ChatGPT Predicts the 2023 Pet Trends

I asked ChatGPT for the top 10 predicted trends for pets in 2023. Do you agree??

The pet industry is constantly evolving, and it can be difficult to predict exactly what trends will emerge in the coming year. However, based on current trends and expert predictions, here are the top 10 predicted trends for pets in 2023 according to ChatGPT[1] (with my comments).

1. Increased focus on preventative care

Pet owners are becoming more aware of the importance of preventative care for their animals, leading to a trend of earlier and more frequent veterinary check-ups and greater emphasis on preventative measures such as vaccinations and parasite prevention.  Data shows that spending on pets continues to rise, with a large percentage of the spending on veterinary care. The American Pet Products Association (APPA) stated in an annual report that U.S. spending reached $103.6 billion in 2020 with $31.4 billion of that on veterinary care. That was a 7.2% increase from the previous year!

I hope that the trend for preventative care is true! As a veterinarian, it is a goal to reduce preventable diseases that occur in our pets. Preventative care is often in the same mind as proactive supplementation. Hence, we move to #2... 

2. The growing interest in alternative therapies

ChatGTP states the broad trend category of alternative therapies, but I’m going to narrow it to the burgeoning trend of pet supplements.  In an article by PR Newswire, the global pet supplements market size is expected to reach $2.1 billion by 2027, which projects a rising market growth of 6.3% CAGR during this period.[2]

3. Growth of the “humanization” trend

Treating pets like members of the family, often referred to as “humanization,” is reflected in the increasing popularity of pet-friendly hotels, restaurants, and other businesses, as well as the proliferation of pet products and services that cater to the needs and desires of pet owners. A great example is the pet clothing market. Allied Market Research stated that the global pet clothing market size was valued at $5.19 billion in 2021 with projected growth at a CAGR of 4% towards 2031.[3] I’m not sure if pets are thrilled about their clothing, but it doesn’t look like it’s going away.

The consumer insight expert, Michael Johnson from Finn Cady[4] stated:

“Humanization can also connote premiumization in edible and non-edible pet supplies. The marketplace is constantly working to move consumers up the price/quality ladder. White a fair percentage of the industry’s growth has come from new pets and new pet households, I believe most of it comes through inflationary measures. We’ll also see a lot of upscaled services like pet sitting, grooming, daycare, spa, etc.” 

4. More personalized nutrition options

As we see a trend toward personalized nutrition for people, it is expected to extend to pets. Pet owners are increasingly seeking specialized diets and tailored supplements to their pet's specific needs. This is particularly manifested in the rise of customizable direct-to-consumer (DTC) food brands. Science is getting involved as well. For example, there’s continued interest in microbiome research with an idea that a better understanding of the microbiome could lead to more personalized nutritional guidance. The microbiome is very complex, and research is ongoing. With interest in the microbiome, comes a growing interest in Prebiotics, probiotics, and postbiotics. A segment that will continue to grow as consumers are more aware of digestive health and waste.

5. Rise of telemedicine in veterinary care

Telemedicine is becoming increasingly popular in human healthcare. Telemedicine is expected to become more pronounced in the veterinary field as well. This tool can allow veterinarians to remotely support pet owners and expand access to care for pets, particularly in rural or remote areas, but also to those pet owners who like quick access to professional help for their pets. Banfield data proposed that more than 75 million pets in the US may never experience veterinary care[5]. Could telehealth improve these odds?

6. Increased demand for pet insurance

In line with the rise of pets as valued family members, more pet owners are seeking insurance to protect against unexpected medical expenses. Pet insurance is expected to become more widely available and more affordable in the coming year. In an article published in May 2022, 4.41 million pets were insured in North America at the end of 2021 showing an increase of 27.7% over the past year[6].  Most currently insured pets are dogs, so there’s a huge opportunity for more awareness and targeted approaches for cats and other pets.

7. Greater focus on mental health and enrichment

As talking about our own mental health and wellbeing is becoming more the norm, pet owner awareness and attention grow for the mental health and wellbeing of their pets. Some of this awareness may also be from a concern about pet behavior. It’s not difficult to find a vast selection of toys, food puzzles, and training aides that are aimed to assist in mental stimulation and animal behavior and training.

8. Greater use of technology in pet care

From wearable fitness trackers to smart feeding systems, technology is increasingly being used to help pet owners monitor and care for their pets. We have smart pet feeders with cameras to high-tech self-cleaning litterboxes. Even my parents purchased a self-cleaning litterbox for their cat. There are even litterboxes that have Wi-Fi! Soon our cats will be able to watch Netflix while they make a fecal deposit.

9. Increased adoption of rescue animals

According to some pet adoption statistics, 1.9 million US pets were adopted in 2020, which was a 31% decline year over year.  There was a 16% decline in adoptions from 2019 to 2020. That said, adoption rates among shelter animals increased 8.9% with lower shelter intake. Pet fostering also saw an increase of 19% in 2020.[7] There have been perplexing statistics about pets correlating with the pandemic, so it will be interesting to see how adoption trends progress into the future. 

10. Greater focus on environmental sustainability

Environmental concerns continue to be expressed and implemented in business strategies in many different sectors, and the pet industry is no exception. This includes trends toward using biodegradable and compostable pet waste bags as well as eco-friendly toys and food and treats with sustainable sourcing and ingredients. This sourcing is often coupled with consumer demand for company transparency. Consumers express concern with ingredient origins and production. In a Petfood Industry article, they cited 2020 market research from the New York University Stern School of Business stating that sustainability-marketed products provided 54.7% of the CPG market growth from 2015 to 2019, and sustainability-marketed products grew 7.1 times faster than conventionally marketed products.[8]

Overall, the pet industry is constantly evolving, and the trends of the coming years will be shaped by a variety of factors including advances in technology, changing societal attitudes, and growing concerns about the environment and animal welfare.

Want more growth trends that we are seeing?!?! Let us know!

Resources

[1] ChatGPT. https://chat.openai.com/chat

[2] PRNewswire. Dec 17, 2021. https://www.prnewswire.com/news-releases/the-worldwide-pet-supplements-industry-is-expected-to-reach-2-1-billion-by-2027--301447415.html

[3] Dinesh T, Roshan D. Pet Clothing Market Research, 2031. https://www.alliedmarketresearch.com/pet-clothing-market-A16890

[4] Michael Johnson, founder of Finn Cady. https://www.finncadybranding.com/

[5] Banfield. 2020. https://www.banfield.com/about-banfield/newsroom/press-releases/2020/75-million-pets-may-not-have-access-to-veterinary

[6] North American Pet Health Insurance Association. Released May 2022. https://naphia.org/industry-data/section-2-total-pets-insured/

[7] Pet Adoption Statistics. Updated April 5, 2022. https://spots.com/pet-adoption-statistics/

[8] Lindsay Beaton. “Sustainability here to stay in the pet space – and beyond.” 2020 Oct 1. https://www.petfoodindustry.com/articles/9571-sustainability-here-to-stay-in-the-pet-space-and-beyond

 

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About the Author

Dr. Megan Sprinkle formerly worked at BSM Partners on the Special Services team in its Product Innovation practice. Megan is inspired by innovation and entrepreneurship and can talk endlessly about the power of podcasting. She is a new Georgian and lives with her husband and Great Dane, Eva.