The pet industry is set for explosive growth. It offers a variety of opportunities for entrepreneurs and investors. With more and more people owning pets and spending money on their well-being, the pet industry is booming. In this post, we will explore some of the reasons why the pet industry is a smart business investment.
Why the Pet Industry?
- Growing Demand – According to the American Pet Products Association, the pet industry has grown consistently over the past few years. In 2020 alone, it had a market size of $99 billion. This growth is expected to continue. Estimates project the industry to be worth over $275 billion by 2030. This means that there is a growing demand for pet products and services. This presents tremendous opportunities for entrepreneurs to capitalize on this trend.
- Diverse Product Range – The pet industry is diverse. It has products and services ranging from pet food and accessories to grooming services and veterinary care. This means that entrepreneurs can specialize in different areas of the industry. They can offer unique products and services to meet the needs of different pet owners.
- Loyal Customer Base – Pet owners are known for their loyalty to their pets. This extends to the products and services they purchase. Once pet owners find a brand or service they trust, they are likely to remain loyal to that brand. This makes the pet industry an attractive business investment.
- Recession-Resistant – The pet industry has proven to be recession-resistant, with pet owners continuing to spend money on their pets, even during economic downturns. This is because pet owners consider their pets to be family members and prioritize their well-being, regardless of the economic climate. According to the Washington Post, over 23 million households adopted a pet during the Global COVID-19 Pandemic.
- Social Media Influence – The rise of social media has had a significant impact on the pet industry, with pet influencers and their owners’ promoting products and services to their followers. This has resulted in an increase in the demand for pet products and services, as more pet owners seek to emulate the lifestyles of their favorite pet influencers.
The Central Bark Difference
For nearly 20 years, Central Bark has drawn in dogs and their owners across the country to experience its Enrichment Doggy Day Care, which combines Central Bark’s industry-leading doggy day care expertise with the latest in canine science. Enrichment Doggy Day Care provides a healthy and balanced blend of exercise, social group play, learning, rest, and “TLC” to help dogs be healthy, happy, calm, and well-rounded members of the family. Furthermore, Central Bark also offers dog boarding, baths, grooming, a retail market, training and more.
Central Bark is also constantly looking at ways to diversify its service lines and drive franchisee profitability. That is evident in our recent partnership with Embrace Pet Insurance, which extend our industry-leading approach to whole dog care even further.
Franchising Information
In conclusion, the pet industry is a good business investment due to its growing demand, diverse product range, loyal customer base, recession-resistant nature, and social media influence. Entrepreneurs who are passionate about pets and willing to invest time and resources can find success in this thriving industry.
For more information about Central Bark franchise ownership, visit centralbarkusa.com/franchising.