Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Pet Grooming & Boarding in the US - Industry Research Report" report has been added to ResearchAndMarkets.com's offering.
Households increasingly consider pets an integral part of the family more than ever. In recent years, a record-high pet ownership rate and shifting attitudes have boosted spending on pet care services, including grooming and boarding. The broader pet care sector has flourished as pet owners sought the best for their pets - materializing in this industry through newer services like high-end boarding and luxury grooming packages.
The pandemic disrupted the industry's growth trajectory, as work-from-home settings and travel restrictions left more pet owners at home than ever before, leading revenue to sink for the first time in more than two decades. Yet an unprecedented spike in pet ownership during the pandemic has shifted the industry's landscape, with demand for pet grooming and boarding outpacing supply. Pet owners' steep spending on pets has led industry-wide revenue to expand at a CAGR of 6% over the past five years, totaling an estimated $14.7 billion, including an expected 1.3% increase in 2024 alone.
Market share concentration for the Pet Grooming & Boarding industry in the US is low, which means the top four companies generate less than 40% of industry revenue. The average concentration in the Other Services (except Public Administration) sector in the United States is 33%.
Industry Statistics and Trends
- A jump in pet ownership during COVID-19 has overwhelmed pet groomers and boarders. Pet owners eager to travel and returning to the office have pushed more owners to pet care professionals than ever before.
- Shifting attitudes toward pets leads pet spending to reach an unprecedented level. A boom in pet adoption during the pandemic accelerated spending on pet services post-COVID as more households need care for their furry friends.
- High-cost metropolitan areas have the highest levels of pet spending. Pet owners in these areas influence the newest trends in luxury pet care and rely more heavily on extra help for day-to-day care for their pets.
- Saturated local markets create high competition between dog boarders and groomers. Pet professionals respond by offering auxiliary services and top-tier amenities.
A new take on pet ownership reshapes pet care
Over 95% of US households view pets as family members. As consumers humanize their pets, spending on pets has surged. Spending behaviors on pets more closely mirrors spending on popular consumer trends, with pet owners more willing to shell out on services prioritizing their companion's health and wellbeing.
COVID-19 bites into growth
The COVID-19 pandemic disrupted growth trends. Work-from-home settings and travel restrictions left pet owners with more time at home than ever before to spend with pets, depressing demand for pet boarding.
Pets' growing popularity will shape the industry
Strong demand enjoyed by the industry prior to the pandemic will resume.
Low barriers to entry equal high competition
A few obstacles exist that prevent a new boarding or grooming company from opening.
Report Scope
- Market Estimates from 2014-2029
- Competitive Analysis, Industry Segmentation, Financial Benchmarks
- Incorporates SWOT, Porter's Five Forces and Risk Management Frameworks
Key Topics Covered:
About this Industry
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
Industry at a Glance
Industry Performance
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
Products & Markets
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
Competitive Landscape
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
Major Companies
Operating Conditions
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
Key Statistics
- Industry Data
- Annual Change
- Key Ratios
Jargon & Glossary
For more information about this report visit https://www.researchandmarkets.com/r/8s3pih
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