The pet industry has a history of one or two hundred years in the United States, but it has been industrialized around the 1980s. According to the changes in the characteristics of the pet industry, it is divided into three phases: the 1980s to the beginning of the 21st century is the incubation period of the industry; the early 21st century to the first ten years of the 21st century is the rapid development period; the beginning of 2010 is the period of industrial integration.
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The incubation period: The number of pets is growing rapidly, mainly for food, medical, and other rigid needs.
The number of pets has increased rapidly, and traditional pet shops have emerged. Before the arrival of the 21st century, the pet industry in the United States already had a certain scale. According to data from the first pet survey in the USA in 1988, about 56% of American households have at least one pet, that is, there were about 120 million pets in the USA in 1988. As per IBISWorld data, by the beginning of the 21st century, the number of pets in the USA has exceeded 160 million. In addition to dogs and cats, other pets have also entered American households. Pet Smart was born under this background and its chain stores reached 500 by 1988, but the US pet stores at this time were still dominated by small stores.
The pet medical and pet services have risen. Established in 1986, PetSmart initially had only two pets shops. In 1989, it launched a pet grooming business and established a bird, fish, and small pet department. In 1994, it began to provide pet medical and pet training services in its pet shops. At the same time, the VCA Company in the pet medical field was also established during this period and then developed into a leading chain pet hospital. But the pet services were still at a relatively basic stage.
2. The rapid development period: The adhesive force of emotional consumption of pets has formed, and growth in demand for mid-to-high-end products and services.
During this phase, the pet economy slowly developed into an emotional economy, and the adhesion of emotions in consumption gradually formed. Pets’ owners humanized pets instead of being dolls. Even in the 2008 financial crisis, pet owners were still willing to spend on their pets. The US pet industry remained strong, and the pet industry’s revenue growth rate was ahead of other retail industries. Products and services have begun to rise. Merchants have seized on the trend of pet “family members” and introduced innovative products and personalized services to attract more customers.
My sourcing job in the pet industry started at this period of time. I visited many pet clothes, pet toys, pet accessories, and other pet products factories in China. We exported our goods to the US market.
3. 2010 has been a period of accelerated integration, and the era of integrated and comprehensive large stores has arrived.
After 2010, supermarkets and chains have participated in the competition, the industry has been fully integrated, and the number of pet retail stores has decreased year by year. Through mergers and acquisitions, it has developed into a comprehensive and integrated chain store, providing high-volume, low-cost products, providing customers with diversified choices and a one-stop consumer experience, which are favored by customers. At the same time, the advantages of scales are conducive to reducing costs and enhancing bargaining power.
As per info, we may know that the output growth of the US pet industry was mainly driven by five factors: per capita income, demographic structure, population base, number of pet households, and changes in the role of pets.
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