Consumer Demand Drives Growth in Animal Healthcare Industry
Like most areas, animal healthcare has changed quite a bit in recent years. Brought on by cultural changes and advances in technology, animals are receiving improved care and medications have become more effective. Here are some of the biggest trends in animal healthcare right now.
Growth in Companion Animal Healthcare
In 2016 the market was at USD $14 billion, but it could be as high as $20 billion by 2023. Pet adoption is growing as many people, especially among the baby boomer population, are looking for sources of companionship. In addition, a rise in the number of nuclear families in the country has also contributed to an increase in pet adoption. Together this will cause the market to expand as more vaccines and medications will be needed to accommodate this growth.
Consumers are moving away from traditional pet foods and pet treats. They want food that has healthier ingredients. Many pet owners are choosing food that is fresh or frozen over dry food. Although these products cost more, consumers are willing to pay more for higher quality. These higher quality foods are also becoming easier to buy, as more and more stores have started to diversify the brands they sell. Many of the top brands can also be purchased online and delivered to the pet owner’s home.
More money is being spent on grooming, pet hotels, and other services. Many animal healthcare centers have started to offer these services to meet the growing demand. There are also more services available for pets that are sick, including services to help sick pets feel more comfortable and services to help pet owners with their grief when pets become terminally ill.
Just as with regular healthcare, animal healthcare has also seen growth in telemedicine. Advances in technology have created new ways for doctors to communicate with and to treat animals without owners having to take them into a physical clinic. This is creating new streams of revenue for existing animal health facilities, but we’re also seeing new companies emerge specifically intended to address the growing demand of telemedicine.
With pet adoption on the rise, pet owners are looking for new ways for their pets to live long and healthy lives. Pets become part of the family, so people want their pets to live as long and as comfortably as possibly. This also creates the need for more vaccines, better medications, and healthier food sources.
Are you looking for top talent in the Specialty Chemical, Plastics, or Animal Health industry?
Contact us to discuss how we can bring top leadership talent to your team. Boaz Partners is a premier executive search firm focused on the direct recruitment of executives and professionals for the specialty chemicals and plastics space. We are your partner, and our focus is on custom recruiting solutions.
photo credit: Eric Ward, Unsplash