Millennials are driving the growing pet industry – now at $63 billion – up 22 percent in five years. The demand for new products and services has transformed the industry, with more premium offerings like farm-to-table foods, anti-anxiety products, personalized veterinary care and technology-infused products. Larger pet companies are also growing, acquiring up-and-coming companies across the board.
Millennials now make up 38 percent of the pet-owning population to boomers’ 35 percent. These “Pet Parents” are spending more money on their animals than any previous generation. This translates to investments in Pet Health Insurance – with 1.8 million insured pets in North America.
Learn more about the booming pet wellness industry, read the full article here.