Pet Care Services

Industry Profile Report

Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters

Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 19,100 pet care services firms in the US provide pet boarding, grooming, sitting, and training, but exclude veterinary services. Firms may specialize in a particular area, such as pet waste removal or dog walking, or offer a range of services. The industry consists primarily of franchises and independent operators. Some large veterinary services chains and pet supply retailers also offer pet care services.

Competition From Alternative Providers

Pet care service providers face competition from a variety of sources, including veterinarians, pet supply retailers, and providers closer to home.

Pet Industry Projected To Grow

Improved economic conditions and the ongoing “humanization” of pets are expected to drive growth in the pet industry, which includes pet care services.

Industry size & Structure

The average pet care services provider operates out of a single location, employs 6-7 workers, and generates $348,000 annually.

    • The pet care services industry consists of 19,100 firms that employ 124,800 workers and generate $6.7 billion annually.
    • The industry is highly fragmented; the top 50 companies account for less than 9% of industry revenue.
    • Some large veterinary services chains and pet supply retailers offer pet care services.
    • The industry consists primarily of franchises and independent operators.
    • Camp Bow Wow and Fetch! Pet Care are two large pet care services franchises.
                              Industry Forecast
                              Pet Care Services Industry Growth
                              Source: Vertical IQ and Inforum

                              Recent Developments

                              Dec 3, 2022 - Travel Rebound may Benefit Industry
                              • Pet care services are likely to benefit from a travel rebound. Travel demand has surged this year, even as Americans pay higher airline fares. Airline ticket sales were up more than 56% year over year in September and increased 10.9% versus the same month in 2019, according to Mastercard Spending Pulse, which measures in-store and online retail sales. Lodging sales increased more than 38% from a year ago, and were up 42% versus September 2019. Experts note, however, that fears of a possible recession may reduce the number of trips taken in 2023.
                              • Workplace occupancy, an indicator of demand for pet care services, was 47.5% for the seven-day period ending on November 9, up from 47.2% for the seven-day period ending on November 2, according to data gathered from swipes of access control cards in buildings with security systems provided by Kastle Systems. Occupancy reached 49% on October 12 after failing to break the 47.5% mark since at least August despite attempts by many organizations to bring employees back. The Austin, TX, metropolitan area had the highest occupancy for the seven-day period ending on November 9 at 62.2%. The San Jose, CA, metropolitan area trailed all others tracked at 37.5%.
                              • Demand for pet care services may decrease as inflation drives the cost to consumers higher, and attempts by the US Federal Reserve to reduce overall inflation may not affect the industry. Excluding volatile food and energy, price increases in goods eased from a 12.4% annual rate in February to 7% in August, but services inflation has increased steadily to a 6.1% annual rate in August from just 2.7% a year earlier. Experts say that interest rate hikes that are used to reduce inflation by reducing demand for consumer and business loans aren't ideally suited to taming services inflation, which is driven primarily by rising labor costs. Ongoing labor shortages are likely to exacerbate the challenge for some time.
                              • About half of all respondents (52%) to a OnePoll survey have set up a monthly budget for their pets (52%) with an average cap of $308. While nearly all respondents have gone over their monthly budget (98%), four in five admit they “don’t care” if they go over their pet’s budget limit (79%). Pet care (37%), emergency vet visits (35%), upgrading their pet’s home situation, and taking care of annual or ongoing medical needs (both 33%) were all cited as the main reasons for going over budget.
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