I never quite understood people's obsession with their pets but that was until I got a pet of my own. Now I totally understand people's willingness to spend on their furry best friend and that is what we're covering today in this week's ONE THING.
The pet industry is a $150 billion industry and that number is expected to continue increasing, especially now when people have more time to bond with their companion animals during the lockdown.
- US spending on pets reached almost $100 billion in 2020 and according to the APPA, owners spend an average of $1,380 for dogs annually
- E-commerce in pet care is expected to post a CAGR of 9%
- VC interest in pet-focused companies has grown 29.5%, $65 million has been raised in the first 3 months of 2021
- The entire industry is driven by a single underlying trend, the humanization of pets