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Disrupting the Pet Industry

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Disrupting the Pet Industry

James Andrews shares an article that explores the impact of digital technology on the pet industry. 

When it comes to digital technology, I view the pet industry and veterinary profession as being a decade behind their human health counterparts.

This is all about to change.

2017 marks 8 years since fitness wearable champions Fitbit launched their first activity tracker. Since their arrival on the scene, the digital health tech market has exploded and expanded, combining health and activity monitoring into traditional fitness bands as well as state-of-the art smart watches. There are even GPS trackers and fitness monitors for our children.

And now we’re seeing the birth of this tech in the pet sector too.

This is because our attitude towards pets is changing drastically. The Harris Interactive Pet poll demonstrated a 7% rise in pet owners who consider their pets to be a member of the family, rising to 95% in 2015.

Whilst some of these claims can surely be attributed to changing social environments, such as young people settling down and having children later in life, the fact is that this shift in attitude is multi-generational. In fact, baby-boomers spend the most on pets annually, and 36% of over 69’s regularly cook specifically for their pets. 71% of pet owners even let their pets sleep on their bed!

Humanisation of Pets

This phenomenon, known as the humanisation of pets, is having a huge driving effect in the growth of the pet industry. Jim Cramer, US investment expert has even cited it to be the ‘one of the greatest secular growth themes’ in the market in 2017.

However, it’s not just driving growth in the pet industry, it’s completely disrupting it.

 

Key points include:

  • The humanisation of pets
  • Compulsory microchipping
  • Pet technology and the insurance industry

 

Read the full article, ‘By 2025 all pets will be connected to the internet’​, on LinkedIn.