Why is the pet market exploding?

Answer 1

The ongoing epidemic has prevented many people from going out, and the companionship of pets has become a powerful weapon to resolve loneliness. According to a survey by the American Pet Products Association, 74% of pet owners said that pets can help them relieve stress and improve happiness.

The increase in the number of pets has also led to a rise in pet-related consumption. According to estimates by the American Pet Products Association, Americans will spend a record 99 billion U.S. dollars on pets this year. According to a survey conducted by consulting firm Deloitte, pet products have become one of the first choices for gifts. Some market research companies predict that the retail sales of pet food in the United States this year will reach 31 billion U.S. dollars, a year-on-year increase of 7%.

While the epidemic has caused most consumer industries to slump, the pet industry has maintained a strong anti-recession feature and growth momentum in the United States.

Due to the intervention of the epidemic, the growth of the pet market has accelerated, and the growth of several quarters has been compressed to this year. Even if the epidemic is over, our understanding of the value of pets will not change, and this change is irreversible.