The pet industry is booming: according to recent studies, it is expected to reach the $500 billion mark by 2030, a huge growth from its current $320BN market size. This growth is fueled by two factors: more people are buying pets—meaning the pet population is growing rapidly globally—and pet owners are increasingly ready to spend big bucks on their pets. In Western Europe, this trend is visible in YPulse data as well; given the number of Gen Z and Millennials with pets and how seriously they take the relationship they have with them (and how much they’re willing to spend on them), it’s time for brands to lean into this major aspect of their lives. Of course, mainly pet-focused brands are thriving because of how seriously young people (especially Millennials with the budget) take their relationship with their pet. The process of “premiumization of food and services” in the pet industry means that brands have an opportunity to sell exclusive (and expensive) products and services to pet owners. Butternut...
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