With the pandemic at the bay, the last eighteen months have been really hard for everyone. Out of all the industries, the retail industry has taken the most damage. Many people have lost their jobs, while many companies have shut down their shutters.
Despite the downturn of the retail industry, there have been some sub-division of the retail industry that has survived and thrived. One such industry is the pet care industry. When the government announced quarantine to stop the spread of Coronavirus, people were alone in their homes.
This is where the pet industry found its roots; people started buying pets in the hope of easing their loneliness. Fortunately, this trend continued, and the pet industry that was in regression finally came back to its tracks. Click here to learn more.
Why This Is The Best Time To Open A Pet Business?
The pet industry is experiencing explosive growth. According to the American Pet Product Association, almost 85 million households have pets. The change in status has come after 30 long years.
Here are the reasons that will convince you why opening a pet business is a profitable business today.
1. Pets Are Recession-Proof
Experts believe that the pet industry will soar up to $280 billion by 2023. Moreover, the growth of the pet business has followed a steady trajectory that assures that the coming years will be profitable for the pet business owners.
In addition to that, the pet industry has been recognized as a recession resistance category. So even if there is a crisis, pet owners will have to feed their pets.
It has been the first time when more than 50% of the people employed pre COVID 19 are working from home. That means they are staying away from people. This makes them yearn for emotional support, which the pets can give.
Pet businesses have become an intensely competitive market among retailers for pet food, pet care, and pet supplies. Pet owners usually make a subscription dog food for home delivery. Right now, only a few players are in the field and are capitalizing on all the market shares. However, if you jump into the pet business market, you would be able to make a fortune.
2. Pets Offer Comfort
Being a pet owner, you will agree with me that there is no better source of an emotional connection than connecting with your pets. Not only do pets offer comfort and companionship, but they also fulfill the need for physical touch.
With the lockdown situation, pet adoption has increased by 110%, and fostering grew to 197% compared to the last year.
3. Pets Need Care
As the popularity of pets has increased, so has the demand for pet care products. For pet owners, their pets are similar to their child and do everything in their capabilities to make them happy, even if it means purchasing them hundred dollars toys to play with.
And with pet health care, food, and pet accessories, the bills just get bigger. All this started with the pandemic. We have also seen significant growth in veterinary membership.
4. Pets Are Good Investment
They are really good investments. If you are a businessman, you will understand what we mean to say. Some of the breeds are in high demand. If you can keep a breed that is in high demand, their babies can help you earn thousands of annual income.
Investing in pets is similar to investing in assets. In the trade market, asset prices increase, helping you make a profit. But for the pets, their puppies and kittens are what adds to their value.
5. Pet Business Is Growing market
Pet business exploded in 2020 and will continue to grow in 2021. Many entrepreneurs have found this as an opportunity to make money even in the pandemic situation.
Pet businesses have become an intensely competitive market among retailers for pet food, pet care, and pet supplies. Right now, only a few players are in the field and are capitalizing on all the market shares. However, if you jump into the pet business market, you would be able to make a fortune.
Open Your Pet Business Today
The pet care industry is growing rapidly. With the help of modern digitization, the competition will most likely continue. That means the pet care industry has not reached its full potential and could see a further transformation.