The Current State of Pet Ownership

Research shows that 95% of Americans consider their pet to be a member of the family, up from 88% in 2007. Even more so, 45% of pet owners admit to buying birthday presents for their pets and 31% saying they cook for their pets.

With 35% of pet owners being millennials, they are the largest demographic of pet owners. Overtaking Boomers that cover 32% of pet ownership, millennials have quickly surpassed Boomers in both income and spending. What will happen as the Gen Z adults (age 18-24) continue to age and increase spending?

Pet owners are remaining pet owners while aging older for much longer than years before. The influence of millennials as pet owners is increasing quickly. The number of households without kids is increasing and shaping pet ownership.

Beyond the lingering impact of COVID-19, the demographic shift in pet ownership will continue to impact technological advances and trends.

Health and Well-Being Trending Pet Companies

Our pets’ health is increasingly becoming a focus for pet care companies as well. Below are five trending pet industry companies that are shifting how pet owners treat their pets.

Technology and Pet Care

Changing perceptions about the role of the pet within the family might explain the increase in pet health spending to some extent but it does not tell the whole story.

Technology in general, let alone for pets, has become more affordable and accessible. Breaking down silos in communication between owners and veterinarians, technology is opening doors previously not thought to be possible. 

Pet wearable technology, Telehealth, and veterinary applications, are changing pet health care rapidly. Pet wearables are devices that can be worn on the pet's body to serve various purposes, such as identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security. They generally take form as collars or devices that attach to collars. Telehealth is expanding the reach of pet care to a virtual platform for routine visits, and increased time/cost effectiveness. Veterinary applications allow pet owners to get in touch with clients more easily and vice versa. Allowing for a more connected approach to appointments, reminders, and general care.

Early Detection and Identification

The earlier the detection and identification of ailments and possible illnesses, the better. Hip dysplasia, arthritis, activity level changes, and so much more are being identified at earlier stages via pet wearable technology, Telehealth, and veterinary applications. 

Veterinary care is being flagged to many different poor health trends earlier using technology, creating time, and the ability to create plans and better health care for pets.