This goes out to my Edens, Valeskas, Sophies and Anjas – either in / interested in / have a newfound hobby in pets. Or business and ideas in general.
Nothing new – but another confirmation that you might just need to jump at because you guys have an advantage versus the rest of the crowd.
I’m subscribed to the Trends newsletter and they features this part this week:
|Many industries claim to be recession-proof. The services industry, for example, was long thought to be impervious to economic downturns until the pandemic made person-to-person businesses untenable. But one sector has proven especially durable: the pet industry. Research from the American Pet Products Association shows that over the last 2.5 decades (through multiple recessions), the industry hasn’t seen a single year of negative growth.|
|The reason is simple: People don’t see the money they spend on their pets as discretionary. Ninety percent of Americans consider their pet part of the family, and one poll said 82% of millennials consider pet ownership a kind of primer for parenting. The humanization of pets means that pet owners are increasingly seeking out products and services that would have traditionally been reserved for people, especially when it comes to health.In our new report, we dig into case studies in 4 major areas of the pet health industry: PharmaceuticalsDiagnosticsInsuranceFoodSome of them are open to new competition. Pet insurance, for example, has only reached an estimated 1-2% penetration among North America’s ~200m pet-owning households (it’s closer to 25% in the UK and parts of Europe). Others focus on emerging challenges. Veterinary diagnostics, for example, can be extremely lucrative — Idexx Laboratories, the largest diagnostics company, sees ~58% operating margins. But the shift to remote work in the COVID-19 era has accelerated changes in the pet-medicine world and left vets in search of new solutions for their businesses. We also highlight expertise from members of the Trends community who’ve spent years building in the pet industry. They call out challenges that only insiders can recognize and identify opportunities on the horizon.|
|Read the Full Report →|
Just start a business in pets, surround yourself with loving doggos and be happy forever.
You’re welcome 🙇🏻♀️