The pet industry has been experiencing explosive growth. According to The American Pet Products Association, almost 85 million households have a pet and over the last 30 years pet
ownership has gone from 56% to 68% of all households.
American pet spending has continued to rise every single year since 1994 and is now projected to hit $269 billion by 2025. That is more than the average amount Americans spent on sporting events, movies, video games, televisions, alcohol, and major appliances
Experts agree that the pet industry is virtually recession resistant. Even during the 2007- 2009 recession pet spending in America continued to rise. In large part, this is thanks to the multi-generational appeal of pets, and the increased awareness of the benefits of health and happiness that come from pet ownership, and a social media climate that celebrates our pets. Additionally, pets are increasingly perceived and treated as a member of the family leading to a higher demand in pet foods with healthy ingredients, and pet policies that allow owners to take their pets with them when they fly and stay at hotels.
There is a growing number of profitable businesses in the pet products industry. Whether it is grooming, training, pet-sitting, making organic pet treats, selling pet accessories online, or something else—the pet industry growth keeps making room for the newest clever idea. The direct-to-consumer (D2C) trend has reached the pet industry in a big way. Many brands are following their human product counterparts and selling products without going through a traditional multi-brand retailer.
Considering the strong numbers and predicted growth of the pet industry, it is a great time to be a part of it. However, competition is intense in the industry. The top two players, PetSmart and PETCO Animal Supplies, accounted for over 48% of total market revenue in 2019. Amazon’s debut into whitelabled pet-food challenges start-ups lacking methods to address variable costs like supply-chain logistics and shipping. The importance of having strong executives to build and lead your business has never been more critical.
CEO Search Partners, who specializes in retained executive search in all areas of Pet has a Pet Specialty practice and can bring you a proven executive to build your business. We have experience recruiting executives across all areas of Pet including but not limited to CEO’s, Board members, and executives with experience in Pet food, treats, chews, and hard goods including toys, beds, leashes, and accessories. If you are looking for an industry specialist to assist you with finding the right executive leadership to lead your Pet business call our CEO Robin Copping at (773) 251-6240 to further discuss our approach.