Market Trends of Pet Service Industry
The Pet Grooming Segment is Dominating the Market
Grooming is a common luxury service animal owners seek for their pets. Many pet owners seek professional grooming services as they do not have time or the ability to groom their pets. This creates an excellent opportunity for experienced/professional pet groomers and companies.
Pet services, like grooming, are growing rapidly in regions like North America and Europe due to the growing pet population. According to the Office for National Statistics (UK), in 2022, consumers spent over USD 12.4 billion on pets and related products in the United Kingdom, almost double the pet expenditure levels ten years prior. Some grooming services offered include washing, grooming, flea and tick treatment, haircuts, nail clipping, ear cleaning, and eye cleaning. However, grooming service companies are expanding their services to massage, reiki, easing anxiety and chronic pain, and other therapies that could be helpful for dogs.
As the demand for grooming services increases, pet companies have begun using the trend. While some offer in-store services, others provide mobile services as well. For instance, PetSmart offers quality, in-store grooming services and self-wash grooming stations. HydroDog and Petdos Online Pvt. Ltd offers mobile grooming services.
Developing countries, such as India, are characterized by a monetarily strong middle class, making the economical pricing segment an important revenue generator. The trend of adopting animals is increasing due to urbanization. A busy lifestyle is another major driving factor for the dog grooming segment. This pet boom has led to the proliferation of pet startups across the country. For instance, CollarFolk helps to locate the right grooming and boarding services for dogs, including a pet-friendly taxi.
North America Dominates the Pet Services Market
Pet parents in North America are spending more on their pets' well-being, appeal, and safety. The United States witnessed dramatic growth in the pet industry in recent years. For instance, as per the report published by the North American Pet Health Insurance Association (NAPHIA), approximately 4.41 million pets were insured in North America at the end of 2021. The pet health insurance marketplace grew by 27.7% over the past year. In addition, as per NAPHIA, total premium volume in the United States amounted to USD 2.6 billion in 2021, a 30.4% annual increase.
In Canada, the total premium volume totaled USD 249.9 million, an increase of 28.1% over the previous year. The boom in pet care spending has resulted in a huge increase in products and services aimed toward affluent pet owners. The rising spending and the overwhelming passion of the millennial age group are fueling the industry. Within the population of dogs and cats, the percentage of pets receiving veterinary medical care during the past 12 months increased more significantly for cats than for dogs in 2021 in Canada.
According to El Economista México, over 42% of Mexican pet owners spend about USD 50 to USD 100 per month on animal products and services. Major players in Mexico include Pet Relocation, Pet Becker, and Rover. These companies dominate the Mexican domestic pet service market by offering various pet services, including dog boarding, cat sitting, dog walking, dog daycare, and pet cab services, through offline and online app-based channels.
