Pet Stores

The Pet Stores industry has prospered over the five years to 2022 due to improvements in household finances and, rising pet ownership among millennials. Therefore, pet parents have increasingly lavished their pets with premium food products, designer pet accessories and luxury grooming services. The industry has expanded steadily during the period despite mounting competition from supermarkets, mass merchandisers and online retailers that offer similar products at greater convenience and competitive prices. Traditional brick-and-mortar establishments have successfully positioned themselves as pioneers and exclusive providers of high-quality food and service offerings, such as grooming or daycare. Over the five years to 2022, IBISWorld expects industry revenue to rise an annualized 1.9% to $23.5 billion. However, industry revenue is expected to decline 1.1% due to anticipated decreases in the number of pets and per capita disposable income.