01

The Robust Growth of the Global Pet Economy

As the pet market continues to expand, the global pet economy is experiencing unprecedented growth. In 2022, the pet market reached a scale of $235.3 billion, and it is expected to grow at an average annual rate of 5.92% over the next decade. a

This growth trend is not only evident in the European and American markets, but demand in other regions such as Southeast Asia and South America is also rising rapidly.

For example, in the Philippines, a pet shampoo called “Vunguard Madre de Cacao” has become popular due to its convenience and practicality, selling 14,400 bottles in just one month, demonstrating the huge potential for pet care products in emerging markets.

Data source: Kalodata

In the US market, especially during holidays, sales of various pet products are also surging. For example, in 2023, the market value of pet clothing and accessories exceeded $490 million.

If the popularity of seasonal products such as pet Halloween costumes highlights the strong demand for seasonal consumption, then the continued popularity of smart pet products, such as Petkit’s smart water dispensers and feeders, showcases the appeal of high-tech products in improving the quality of pet care.

Driving this market are the younger generation of consumers.

Over time, post-2000s and Gen Z have become the main consumers. Compared to previous generations, their consumption concepts have changed—they are willing to spend more on pets, treating them as family members and caring for them meticulously. This emotional drive has fueled demand for high-end care products and health supplements.

As a result, high-quality organic food, pet insurance, and health care products have become popular choices in the market.

02

Social Media Drives New Consumption Trends in the Pet Market

With the rise of social media platforms like TikTok, pet brands have quickly accumulated large fan bases and attention through short videos. For example, pet hair care brand Neakasa has become a regular on popular product lists through TikTok video sales and influencer marketing.

This approach, which combines user interaction with product marketing on social media platforms, not only increases brand exposure but also drives significant growth in sales.

Similar success stories can be found in pet clothing. As holidays like Halloween and Christmas approach, many pet owners share fun videos of their pets wearing festive costumes on TikTok, sparking massive user interaction and attention.

One pet blogger even uploaded a creative video of their dog wearing a wig, and this short 9-second video went viral, receiving as many as 3,386,000 likes.

The absurd theme of a dog wearing a wig, combined with the dog's confused yet adorable expression, instantly struck a chord with viewers, leading many to imitate the trend.

Even sales of dog wigs on Amazon surged by 283% in a short period, making them a best-selling item in Amazon’s pet supplies category. This trend proves that content creation and creative dissemination driven by social media can greatly increase product exposure and sales.

Overall, as the pet market expands and the purchasing power of the younger generation rises, social media platforms like TikTok have become effective tools for brands to showcase, interact with users, and promote products.

In the future, if pet brands can make good use of the traffic dividends of these platforms and further stimulate consumer interest through innovative marketing strategies, they are likely to capture a larger share in the fiercely competitive market.