Millennials Accelerated the Pet Care Industry's $69 billion Market Share
By Olivia Roofe Rose
What a small town called Hoboken in New Jersey can teach us about the future of the pet care industry.
The pet industry has transformed throughout the years into pet stores for clothes, food, treats, and all kinds of different products. The key factors in this industry are pet grooming and dog walking. Believe it or not but these are competitive industries in certain areas across the United States. They are both growing businesses that have grown popularity in areas like Manhattan, NY and Hoboken, NJ.
The focal point of Hoboken amongst other towns is the pet care business. All hours, 365 days a year dog walkers surround the streets with all different kinds of dogs. Compared to other suburban areas, a pet care business is not well known and unfamiliar to many people. Why exactly is this significant and what are the demographics that make it such a profitable town?
For starters, Hoboken is a one-mile square town enclosed with restaurants, stores, groceries, parks, hospitals, libraries, schools etc. Because of the close proximity to some of the essential locations, many families move in with their children and pets. Many of these people work long hours each day and therefore need their dogs walked and taken care of. Currently, there is more than five dog walking businesses in this small town and yet it is overpopulated with thousands of people and their dogs.
The market is always shifting as new trends emerge influencing our supply and demand. Of course, we cannot compare the pet industry to the Apple Store or Amazon. They are different functioning businesses that have their own threats and opportunities. For the pet industry, the threat is within the pet care business itself. It is quite common for people to only work in the pet industry for a certain amount of time and then leaves for other opportunities. This is precisely why they continuously look to hire more people. Whereas for technology companies such as Amazon or Apple, there will always be people available to work.
It is quite astonishing the kinds of businesses people have developed that are related to the pet care industry. It is most common for people to consider their pets as a part of their family, a kind of “humanization of the pets”. In an article from the NY Times, Carol Pogash mentions, “Cat products and supplies make up 30 percent of the $40 billion United States market, excluding services…” This is an enormous number that creates a perspective of how tremendous the pet industry has grown and developed over what it once was. There’s even a restaurant called “Barking Dog Luncheonette” for anyone in New York that is a dog-friendly location.
Millennials are accelerating the pet care industry. People are investing their money not only for others to walk their dogs, but on high-quality food, treats, toys, and even outfits! The pet population is maintaining growth amongst highly populated cities. The growth prospect will increase within the next couple of years as people continue to see its worth and value.
Photo by David Sobelewiski