Global pet consumption market of 100 billion, how will the pet economy develop?
As young people become more and more accustomed to living alone, pets have gradually become the emotional sustenance of single young people because they can provide emotional value, thus giving birth to the development of pet economy. Today, the pet economy is booming, and consumers’ demand for pets has shifted from basic food and clothing needs to more diversified needs. In particular, under the trend of “child-rearing”, pets are cared for as family members, making pet products show great commercial potential in the vast consumer goods market.
A “heated cat bed” went viral on TikTok during the peak shopping season this year, reaching over 100 million views. According to Google Trends, cat bed searches have grown steadily in recent years, driven by rising pet ownership trends, increased interest in pet health and comfort, and an increase in pet ownership among millennials. In addition, cat bed products with heating function are particularly concerned. On Amazon, the search index for “Heated Cat Bed” has been growing rapidly, spiking to 120,169 at one point last month, or 4,006 searches per day.
In addition, pet products related to chickens are also popular. Whether it is pet chicken clothing, diapers, protective gear, or helmets, chicken coop, chicken coop, etc., are welcomed by consumers on all major platforms. Search interest in “raising chickens” in the United States has increased significantly in the past few months, roughly doubling from last year. On TikTok, videos tagged with pet chickens have been viewed 214 million times.
In the third quarter of this year, sales of pet strollers in South Korea surpassed those of baby strollers for the first time. According to Gmarket data, sales of pet strollers have continued to grow in recent years, while sales of strollers have declined. Some insiders said that this trend has been going on for a long time. The share of pet cart sales rose slightly to 33% in 2021, 36% in 2022, and surged to 57% in the first three quarters of this year. In contrast, the share of stroller sales fell from 67% in 2021 to 43% this year.
In recent years, with the increase of people’s attention to pets, the pet products industry has developed rapidly around the world. The global pet market is expected to reach about $350 billion by 2027. The increasing demand of consumers for all kinds of pet products has brought diversified development space to the market.