These days you can take your pet just about anywhere – on a plane, in the car, to the bar, to the park, on the train, and the list goes on.
Your pet is your family member and as part of your pack, you want him or her to go on your adventures with you – boat ride, anyone? Hiking? You bet! But to have a healthy, happy, well-adjusted, and accepted pet into all these new frontiers for four-leggers, the pet industry is booming. If you’re a pet owner, you already know how to make your pet thrive in their environment, whatever that environment might be. But if you’re in the pet industry, there are a couple of well-known big box retailers who dominate the market, though small businesses are catching on and moving fast. Enter advanced analytics and what you might call pettech, to help the pet industry thrive.
So, what exactly are we segmenting and measuring in the pet industry?
Pet Industry Markets
The pet industry can be any number of services or products with more being created every day, but here are four goods and services.
- Pet food, treats, and supplements
- Pet care and services such as grooming, boarding, training, and of course, veterinary services. Not to mention pet insurance, purebred registrations, microchipping, and a variety of other services helping pet parents best care for their pet.
- Pet products and supplies such as bowls, collars, leashes, carriers, and pet and comfort toys just to name a few.
- Pets themselves – Designer dog? Rescued cat? Class hamster? Whether you rescued your pet, worked through a breeder, or fostered to adopt, there are specialized industries within these markets as well to help the professional help you, the pet owner.
But it is the first three with the most data gathered across industries. Using advanced analytics helps the pet industry thrive through segmentation, correlation, and association. Segmentation helps find similarities while correlation defines relationships, and association follows occurrences of ‘when this happens, that is the result.’
Pet Industry Trends to Watch
The pet care market is expected to reach $350 billion by 2027 up from $261 billion in 2022. As the pet industry continues to climb, advanced analytics can help the market thrive by going where the customers are. The ease and convenience of e-commerce, and the generational shift from baby boomer buyers to millennial buyers determines where pet industry markets should focus their efforts. Here are a few trends to watch:
More than Kibbles ‘n Bits, the Pet Food Market is Booming
The pet food market is $91.1 billion worldwide making it the fastest growing segment in the industry. Add to this natural pet foods, treats, Animal care, and pet supply sectors are especially ripe to increased demand. E-commerce is essential to success. Up and coming e-commerce brands or legacy brands that have shifted online are uniquely positioned to capture the market share of customers who prefer to do their shopping online versus in store.
Looking Fabulous in Pet Fashion
Pet retail. Not far behind food and services is pet fashion. Think life jackets for boat rides. Sweaters and boots for cold weather. Harnesses for walking and slings and carriers to carry your pet as they await their final vaccines making them ‘street legal’ and immunized to walk safely where other pets have gone before to protect them from disease.While there is no single source for Data about the Pet industry, there is enough to correlate and see the pet industry is booming and growing. Having a pet a couple of years ago, emptied pet shelters and left breeders scrambling to have enough to meet demand. Demand for pets may have leveled off for some breeds, but the pet industry is the newer kid in town when it comes to advances in technology, Advanced Analytics, and Data, and catching on quick.
If you’re interested in digital analytics, advanced analytics, data science, machine learning, or robotics just to name a few, Harnham may have a role for you. Check out our current advanced analytics jobs or contact one of our expert consultants to learn more.
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