The pet care industry is at the forefront of a revolution, with the year 2024 promising to bring about significant shifts in consumer behavior and market trends. As lifestyles evolve and the bond between pets and their owners deepens, businesses and brands must stay ahead of the curve to cater to the needs of modern pet owners. Here are some key insights from the TGM Global Pet Care Report 2024 that can guide businesses in this thriving industry.
1. The Rise of Multiple Pet Ownership Among Younger Generations
A notable trend is the increasing tendency of younger generations to own multiple pets, with 57% of pet owners aged 18-24 reporting ownership of more than one pet. Dogs continue to be the top choice, reflecting their compatibility with active and social lifestyles 。This demographic presents a significant opportunity for brands, which can capitalize by offering multi-pet bundles and services that cater to the needs of pet owners seeking convenience and quality care.
2. Professional Grooming as a Holistic Health Service
Professional grooming services are increasingly being recognized as essential for pet health and hygiene. One in four pet owners worldwide have used such services, indicating a shift in perception from aesthetic to health-focused care. This trend opens up opportunities for pet grooming businesses to offer personalized services that address specific breed needs or pets with sensitive skin conditions 。By focusing on both the physical and emotional well-being of pets during grooming, businesses can differentiate themselves in a competitive market.
3. Pet Comfort and Furniture as a Growing Priority
The importance of pet comfort is rising, with pet furniture becoming one of the top-five most purchased pet supplies globally. Pet owners, especially those who view their pets as family, are investing in high-quality, stylish, and durable pet furniture that integrates seamlessly into their homes. This trend underscores the humanization of pets and their treatment as integral household members 。Businesses can leverage this by introducing pet furniture that combines comfort, style, and sustainability, appealing to consumers who are willing to invest in their pets’ well-being.
4. Preventive Care and Pet Health Insurance Gaining Momentum
The TGM Global Pet Care Report 2024 reveals that 18% of individuals aged 18-34 have invested in pet health insurance, indicating a proactive approach to pet health among younger generations. This trend reflects a desire to prevent high costs associated with emergency treatments 。Brands targeting young pet owners should consider collaborations with pet health insurance providers to offer exclusive promotions, incentivizing preventive care and insurance uptake.
5. Health and Wellness Products for Older Pet Owners
Older pet owners, particularly those aged 55 and above, are leading the demand for health and wellness products. This demographic has been the driving force behind the purchase of healthcare products and specialized supplements for their pets, emphasizing the importance of maintaining pet health 。
The pet care industry is poised for significant growth in 2024, with trends indicating a deeper focus on pet health, the humanization of pets, and a shift towards preventive care. Businesses that can adapt to these trends and offer products and services that cater to the evolving needs of pet owners will be well-positioned to succeed in this dynamic market. By staying informed and innovative, brands can connect with modern pet owners and meet their unique needs, driving growth and success in the pet care industry.
