Industry Analysis & Industry Trends
It is widely accepted that pets are beneficial to their owners. From providing simple companionship and curing loneliness to being a means of social interaction, pets have become an integral part of the lives of many owners. Over 60% of households own a pet, with over 50% owning either a dog or a cat. Over the past five years, owners have become more concerned about the health of their pets, spending extra on preventive and elective veterinary services. At the same time, they have been able to pamper their pets due to rising wealth and disposable income. IBISWorld expects that over the five years through 2012-13, revenue of the Household Pet Products and Services industry increased 0.9% annually to $5.57 billion... purchase to read more
Industry Report - Starting a New Business Chapter
In general, barriers to entry are medium within the industry but they vary from segment to segment. Veterinary practices typically have relatively higher barriers due to the cost of establishing a practice. Veterinary products, specialist medical equipment and medicine amount to a significant sum. However, demand for vet services has been rising over the past five years. This has led to an increase in revenue per company, thereby reducing average costs. In other words, cost barriers are declining.
Pet care companies and pet stores have lower barriers to entry as they do not typically have high setup costs. However, specialist pet food for example may be more costly to stock and more difficult to source, as they are not as common... purchase to read more