Humans love their furry friends. Dogs are known as man’s best friend and cats were revered by entire cultures, not to mention all the other varieties of animals that you might find in homes across the globe. In the United States, we are particularly fond of our pets, giving rise to an industry that grows exponentially every year. It’s estimated that the pet industry spending will top out above $75 billion dollars. That’s a lot of milk bones and kitty litter. Naturally, for an entrepreneur, especially a pet-loving entrepreneur, the industry is very attractive. However, over the past 20 years there has been rapid expansion in the pet business, particularly in the pet product industry, which has created a lot of barriers into the industry, at least by traditional means. Yet, there is a lot of room for the innovators and creatives among the crowd. After all, millennial pet owners expect to spend more on their pets annually than on their own health care and that generation is rapidly becoming the largest American consumer group. At HJR Global, we’re all about the innovative entrepreneur, so here are the strategies we see that could get you into your own niche in the pet product industry.
Healthy Pet Food And Treats
Of all facets of the pet product industry, pet food has probably changed the most. Where families used to be happy to grab a large bag of grain heavy kibble, now consumers have prioritized the nutrition of their pet’s food. This change in consumerism is just one of a multitude of industries that millennials are responsible for killing, as discussed in an infamous Wall Street Journal article in a grand succession of “millennials killing…” articles. Consumers that wait longer to get married, settle down and have kids seem to be starting with pet ownership before taking on other responsibilities and they are willing to pay for the best for their furry companions, as food prices have risen 36% since 2007. A savvy entrepreneur that cared about a pet’s diet could bring to market food or treats that have a higher nutritional value for the critters we love, as long as the value is actually there. Consumers are highly suspicious of new break in companies until they demonstrate that they actually intend to provide healthy food to their pets. And then suspicions will give way to extra dollars for a job well done.
Entertainment For Animals
Pets don’t just need to eat better. They also need to have more fulfilling lives than waiting to bark at the mailman or hide in a previously discarded cardboard box. Pets are part of the family now and since we all have phones and tablets and Netflix for us, why shouldn’t the pet get something too? This is at least the logic that has created new corners of the pet product industry centered around entertainment for pets. These include things like DOGTV, a TV network for the pet left at home, or subscription boxes like Lootbox except they are for your cat like KitNipBox. There is no shortage of obscure entertainment products for today’s pets and this doesn’t even cover the pet toy market, which stands alone as a 6 billion dollar portion of the pet product industry. With that in mind, the question for entrepreneurs shouldn’t be whether they can compete or whether their idea is too out there. It’s about what part of the market isn’t being satisfied and how do you develop a product that pets will love.
Services For Pets
Along with entertainment and “lifestyle” aspects of the pet product industry, there are still a myriad of services that pets need or that pet owners benefit from. While healthcare might not be a traditional part of the pet product industry, it’s absolutely vital for pets and pet owners. There are a number of products that pet healthcare suppliers need, so those that can manufacture and have an innovative idea to make healthcare easier are always highly valued. Beyond healthcare, animals need places to stay when owners travel or they work long hours. They need attention and exercise as well, so even a sole proprietor with a wish to make more cash can start a dog walking or boarding business fairly easily. And of course, this sector of the pet product industry is very open to cutting edge ideas that present solutions to consumers. For example, Lyft or Uber drivers might refuse to drive around a furbaby, but services like SpotOn were created just for that, so owners can rest at ease, even if they are part of an ever growing portion of the population that is rejecting the need for a personal vehicle.
Temporary Pet Experience
Not every pet-friendly entrepreneur needs to create something just for the pets. There are a number of ways to get involved in the pet industry that have grown popular in recent years. For example, many people are restricted by a number of factors from having pets in their homes, but venues like Cat Cafes give them opportunity to enjoy time with pets and watch them play in an environment that they find comfortable. The great thing about many cat cafes and other similar venues is that they often help to get animals adopted to forever homes, acting as a sort of trial run for unsure pet parents. While this isn’t part of the traditional pet product industry, it is a new and interesting innovation that is changing the way we view and interact with pets in our society.
At HJR Global, we’re all about entrepreneurs. Do you have a new and creative way to make a pet’s life better or make their owner’s life easier? The world needs your product and our team is going to help you realize your vision and make it a reality. HJR Global can help you anywhere along the business journey, from first conception, to planning and financing, all the way to the moment you open your doors. Contact our team today and let’s get started on your vision.