Here are the top 10 trends in the pet industry for 2023:
- Omnichannel Retailing: Pet businesses are expected to adopt an omnichannel approach, integrating their physical stores with their online website and a mobile app. This approach will help them be present everywhere in the digital space, meeting their customers where they are.
- Pet Mobile Apps: E-commerce mobile apps are among the trends that stay on the list of pet industry trends in 2023. Businesses that have them will profit more than those not having the app. For example, the Chewy mobile app has more than 10 million downloads on Google Play, indicating that customers enjoy shopping for their pets through apps.
- Pet Supplements: The largest portion of spending on pets goes to food, treats, and supplements. The category within pet food that is predicted to have a steep demand in 2023 is pet supplements. Analysis shows the pet supplement industry will reach $1 billion by 2027. The trending supplements are dog vitamins, probiotics, and fish oil-based supplements for cats. But the most popular pet supplements are going to be ones based on CBD.
- Innovation in Pet Care Products: Businesses are becoming more competitive, and entirely new pet care product categories are arriving at pet homes. One such innovation is litter robots, a relatively new invention that has sparked customers’ curiosity. There is also a rise in demand for new pet technology, such as microchips and at-home DNA tests.
- Pet Accessories: The pet accessories market is predicted to grow at a substantial rate during the period between 2023 and 2028. Pet accessories incorporated into furniture are becoming more popular on the market.
- Pet Grooming: The global pet grooming market is predicted to have a compound annual growth rate (CAGR) of 7.09%. Demand for pet grooming started rising in 2021 and was even more popular in 2022. The pet grooming industry is expected to increase to $14.5 billion by 2025.
- Pet Insurance: Almost one-third of pet spending goes on healthcare. Preventive medicine is becoming more accessible, plus unplanned vet bills can be expensive. That is why many pet owners are deciding to buy pet insurance. The pet insurance industry is growing at a 23.4% average annual rate. It is predicted to grow to 16.8 billion US dollars in the next seven years.
- CBD-based Pet Supplements: Searches for “CBD for dogs” tripled in the last 10 years. According to the American Kennel Club, around one-third of pet owners have bought CBD products. CBD pet brands promise their products will either relieve your pet from anxiety or help older pets with inflammation and joint pain.
- Wearable Pet Technology: Wearable pet technology, such as radio frequency identification devices, GPS trackers, and motion sensors are forecast to generate $4.6 billion in revenue by 2027. Wearable technology is one of the fastest-growing markets in the pet industry.
- Digital Pet Accessories: Technology will also be part of accessories for pets. More pet owners want to have collars with trackers for their pets. Automatic food and water pet bowls are also becoming more popular.
These trends indicate a shift towards digital solutions, health-focused products, and innovative technologies in the pet industry. They reflect the evolving needs and preferences of pet owners, who are increasingly looking for convenient, high-quality, and personalized products and services for their pets.