Small seems to be the way to go in the pet industry. It’s happening in a number of ways.
Big box pet specialty retailers Petco and PetSmart have been focusing their recent expansion efforts on opening smaller format stores. Unleashed by Petco stores, which are about 5,000 square feet, the company’s smaller format retail locations now exceed 100 stores. The concept was launched in just 2009. Similarly, PetSmart plans to open 18 to 24 stores in the 6,000 foot range this year.
Pet owners are also increasingly thinking small. In the last few years, dog owners have increasingly opted for smaller dogs, according to data Packaged Facts Pet Owner Surveys featured in U.S. Pet Market Outlook, 2014-2015. And pet owners are even increasing their ownership in smaller animals such as reptiles in recent years.
The industry is getting smaller in other ways as well-through the considerable consolidation the industry has undergone in recent months. There have been mergers in pet food, pet treats, pet medications, pet supply distribution and pet litter, all in the last year.
Looking ahead, these trends are making the dynamic pet industry tick and will be among the factors most significantly driving growth in 2014 and beyond.
This blog is based on research featured in Packaged Facts’ U.S. Pet Market Outlook, 2014-2015, published in April 2014. Add this report to your own intelligence library and receive a 5% discount during our promotional period effective through September 1, 2014. Use code PF06PET.
-- George Puro
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