From Bear Markets to Bark Markets: The Top Trends in Pet Spending 2021-2022
2021 has been a rough year for pet owners and pets alike. Due to the global recession, many pet owners have struggled to make ends meet by curbing personal spending while still ensuring their pets receive adequate care and nutrition. Luckily, the sales in the pet industry have increased since economic conditions have begun to stabilize and job growth continues its steady climb upwards.
Here are some of the top pet spending trends we can expect in the coming year.
Trending breeds on the market
The most popular dog breeds are the Labrador Retriever, Poodle, Beagle, and Boxer. Labrador Retrievers are among the best companion dogs for owners, and they take the top shelf for hunting dogs. These breeds are the first choice for long-term companionship in aspiring dog owners for their loyalty and affectionate nature. According to well-known breeders like Snowy Pines White Labs, business has never been better, given the swarms of people taking the pet parenthood plunge amid the pandemic. Fortunately, that boom should continue well into 2022.
Pet ownership during COVID-19
It’s to imagine why pet ownership might explode after millions of people spent weeks at home in quarantine, many of them completely alone. Animals offer companionship even when connection with other humans isn’t safe or possible. Pet ownership and pet spending increased in 2020 and 2021, and this growth trend will only continue as we move into the third year of the pandemic.
Healthier pet food trends
The most popular pet food trends in America for 2020-2021 include gluten-free, grain-free, all-natural, high protein, and low carb options. Gluten-free dog food options are expected to grow by 15% due to the increase in dogs developing life-threatening allergies to wheat and other grains.
The grain-free food trend will continue into 2022 as dog owners switch their pets to diets that include mostly protein. All-natural pet foods are also seeing increases since it provides customers with another way to offer healthy alternatives for their pets.
The importance of pet safety
With more people being home in 2021, it makes sense that spending on pet safety products will increase. Dog obedience training is among the needs for owners to spend more time with their furry companions.
Pet security systems
Canine Security Systems will also see an increase in business as more people begin to leave home during the day. The system provides dog owners with a way to monitor their sweet companions when they aren’t home. Some even give pets treats.
Crates are another expense that gives owners the ability to use restraints, keep their pets calm while in the home, and maintain their privacy. It’s also a great way to train pets at home.
The future of pet spending
While it might be hard for some owners to imagine, Americans are expected to spend more on pets in 2022 than they did last year. The global recession and economic stagnation have created a challenging environment for business owners and consumers alike.
Pets are genuinely considered to be family members in American culture. With more people working from home, time spent with pets will also increase in 2022. People are expected to spend nearly $60 billion on pet ownership this year, rising 5% compared to 2019. By 2025, the figures are estimated to reach over 70 billion.