Attention to pets has grown exponentially to reach a real boom today, estimated at $261 billion. In Italy, the pet economy is worth €3.5 billion, and Italians spend 50% more on pets than on children. Over time, the man-animal relationship has changed into a real relationship of affection and sharing.
Most pet owners today are Millennials, followed by Baby Boomers and Generation X. As emerged in an AlphaWise survey conducted on 2500 adult American citizens, a 14% growth for Millennials and Generation Z is estimated by 2023. The Pontiff spoke of a possible correlation between the birth rate and the possession of pets, arguing that "dogs and cats occupy the place of children." When analyzing the Italian situation, it has been observed that in the presence of a higher birth rate, fewer animals are owned per 100 people and vice versa.
Sixty-two percent of pet owners said they spare no expense in caring for their pets, and almost half are willing to go into debt for medical care. Animal welfare and environmental sensitivity drive purchases in the sector. Sixty percent of owners are inclined to purchase products with recyclable and sustainable packaging. There is also a growing interest in a balanced diet; in the last year, the pet food market has risen from $59.3 billion to $123.60 billion.
Pet owners are looking for "100% pet-friendly" accommodation; therefore, hotel chains worldwide offer multiple solutions. Car manufacturers provide comfortable and safe products for travel for our four-legged friends. The growth trend also concerns services such as grooming, which should reach $14.5 billion globally by 2025.
Pet luxury is establishing itself, especially in the USA, the United Kingdom, and the Asian-Pacific area.
Data Bridge research estimates the market for increasingly technological accessories, with growth at a CAGR of 6.1% between 2022 and 2029, when it will reach almost $14.77 billion.
The global wearable devices market will register a 12.3% increase in 2024 compared to 2016 and will grow from $80.88 billion in 2022 to $89.02 billion in 2023, reaching $129.94 billion by 2027. Finally, the future of this pet trend is foreseen in the IoT sector, with particular attention to medical diagnostics, therapeutic solutions, animal behavior monitoring, and even dog walking. In this universe full of opportunities, design will be able to lend a "paw" to create innovative solutions capable of guaranteeing more and more well-being for pets.