The pet industry has seen plenty of growth in the past couple of decades, becoming a booming market with millions of supporters. According to statistics from Forbes, the American pet industry alone was worth more than USD 136 billion. Almost 87 million American households count pets as beloved family members, and American dog owners spend as much as USD 730 per annum making sure that their dogs lead the best lives.
What does this mean for businesses that aren’t already in the pet industry? It means that there are ample opportunities to branch out and increase revenue potential. From selling specialized or branded products to offering personalized pet-related services, there are several ways that your own company can enter this thriving pet industry and resonate with a new market of pet-owning customers.
Here are the 6 ways your business can branch into the pet industry:
1. Branching into Pet Accessories
One promising way to dip your toes into the pet industry, so to speak, is to sell branded pet accessories. This diverse category includes pet essentials for training and feeding as well as entertainment and even apparel.
Take pet collars, for instance. In the modern world, a pet collar is no longer just a simple band worn around an animal’s neck. Dog and cat owners now look for collars that deliver more—from comfort-focused designs like no-slip martingale collars for pooches to high-tech options with integrated GPS tracking for safety.
When it comes to product selection, consider the current trends in the pet accessory market and the unique needs of your potential customers. For example, the eco-conscious pet owners in your market might appreciate accessories made from recycled or sustainably sourced materials.
By offering unique and high-quality pet accessories, your business can tap into a very profitable niche and expand its current income streams. But success won’t come from offering new products and leaving it like that. You’ll also want to ensure proper inventory management and the launching of targeted marketing strategies to succeed in your new venture into pet accessories.
2. Exploring Opportunities in Specialized Pet Food
In recent years, the pet food sector has witnessed a remarkable transformation, largely driven by loving pet owners’ understandable concern for their animals’ health and wellbeing. There’s now a high demand for specialized pet food products that cater to specific dietary requirements or preferences, such as foods for breed-specific diets.
Jumping into the pet food sector could be particularly profitable if you’re already involved in the food industry. You can offer a premium line of pet foods, such as healthy and organic pet treats, to cater to discerning pet owners. Tasty and nutritionally balanced options will help distinguish your brand from common mass-market pet food manufacturers.
However, diving into this sector requires careful navigation through regulatory standards for pet food manufacturing and labeling. To drive up your demand and foster loyalty among your customers, you shouldn’t be remiss in going through the necessary research and development (R&D) to create delicious, pet-safe food products.
3. Offering Personalized Pet Services
There’s now also an escalating demand for specialized pet services. These include pet grooming, pet sitting, dog walking, and specialized training. What sets successful pet services apart in today’s market is personalization. Modern pet owners value services that acknowledge their pets’ unique needs and personalities (or paw-sonalities).
Tailoring your services to match specific client requirements not only adds value to your offerings, but also helps cultivate customer loyalty for other branches of your business. Your venture into personalized pet services can strengthen the argument for your brand as a responsive and detail-oriented one, even for matters outside pet ownership.
Embrace technology, like booking apps or customer relationship management systems, to streamline operations and create smoother customer experiences among the pet owners in your market. Trust and quality of service are your currency in this sector, so make sure to take these seriously if you want to profit off of your new service offerings.
4. Venturing into Pet Health and Wellness
As the lines blur between pet ownership and “pet parenthood,” interest in pet health and wellness has never been stronger. Products and services focused on improving pets’ mental and physical health, from supplements and health-enhancing toys to wellness products like anxiety-reducing sound machines, are seeing increased demand.
Tapping into this sector could involve forming partnerships with veterinarians or pet health specialists to enhance the credibility and efficacy of your offerings. It would be in your best interest to offer products that use natural, safe ingredients and to employ staff who have been trained in pet health to win over your health-conscious pet owner-customers.
You should also take the opportunity to educate customers about the benefits of these products, establishing your business as more than just a store, but also a source of guidance for maintaining pets’ wellbeing.
5. Creating Pet-friendly Spaces and Events
With pets now being more integrated into daily life, there’s a promising opportunity for business to create pet-friendly spaces and plan pet-friendly events. Some examples include opening a pet-friendly café, launching a pet-centric hotel, organizing pet-friendly concerts or festivals, or even creating pet-friendly parks on company property.
These opportunities may prove especially appealing to businesses in the hospitality or event planning industries. For sure, catering to pets as well as their owners will allow them to expand and differentiate their offerings from those of competitors. Just remember that careful planning is required to ensure that you meet local regulations and safety measures and provide a truly safe and pleasant environment for pets and pet owners alike.
6. Incorporating Technology into the Pet Sector
Now that both the pet sector and the tech sector are experiencing something of a renaissance, it’s a good idea to capitalize on the intersection between the two. If you work in tech, consider branching into the pet industry with innovations like pet apps or smart pet products.
Today’s pet owners rely increasingly on tech solutions to help them care for their pets, and your technology could be a boon for addressing common pet care challenges. Humanize your brand while cementing its reputation as an innovative and forward-thinking one by offering pet-oriented tech solutions.
As you can see from the examples above, the contemporary pet industry offers a plethora of opportunities for businesses that are willing to take a calculated risk. Find the connection between your home industry and the pet industry, and pave the way for exciting new ventures in the coming years.
