The American pet product industry is reported worth $75 billion. In the past years, it’s become so popular that there’s now a summit for wealthy venture capitalists and corporate buying, which allows for them to connect with pet product startups pitching the most millennial ideas for pets… ever.
From robotic litterboxes to “Blue Apron for dogs,” the “Pets and Money Summit” is quickly becoming one of the best sources of investment. Pet food is one of the summit’s fastest-growing sectors and is projected to reach $35 billion in the next five years.
The category of pet supplements, specifically, like fish oil and probiotics and unique breakfast treats, has exponentially increased in revenue. According to data, dog owners aged 25â34 are buying supplements for their animals.
In fact, dog owners spend four times as much on their pooches than cat owners. They accounted for 78% of all pet supplement sales in the last year. This may be a result of direct-to-consumer brands, but it more accurately is a sign of the times: for many millennials, pets are kids.
Industry experts refer to this phenomenon as “humanization.” Millennials have surpassed boomers in becoming the biggest buyers of pet products. Products that were once considered luxuries are now essential to the pet-owning experienceâand supplements count as a large portion.
There are CBD chews and customized gut health products. Personalized medications for your pets that can be delivered right to your doorstep. Instagram ads for trendy items that might maximize Fido’s lifespan. The wellness industry is determined to convince millennials that mortality isn’t real. And, for the most part, it’s working.