Higher pet ownership and increased pet spending have helped the industry thrive
New York, NY (PRWEB) December 24, 2013
With an estimated 218 million pets occupying the homes of nearly three-quarters of US households, Americans own more pets today than any time in history, according to data by the Bureau of Labor Statistics. Pet owners also spend more than $60.0 billion a year on pet-related goods and services, with modern dog and cat owners more closely resembling pet parents, treating their four-legged companions as if they were part of the family. The industry is made up of dog walkers and pet sitters. Pet sitters commonly make personal visits to a pet owner's home and care for dogs and cats while their owners are away.
Higher pet ownership and increased pet spending have helped the Dog Walking Services industry thrive in the five years to 2013. Industry revenue increased at an estimated annualized rate of 2.7% in the five years to 2013 totaling $937.2 million. Furthermore, the industry experienced steady growth, as dog owners' affinity for their furry friends failed to deter demand for dog walking services, outweighing the negative effects of the recession, which included rising unemployment and falling disposable income Starting in the spring of 2010, an increase in employment and average working hours caused pet owners to leave the home and spend more time at the workplace. This, in turn, heightened demand for dog walking and pet sitting services. Industry profit rose and revenue growth accelerated from 2010 to 2012; revenue is also expected to continue increasing, rising 3.5% in 2013.
According to IBISWorld Industry Analyst Stephen Morea, “In the five years to 2018, further anticipated increases in employment and working hours will facilitate greater demand for dog walkers and pet sitting services.” As a result, industry revenue is expected to increase from 2013 to 2018. An anticipated increase in disposable income will also make it easier for pet owners to spend their discretionary incomes on pet-related services. However, industry profit is expected to decline marginally in the next five years. “Competitive pricing pressures will cause profit constraints, largely the result of more entrepreneurs and businesses attempting to enter this growing industry,” says Morea.
The Dog Walking Services industry is highly fragmented, with no individual player making up a large share of the market. Most players are small and cater to local markets. Expanding beyond a neighborhood, city or town poses logistical and organizational problems for operators that are difficult to overcome. Such challenges keeps the industry fragmented, with operators servicing small local markets.
For more information, visit IBISWorld’s Dog Walking Services Industry in the US industry report page.
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IBISWorld industry Report Key Topics
The Dog Walking Services industry includes establishments which provide dog walking services to households. Also included in this industry are pet sitters, who commonly make personal visits to pet owner's homes to care for dogs and cats. The industry does not include companies that primarily offer pet grooming, training, boarding or other pet services, which are included in the Pet Grooming and Boarding industry.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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