Animal health marketing is vital to the nearly a $60 billion industry in the United States. With U.S. pet owners continuing to spend more on their beloved creatures, pet companies must be poised to reach and attract as much of this audience as possible. We’ve compiled 5 trends pet related companies need to know to compete in this ever crowded space.
1. Animal Health and Wellness is a Top Priority
Bob Vetere, President and CEO of the American Pet Products Associations, points to pet owners’ growing concern in the health and well being of their pets, forecasting that “health and wellness-related themes represent the most powerful trends across all segments of the industry and will continue to do so.”
2. Spending Continues to Rise
The U.S. pet industry weathered the economic recession with much greater ease than other retail sectors, averaging an overall 3.4 percent annual growth from 2008 through 2013. The strength and resiliency of the pet industry is good news for pet companies, and the total consumer expenditures are estimated to increase from $55.53B in 2013 to $67.56B by 2018. At the same time, the industry’s sustainability has made it an increasingly crowded and competitive space, making the challenge of driving demand for your brand more difficult than ever.
3. Pets Are Being Raised Like Children
Pet-parenting continues to be the dominating trend among pet owners. Since 2005, more and more pet owners raise their pets much in the same way as they would raise a child, rewarding their pets in human terms, spending money on premium diets, and seeking out specialized products and services (like custom pet clothing or pet therapy sessions).
4. Traditional Marketing Concepts Are Out
Pet companies are going beyond the classic cute pet and pet owner scenario for commercials. They are making ads that are creative, funny, sexy… generally reflecting pop culture. Below are some of our favorite recent pet commercials that are already going viral in social media:
Bravecto- Tough Love
5. Pet Parents Are Shopping Online
IBISWorld estimates that revenue for the online pet food and supplies industry has increased at an average of 7.8% annually and will reach $3.2B in 2014. As more pet owners embrace e-commerce as their preferred method for purchasing products, now is the time to make sure your business is ready for e-commerce success.