The Pet Care Industry: A Booming Field with an Exciting Future
The Rise of Pet Ownership
The last few years have seen the pet care industry proliferate. An increase in pet ownership, the rise in disposable income, and a growing awareness of the health benefits of pet ownership have all contributed to this trend. As a result, the market for pet products and services, including food, grooming, and veterinary care, has grown significantly. Additionally, there has been a rise in pet-related businesses, such as pet hotels, dog walkers, and pet-sitting services.
People view their pets as family members, and growing awareness of the health benefits of pet ownership makes people willing to spend money on quality pet care products. The health benefits of owning a pet can be massive. Studies have shown that pets can positively affect mental and physical health, including reducing stress and anxiety, lowering blood pressure, and improving cardiovascular health.
Furthermore, with the rise of the internet and social media, people have easier access to information and resources about pet care. They are more likely to seek high-quality products and services for their pets. Lastly, the trend of humanization of pets – treating them as humans and giving them gourmet food and designer clothes – has also been driving the industry.
The Players in the Pet Care Industry
As one can imagine, a rising industry implies a lot of eager sharks in the water. Even established companies have to watch their backs constantly due to stiff competition. Among the many online pet care platforms, two major players that made it to the news recently are PetMeds and PetCareRx.
PetMeds recently acquired PetCareRx in a $36 million deal set to close early this year. While PetMeds faces competition from Chewy and VetRxDirect, it doesn’t seem to bother CEO Matt Hullet, who seems optimistic about his vision of a broader future for PetMeds.
PetMeds and PetCareRx (whose e-commerce website will continue to operate separately from PetMeds) are online pharmacy stores that primarily deal in pet medicines and pharmaceutical products with a new focus on pet food, supplements, accessories, and toys.
The non-pharmaceutical aspects are the areas that PetMeds has been trying to expand in, as limiting brand identity to a limited field isn&#8217;t sustainable in a landscape where consumers have gotten used to finding everything they need in one place. This has resulted in even vet appointments and consultations online via pet telemedicine services.
Vetster is one such pet telemedicine company that PetMeds partnered with shortly before it acquired PetCareRx. This relationship aims to give pet owners the ability to speak to licensed veterinarians via video calls or other means and seek advice about their pet’s issues which can be a boon for those without easy access to a vet.
What Are Online Pet Care Platforms Selling?
Online pet pharmacies and pet care stores have become increasingly popular in recent years as they provide pet owners a convenient and accessible way to purchase products and services for their beloved animals. These online stores offer a wide range of products and services including, but not limited to:
- Medications: These websites stock prescription and over-the-counter medications for pet health concerns, such as flea and tick control, heartworm prevention, and pain management.
- Supplements: These include products like vitamins, minerals, and herbal supplements for various pet health concerns, such as joint health and skin and coat health.
- Food and Treats: High-quality pet foods, including prescription diets and treats, as well as natural and organic options
- Grooming Products: Shampoos, conditioners, and dental care products specifically formulated for pets.
- Accessories and Apparel: This includes accessories like collars, leashes, and beds, as well as cute clothing options like coats and sweaters for pets.
- Pet Services: Some online pet pharmacies and wellness stores also offer services like online veterinarian consultation, prescription refills, and home delivery of pet products.
They also have sections where pet owners can view resources on pet care, such as articles written by vets and experts that increase the amount of time people stay on these websites. Such resources also cause pet owners to view the company as a reliable source of information they can trust, further increasing brand loyalty.
Data on the Pet Care Market
PetMeds operates with a customer base of approximately two million users, which will increase by another 200,000 once the acquisition of PetCareRx is finalized by Q1 of this year.
According to Grand View Research, the current market size value of the pet care industry as of 2022 was $150.67 billion, with predictions holding that this figure would rise to $236.16 billion by 2030. The veterinary medicine market size, which involves Over-the-counter drugs and all other aspects of veterinarian care such as vaccines and generic pharmaceuticals, is expected to hit $83.39 billion by 2030. It&#8217;s be interesting to watch how telemedicine will fit into the picture.
The online pet care industry has seen a significant increase in recent years. The rise in pet ownership, growing awareness of the health benefits of pet ownership, and the convenience of online shopping have all contributed to this trend.
Online pet pharmacies and wellness stores now offer a wide range of products and services, including medications, supplements, food, grooming products, accessories, and services like online veterinarian consultation and home delivery. This trend not only benefits pet owners by providing them with easier access to high-quality products and services, but it also benefits shareholders of these companies as the industry is expected to keep increasing.