Accelerating Pet Industry Growth: Pet Summit Insights
It was the moment we pet peeps had been waiting for: The American Pet Products Association (APPA) was about to release its much-anticipated forecast for this year’s industry growth at its annual conference in Orlando.
They chose an apt messenger: Pet retail industry legend Dave Bolen, whose consulting firm crunched the numbers. At The Pet Summit on Tuesday, Bolen revealed that revenues are projected to climb by 2.7% to $151 billion in 2024.
Not too shabby, given downturns for other retail sectors in today’s economic climate.
But Bolen wasn’t satisfied. He issued a challenge to the audience which spanned retailers to social media influencers: Aim higher. He suggested that pet products and services categories could reach $200 billion in spend by 2030 if industry players make transformative efforts now.
“What actions can we take to remove barriers to pet ownership? How do we innovate to make owning pets easier?” Bolen questioned the audience.
His recommendations on how to power growth were focused in two areas:
- Invest time and effort in marketing the positive impact of pet ownership on physical and mental health. Bolen referenced extensive resources from the Human Animal Bond Research Institute (HABRI), including a study that identified healthcare cost savings of $22.7 billion last year for pet parents. Ditch the ploys of trying to one-up competitors on products and move to promote the higher benefits of pet ownership, he advised.
- Prioritize customer convenience, leveraging innovative channel strategies to make pet care more accessible and easier. From online ordering for in-store fulfillment to groundbreaking options like telehealth vet care, Bolen emphasized the importance of listening and adapting to customers’ evolving lifestyles.
“Call to action here: My challenge is – let’s move faster. Let’s go out and get the pet population right and make pet ownership easier. The power to do that is in this room,” he advised.
Bolen’s motivational speech, delivered on the summit’s first day, drew from his extensive experience in C-level positions at Pet Supplies Plus and Petco.
Will pet industry players rise to Bolen’s challenge? We’ll see. But today, the audience left energized and buzzing with ideas. And our WagWay executives appreciated the chance to catch up with this valued expert afterward.