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4 Reasons The Pandemic Is A Boon For The Pet Industry

As an uncertain economy looms large, one thing is certain-pet care is good business.

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26, 2020

5 min read

Opinions expressed by Entrepreneur contributors are their own.

With the onset of COVID-19, the past few months have been some of the most economically challenging in recent memory. The retail sector, in particular, has been one of the hardest hit, with many businesses shuttered indefinitely and some not knowing if they will ever recover.Despite the economic downturn, certain sub-sectors of the retail industry have survived—and even thrived—thanks to stay-at-home orders. One of these is the pet care industry.Related: Pet Food Industry Witnesses a Gradual Development with Changing Trends1. Pets are recession-proof. The pet industry is large, forecasted to reach $281 billion by 2023, according to market research firm Edge by Ascential. Moreover, it has followed a steady trajectory of growth over the past 30 years. With pets increasingly viewed as members of the family (even often taking the place of children as millennials wait longer to get married and have kids), spending on pet-care has consistently grown. For example, annual household spending on pet food among pet owners rose 36 percent between 2007 and 2017, according to Nielsen. In addition, the pet industry has long been recognized as a reces
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