Americans love their pets, and that love has only grown exponentially in recent years. In the past few decades, society has seen more and more individuals, especially millennials, postpone marriage and children to instead adopt a furry friend into their family. People are increasingly blurring the line between pet and child by raising their own companion animals instead of children, thus prompting them to invest in extra enhanced pet care. With this increased emphasis in providing the best care for their pets, the pet care industry has seen massive growth, and we want to share this potential with future business owners. At Wag N’ Wash, our unique pet care franchise offers the perfect opportunity for individuals to take advantage of this great industry to build their own business!
In 2018, the pet industry was a $225 billion business in North America, with expectations for that figure to rise to $281 billion by 2023, according to market research firm Edge by Ascential. Here, we can see the numbers in the US demonstrate steady growth.
Since 1994, the pet industry has seen US expenditures rise 269%. With more disposable income as well as increased investment in the well-being of one’s pets, pet spending has demonstrated extremely strong and steady growth. In 2018 alone, pet industry expenditures were $72.56 billion, and experts expect total expenditures to reach $75.38 billion in 2019.
In 2017, food, grooming, and retail made up over $45 billion in sales. At Wag N’ Wash, the four (retail, bakery, self service wash, full service grooming) revenue streams we utilize ensure that our business owners take advantage of the multiple profitable sectors within the pet industry to achieve the greatest potential success.
Pet food continues to be the highest source of revenue for the pet industry, accounting for slightly more than a third of the market with over $30 billion spent annually as of 2019. More pet owners are becomingly increasingly interested in higher end, premium pet foods and treats, which is driving the success of pet food sales. Also, natural pet foods are on the rise, especially as Americans become more health conscious. Organic, non-GMO, and less processed foods are trending in the average American’s diet, and this transition in diet also reflects in the choice of pet food by pet owners. Our pet care franchise has helped lead the surge in healthy, natural pet foods. Our selection of all-natural foods consisting of fresh, natural, and wholesome ingredients without the non-nutritional byproducts caters perfectly to the growing needs and desires of American pet owners.
Alongside pet food, the category of the pet industry that saw the highest growth percentages in the past couple years were pet services outside of healthcare, namely grooming services. At $6.16 billion in 2017, spending on pet services continues to show exciting potential and growth. According to the U.S. Bureau of Labor Statistics, over 100,000 businesses offer grooming services in the U.S. with an average growth rate of 8%. As stated before, pet owners are increasingly treating their pets as their own children. And just like as if they were their children, owners increasingly want to pamper their loved ones! With demand like never before, we offer the most convenient and hassle-free washing and grooming services in the market. Whether it is a self wash, grooming, or a simple nail trim, we provide everything a pet owner could desire in treating their companions.
So, what does this mean for Wag N’ Wash?
All these numbers prove to us that our place in the industry demonstrates huge potential. The pet industry is very predictable with low fluctuation in demand, and we see only signs of positive growth in the next few years and beyond. Pet owners no longer see their companions as just pets— they’re a part of the family, and we can tangibly see this improved relationship through the pet industry statistics. Our pet care franchise provides the unique products, services, and atmosphere that pet owners love, and we’re proud to continue to help better the relationship between pet owners and the their loved ones. We’re extremely excited to see the new and different changes the pet industry continues to tackle, and we’re ready to channel that positive growth and change from the industry into success for our own Wag N’ Wash family!
With the potential for growth and great success, opening your own Wag N’ Wash could be the perfect opportunity for you! If you are a pet enthusiast, business-savvy individual, motivational leader, or all of the above, we would love to have you join our Wag N’ Wash family. To learn more about owning your own pet care franchise, or if you want to learn more about what we do at Wag N’ Wash, click HERE!