If you are looking for a future industry or seeking to open new market opportunities, the pet supply industry may be the right choice for you. 7 Important trends for the pet industry in 2023 and beyond: The pet market sales revenue is expected to continue growing, and the question is, what trends will drive this growth? From pet food to supplements, this list will help you understand the changes coming to the pet landscape.
1. The pet supplement industry will reach billions of dollars. Popular pet supplements include dog vitamins, cat fish oil, and dog probiotics. CBD is the fastest-growing pet supplement category, with searches for "CBD for dogs" up 300% over the past 10 years. 2023 is expected to see a further increase, as there are now many CBD products designed specifically for dogs.
2. New product categories are emerging in the pet industry, such as pet wipes and pet toothpaste, and entrepreneurs are creating entirely new categories of pet care products. Another example is creating a new category, such as selling a self-cleaning litter box.
3. High-end pet products have become mainstream in the pet industry, and owners are willing to pay high prices for products that can make their pets happier. For example, making frozen yogurt for dogs; litter that change color according to the pH of the cat's urine; and cat fences, which are fenced areas designed to help cats move outdoors while reducing the risk of escape or danger. These products are usually only available online and can be expensive.
4. Pet food accounts for about three-quarters of all pet industry sales. Niche pet foods are gaining market share, such as freeze-dried dog food, which has seen a 54% increase in searches over the past five years. Freeze-drying extends shelf life and contains raw ingredients such as offal meats and vegetables. Raw dog food is also a growing pet food market, with searches up 110% since 2017.
5. E-commerce giants such as Chewy.com and Amazon are looking to capitalize on the tens of billions of dollars in the pet market as pet owners are increasingly choosing to buy pet products directly online amid the pandemic.
6. Pet insurance space continues to grow. Pet insurance is one of the most interesting pet industry trends for 2023.
7. Pet owners prefer natural food brands, and pet owners are increasingly concerned about the health of their pets. And they're willing to spend money to maximize the health of their furry friends.
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