome millions of new pets that will need to be fed, groomed, vaccinated and treated throughout their lives.

Pet care

Petco indicates that most of these new pet «parents» will come from the millennial and Generation Z generations, who tend to spend more on their pets.

Building on more than 55 years of service focused on providing solutions for pets and the people they care for, the company has transformed its business in recent years from a successful but traditional retailer to a disruptive, fully integrated omnichannel provider of holistic pet health and wellness offerings, including premium products, services and veterinary care.

Through its integrated ecosystem, Petco provides its more than 24 million active customers with a comprehensive offering of differentiated products and services to meet their pets’ health and wellness needs through its more than 1,500 pet care centers in the United States, Mexico and Puerto Rico, its digital channel and its flexible fulfillment options.

With respect to its business, Petco is strategically focused on increasing its presence in three of the fastest growing areas of the market: veterinary care, e-commerce and services.