The Pet care industry is the fastest growing industry worldwide. The trend of industry-wide pet care services is leading toward multiservice facilities, and there is a significant degree of overlap among the various kinds of service channels and service providers. The trend is notably rising within the pet superstore chains offering adoption, grooming, veterinary, training, and boarding services alongside packaged pet food and non-food supplies. The pet care industry services are divided into two categories, such as veterinary vs. non-medical.
The range of pet care services remains to increase and diversify as a trend fuelled by high-energy entrepreneurs and franchise outfits with national aspirations, are entering into such fertile area, such as pet travel services, mobile grooming, funerary/bereavement services, and pet waste removal, even as pet services are integrated into big-box chain retail formats. The pet care industry services are divided into two categories, such as veterinary vs. non-medical. Singapore’s pet food industry generated revenue of US$ 102 million (S$ 141.36 million) in 2018. The market volume of the industry is expected to grow annually by 4.3% (CAGR 2018-2021). The United States is the major revenue generated country in the world in terms of pet food with US$ 28,662 million in 2018. In 2018, the average per capita consumption of pet food stands at 8.2kg.
Emerging New Sector of Pet Insurance Industry in Singapore:
Having a pet is not an easy process for Singaporeans they have to require to fulfil all the obligations of the Singaporean and Agri-Food and Veterinary Authority of Singapore (AVA), which make a little bit tough for the citizens to have a pet. Most people owned dogs more than any other pet in 2016, but the trend has seen an exceptional change and cats were the most owned pet in the country in 2017. Insurance of pets is not only limited to dogs and cats, but some companies also covering a variety of other animals, such as horses, birds, rabbits, etc. It is just like any other insurance policy to get privilege at the time of occurrence of unexpected expenditure like pet gets injured or falls sick and to protect from life’s unknowns.
Some policies go overboard to cover costs incurred, such as once a pet dies or gets stolen or causes injuries or damages to a third party or property. It is the easiest and secure plan for budgeting pet care costs. A good pet insurance helps the pets in age gracefully with the best treatments and medications, which is quite impossible a several time due to the out of reach of the terms of pet care costs. Earlier, veterinary medicine and treatments were not very advanced hence the cost of operations and treatments were a level high to afford. Pet insurance made it easy to address the cost of pet care and taking care of expenses that may arise on a visit to a veterinary.
Singaporean Pets are getting the Royal Treatment:
The consumers in Singapore are becoming increasingly educated and well-aware about their importance of healthy living. Several initiatives have been taken by the Singaporean government for their citizens, such as diabetes campaign, targeted to reduce sugar consumption levels amongst the population. Along with the veterinary services for pets, non-medical services increasing and highly adopting the services focussed on pets, such as bathing and grooming, pet sitting or boarding, obedience training, and pet health insurance, accompanying with pet spas and resorts where pampering options are available for pets. The market for pet care services and pet supplies is driving pet market growth with the trends of humanization and premiumisation.
The fastest-growing sector of the non-medical pet services of a robust US pet industry stands at over $7 billion. By 2020, the pet care market is expected to witness a significant robust growth of nearly 6.8% in the Southeast Asia region. The major constituents giving a strong growth to the pet care industry market are the demand for luxury products, the increasing concern towards pet’s health and affordable prices of dog food, cat food and other product variants. The key player of the pet food market, such as Merck Animal Health is expected to bolster the market growth thereby increasing competitiveness in the market.
Singapore-based, the only Pet Service Platform founded in 2016, is now operating in more than 50 countries (ASIA, ANZ, CA, EU, UK, US), striving to become the fastest growing Pet Tech Platform globally. It provides pet sitters, dog walkers, taxis, groomers or pet service providers at the platform PetBacker. Through this app PetBacker, a person can connect to the pet sitter, visit his/her profile, offer, quotes, complete with ratings and reviews and then decide which pet sitter is suitable for their pet. Even the owner of the pet can connect with the pet sitter through chat directly with them and get all the little details on the PetBacker platform. The payment method is also simple and secure for the daycare services provided by the person from the platform with the PetBacker’s payment protection and insurance measurement.
Challenges in the Pet Care Industry:
The global share value of pet food from pet shops and pet superstores was accounted for 31% in 2016. Singapore is a small country yet wealthy because of its open and trade-driven economy in the pet care industry. Due to its major export of pet and pet care services, such as medicines, food, etc., the country has continued to develop since 2010. The major challenges of doing business in such sector is a challenge for the entrant, such as high excise taxes on some products, monopolies in certain sectors, and being an expensive place to do business in Singapore.
The key factors for driving the pet care market growth in this region are the influence of social media, the progress of e-commerce, and the potential of pet treats, etc. Also, the demand for the pet care industry is driven by the affected number of cats and dogs kept as pets from the demographics and economic conditions. The profitability factor of the industry depends on marketing skills, reputation, and the range of services offered. Small companies are effectively competing in specializing in particular animals or types of grooming or training, or by serving an exclusive area. Whereas, large companies are enjoying economies of scale in marketing as well as better access to capital and investing in boarding and grooming equipment and in training programs.
Opportunities in the Pet Care Industry:
Pet care industry’s major segment was covered by the retail sector by providing consumers with various benefits through its loyalty cards and membership programs. It is the best and proven method to retain consumers and establishing loyalty cards or memberships trends among the consumers to retain back to the shop by attracting them by offering perks and discounts, like free products. Online shopping is becoming increasingly popular in Singapore. As the lifestyle of Singaporeans’ is so busy and scheduled that they hardly get time to visit a store or anywhere so they prefer to go with the online shopping.
Singaporean males are more interested than females in adopting a pet. They tend it is healthy to have a pet more than any other things. Singaporean government helps in importing the pets and pet foods so the business of pet care in Singapore is a bit easy as the government is highly supporting the business to grow. Other drivers of the pet care industry expansion are the late marriages and late childbirth of Singaporeans, the ageing population, increasing rate of the single person in the country, etc.
For customised market research reports for any kind of startups and business in any industry, you can contact Craft Driven Market Research team here directly.Tags: Agri-Food and Veterinary Authority of Singapore (AVA), Craft Driven, market research, Pet Care Industry, PetBacker, Singapore Market Research, Singapore Pet Care Industry