PET CARING AND ECONOMIC DEVELOPMENT OPPORTUNITIES

The demand for raising pets has grown in recent times, especially among young people. Along with this trend, the pet-related services also receive some benefits. Services for the needs of eating, beauty, health care for the pets are also appeared. In addition to the health care services, pet supplies such as clothing, feather brush, shampoo, food, etc. are also developed. Pet clothing is available in a variety of colors and designs, suitable for all sizes and various types of pets. Each type of pet will have different food types, suitable for each age; Items and personal belongings are also different. Although the price of pet products is relatively high, many people still choose to satisfy their hobbies.

Over the past several decades, ownership and cost of pets have been increasing.They have created a tendency to own “personalized” pets, making them real friends.

To meet such demand, the pet industry in the world also began to develop. In the United States as well as European countries with low birth rates, animals are becoming more and more popular. According to data from the American Pet Products Association,

In Japan, since 2003, the number of pets has even exceeded the number of children under 16 in the country. By the end of 2015, there were more than 10 million pet owners. In China, the number of dogs has increased to 27.4 million, ranking third in the world after the United States and Brazil.

According to IDTechEx (a market research firm), the pet supplies market will reach USD 2.6 billion by 2019. In the United States, it is estimated that the total cost of caring pets has reached nearly USD100 billion in 2015. This figure in China is about USD 14.2 billion, in South Korea is USD 3 billion by 2015 and will reach USD 5 billion by 2020.

One of the strengths of the pet industry is that it is less affected by the recession or economic crisis. The search rate for “dog and cat toys” on Google is always up. Health checks, food and day care services are the business segments of the pet market. In addition, with the rise of the “Y Generation” (those in their 20s and 30s), e-commerce services and pet supplies are expected to be successful in the future. According to CB Insights’ statistics, USD 486 million was spent exclusively on pet technology from 2012 through 2016. Pursuant to IDTechEx’s estimates, the pet supplies market worldwide will be about USD 2.6 billion by 2019.

In terms of health and care, from 1991 through 2015, the total cost of animal health care in the United States increased from USD 4.9 to USD 35 billion. Customers are willing to spend nearly USD 400 for conducting treatments for their pets.

If you want to succeed in the pet service market, you have to love animals. Besides, there are some skills to practice as well as marketing skills to find new customers. With the current development of technology, web design as well as technology integration into the pet business model may also become necessary.

Depending on the business model, it will appear different barriers. For services such as looking after pet, the initial cost is quite low. However, with regard to breeding, beauty care or training, there is a great deal of investment required for facilities and equipment as well as health and safety certification.