The last few years have seen the pet care industry grow rapidly. An increase in pet ownership, the rise in disposable income, and a growing awareness of the health benefits of pet ownership have all contributed to this trend.
As a result, the market for pet products and services, including food, grooming, and veterinary care, has grown significantly. Additionally, there has been a rise in the number of pet-related businesses, such as pet hotels, dog walkers, and pet-sitting services.
Today, let’s look take a close look at how a growing focus on pet health and well-being is causing the pet care industry to boom.
What’s Been Going On in the Pet Care Industry?
The pet care industry is rising rapidly for several reasons, with one of the main factors being an increase in pet ownership. As people’s disposable income and living standards have risen, many have chosen to adopt pets as companions.
People view their pets as members of the family, and growing awareness of the health benefits of pet ownership makes people willing to spend money on quality pet care products.
The health benefits of owning a pet can be massive. Studies have shown that pets can have positive effects on mental and physical health, including reducing stress and anxiety, lowering blood pressure, and improving cardiovascular health.
Furthermore, with the rise of the internet and social media, people have easier access to information and resources about pet care and are more likely to seek out high-quality products and services for their pets.
Lastly, the trend of humanization of pets – treating them as humans and giving them gourmet food and designer clothes – has also been driving the industry.
All these factors have contributed to the growth of the pet care industry, which includes products and services such as food, grooming, and veterinary care, as well as a rise in pet-related businesses, such as pet hotels, dog walkers, and pet-sitting services.
Who Are the Players in the World of Online Pet care?
As one can imagine, a rising industry implies a lot of eager sharks in the water. Even established companies have to watch their backs constantly due to stiff competition. Among the many online pet care platforms, two major players that made it to the news recently are PetMeds and PetCareRx.
PetCareRx was recently acquired by PetMeds in a $36 million deal that is set to close early this year. While PetMeds does face competition from the likes of Chewy and VetRxDirect, it doesn’t seem to bother CEO Matt Hullet, who seems optimistic about his vision of a broader future for PetMeds.
PetMeds and PetCareRx (whose e-commerce website will continue to operate separately from PetMeds) are online pharmacy stores that primarily deal in pet medicines and pharmaceutical products with a new focus on products such as pet food, supplements, accessories, and toys.
The non-pharmaceutical aspects are clearly the areas that PetMeds has been trying to expand in, as limiting brand identity to a limited field isn’t sustainable in a landscape where consumers have gotten used to finding everything they need in one place.
This has resulted in even vet appointments and consultations going online via pet telemedicine services.
Vetster is one such pet telemedicine company that PetMeds partnered with shortly before its acquisition of PetCareRx. This relationship aims to give pet owners the ability to speak to licensed veterinarians via video calls or other means and seek advice about their pet’s issues which can be a boon for those without easy access to a vet.
What Are Online Pet Care Platforms Selling?
Online pet pharmacies and pet care stores have become increasingly popular in recent years as they provide pet owners with a convenient and accessible way to purchase products and services for their beloved animals. These online stores offer a wide range of products and services including, but not limited to:
Medications: These websites stock both prescription and over-the-counter medications for various pet health concerns, such as flea and tick control, heartworm prevention, and pain management.
Supplements: These include products like vitamins, minerals, and herbal supplements for various pet health concerns, such as joint health and skin and coat health.
Food and Treats: High-quality pet foods, including prescription diets and treats, as well as natural and organic options
Grooming Products: Shampoos, conditioners, and dental care products that are specifically formulated for pets.
Accessories and Apparel: This includes accessories like collars, leashes, and beds, as well as cute clothing options like coats and sweaters for pets.
Pet Services: Some online pet pharmacies and wellness stores also offer services like online veterinarian consultation, prescription refills, and home delivery of pet products.
They also have sections where pet owners can view resources on pet care, such as articles written by vets and experts that increase the amount of time that people stay on these websites.
Such resources also cause pet owners to view the company as a reliable source of information that they can trust, which further increases brand loyalty.
What Does Data on the Pet Care Market Look Like?
PetMeds operates with a customer base of approximately two million users, which will increase by another 200,000 once the acquisition of PetCareRx is finalized by Q1 of this year.
According to Grand View Research, the current market size value of the pet care industry as of 2022 was $150.67 billion, with predictions holding that this figure would rise to $236.16 billion by 2030.
The veterinary medicine market size, which involves Over-the-counter drugs as well as all other aspects of veterinarian care such as vaccines and general pharmaceuticals, is expected to hit $83.39 billion by 2030. It’s going to be interesting to watch how telemedicine will fit into the picture.
The online pet care industry has seen a significant increase in recent years. The rise in pet ownership, growing awareness of the health benefits of pet ownership, and the convenience of online shopping have all contributed to this trend.
Online pet pharmacies and wellness stores now offer a wide range of products and services, including medications, supplements, food, grooming products, and accessories, as well as services like online veterinarian consultation and home delivery.
This trend not only benefits pet owners by providing them with easier access to high-quality products and services, but it also benefits shareholders of these companies as the industry is expected to keep growing rapidly in the future.