On today’s Business Beat, Jeff talks about how our love for our pets has translated into a big business opportunity.
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Good morning, Paul! The pet industry in the U.S. has always meant big business. And for those who are creative enough to come up with a new product concept or a new business model for the pet industry, it’s truly a land of opportunity these days. There’s even an ancestry.com equivalent for pets so you can learn the genealogical history of your cat or dog.
Look, there’s just no end in sight on what people are willing to spend on their pets today. In fact, the global market for pet care today is estimated at $190 billion or so and growing to a projected size of $255 billion by 2027. Now, fortunately.com and their blog relating to all things small business reports that in the past 10 years, American pet spending has more than doubled as average annual consumer spend on a pet dog these days now amounts to about $1,380 per year.
Are we in love with our pets? You better believe we are. So much so that 45% of American pet owners spend the same amount or more on their pet’s health care as they do on their own. And 1 in 10 American pet owners is putting off having kids or more children because of the pet expenses they spend on their beloved pets as a priority.
Now, as a result of all this market activity, Paul, the venture capital community is now specifically targeting investments into the sector and hunting for the next big thing. Today from big venture capital firms like SoftBank and Sequoia, more than a billion dollars a year is being poured into tech startups, betting on the success of their future and the big returns associated with a potential big win.
So if you’re looking to start a business and just need a tip on a hot sector that could offer you real opportunity, there you have it.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.